Savings accounts... are they really worth it?

missile

gil13 wrote:

I would be interested in hearing how other posters have their system set up, e.g what feeder account works best, that allows you to set up standing orders directly without you having to pay in salary for example.

It is quite simply a matter of setting up monthly standing order from C/A #1 to C/A #2 on 1st of the month then C/A #2 to C/A #3 on the 08th etc. Be careful to allow sufficient time for funds to clear or maintain sufficient balance in the account before each subsequent transfer. Otherwise you will be hit with bank charges

missile

macca64 wrote:

Hasn't the stock market outperformed all asset classes over the long term?

Only if you have the knowledge and skill to pick the correct stock(s) at the right time.

Afahmaep

gil13 wrote:

Savings accounts, ISA's & RS, online all have a part to play, if you put the effort into working it all out, managing the accounts then you can make some gains by recycling money. That's not a bad endeavour is it. I would be interested in hearing how other posters have their system set up, e.g what feeder account works best, that allows you to set up standing orders directly without you having to pay in salary for example. I have heard some posters have over 30 !! That's mind blowing, but I assume they manage it all without problems. Would be interested to hear what sort of interest they are earning from it in a year and on what sums saved. This will of course compound over the year unless they are taking out income.

I'm up to 27 Regular Savers with the Skipton BS Christmas offering starting next week bringing it up to 28. This will be the 5th provider with 2 separate offerings the others being Abbey (7% & 7%), Ipswich BS (7.25% & 8.25%), Principality BS (6.00% & 6.50%) and Yorkshire BS (6.00% & 6.75%). Total amount going IN each month has reached £7895.00.
I use 5 bank accounts to service them with overdraft facilities of about £5.5k and hopefully HSBC will grant a raise from zero shortly.
Have had NO problems as yet although things look a bit scary come April when funds which would normally mature STAY IN for the longer haul. (Scarborough BS, Lloyds etc) but if push came to shove they could be withdrawn.

System

I'm up to 27 Regular Savers

How many? :eek:

Phoenix79_2

Afahmaep wrote:

I'm up to 27 Regular Savers with the Skipton BS Christmas offering starting next week bringing it up to 28. This will be the 5th provider with 2 separate offerings the others being Abbey (7% & 7%), Ipswich BS (7.25% & 8.25%), Principality BS (6.00% & 6.50%) and Yorkshire BS (6.00% & 6.75%). Total amount going IN each month has reached £7895.00.
I use 5 bank accounts to service them with overdraft facilities of about £5.5k and hopefully HSBC will grant a raise from zero shortly.
Have had NO problems as yet although things look a bit scary come April when funds which would normally mature STAY IN for the longer haul. (Scarborough BS, Lloyds etc) but if push came to shove they could be withdrawn.

I doff my cap to you sir! :T Thats some going

Afahmaep

Judi wrote:

How many? :eek:

These are some of the ones I HAVEN'T got. REASON Pretty obvious. The Rates are CRAP

5.35% REG SAVER 20-200 PM Dunfermline
5.35% REG SAVER 10-500PM Saffron
5.35% REG SAVER 10-250 PM Coventry*
5.20% REG SAVER 20-500 PM Leeds
5.15% REG SAVER 10-1000 PM Tipton & Coseley
5.10% REG SAVER 10-1000 PM Newcastle
4.95% REG SAVER 20-500PM National Counties
4.95% REG SAVER 10-250PM Nationwide
4.75% REG SAVER 10-500 PM Melton Mowbray*
4.75% MONTHLY SAVER 10-1000 PM Catholic*
4.65% REG SAVER 25-500 PM Mansfield, The*
4.65% REG SAV 40-2000 PM West Bromwich
4.65% MONTHLY SAVER 10-500 PM Earl Shilton*
4.50% REG SAVER 25-500PM Kent Reliance
4.50% REG SAVER 10-2000 PM Dudley
4.45% REG SAVER 10-500 PM Market Harborough
4.20% REG SAVERPLUS 10-250PM Universal*
3.66% REG SAVER 10-100 PM Loughborough*
2.90% ECO 60 (60 DAYS) Ecology, The*

Afahmaep

Or rather. Not as good as I could get elsewhere

tomstickland

macca64 wrote:

The way people talk, you'd think the only asset classes available were property and cash, everyone seems to forget about everything else.

Yeah you can put your cash in property, but will a property pay your bills if your unemployed, if you get an unexpected car expense?? Not saying it's a bad idea, but you need to have a balance. Some cash, some property, some shares, some UT's, some bonds etc etc.

People also would rather invest in property than saving for retirement etc, which sometimes amazes me. Hasn't the stock market outperformed all asset classes over the long term?

I think you're rather jumping to conclusions there.

Last year I spent a good deal of time looking into money supermarkets so I could pay into managed funds via the ISA allowance.
Then I bought a place to live and I'm not going to invest until my safe+boring savings have reached a suitable level.
Personally I don't see property as an investment; it's a place to live that I'm renting the money off a bank for.


Regarding regular savers then I'm not interested unless they pay over 8%.

System

Regarding regular savers then I'm not interested unless they pay over 8%.

but whats the alternative? I have £3,500 sitting in my bank account from a matured regular saver. I am having problems trying to find a regular savings account that suits my criteria (I fall mainly cause i dont have a wage of £1000 a month floating in and out the account). So i have it sitting waiting for something better to come along. Mind you if i am honest, it is a chore setting up and closing these accounts down. Presently its sitting in an online saver gaining 4.50% interest (i think) but i dont pay tax, so i suppose that accounts for something.

tomstickland

Move it into a 5.45% payer like HiSave.

You can just push money around to meet some of the bank account requirements.