Bit of fun, only. Reg Sav Acc - Most held?

RayWolfe

Jonbvn wrote: »

Perhaps there is also the chance that the person with 25 RS accounts is saving the maximum £250 a month in each, giving £6250 savings a month:eek:

No, a lot of us are "churning" the same money round the accounts. If the anniversaries are at different times during the year, this is very easy.

bristolleedsfan

RayWolfe wrote: »

No, a lot of us are "churning" the same money round the accounts. If the anniversaries are at different times during the year, this is very easy.

like kazza said in a diff thread the gap between the top easy savers/1 year fixes against ongoing reg savers has reduced so the benefit of "recycling money" is not as worthwhile as it once was, as the saying goes "nothing lasts forever"

mary

bristolleedsfan wrote: »

work of art opening accounts with the top 18 regular savers, should be remembered though their are 3 factors

rate someones getting from the "drip feed account"
rate of reg saver
rate that is going to be got on the funds that have to be invested elsewhere( re the reg savers that dont carry on after 12 months) once the 12 months are completed

It's not so much a work of art. You simply open one account, and when another suitable one follows send off your ID, application form, wait a while, set up your own STO (it's quicker and you are sure the job is done). You don't simply open all 18 in one fell swoop.

Rate I'm getting from feed account is 6.1% with Coventry First
The average of all 18 regular savers is 6.9%.
6 months of money with Coventry + 6 months in Regular Savers
gives me 6.5% gross and 5.2% net.

Incidentally the regular savers I have are not necessarily those listed on supermarket, but a fair number of them, as for instance I have 3 with Ipswich, as some are now closed for new customers.

bristolleedsfan

mary wrote: »

It's not so much a work of art. You simply open one account, and when another suitable one follows send off your ID, application form, wait a while, set up your own STO (it's quicker and you are sure the job is done). You don't simply open all 18 in one fell swoop.

Rate I'm getting from feed account is 6.1% with Coventry First
The average of all 18 regular savers is 6.9%.
6 months of money with Coventry + 6 months in Regular Savers
gives me 6.5% gross and 5.2% net.

Incidentally the regular savers I have are not necessarily those listed on supermarket, but a fair number of them, as for instance I have 3 with Ipswich, as some are now closed for new customers.

6.45% gross can be gained on a 1 year fixed rate account with only a few minutes spent organising it for 12 months, u will say rates may rise, true, its also true that coventry first account rate reduces by 0.85% gross after 12 months and the highest paying regular savings accounts often dont receive full increases passed on after a base rate increase, dont get me wrong reg savers have been top payers up till now, all im saying is that now the gap between them and say sainsburys 6% ( instant access/keep options open account) narrowing and fixed rate 1 years hitting nearly 6.50%, the days of recyling money from one account to another appears to be getting less worthwhile. Its also fair to say that the gain from reg savers that dont last longer than 12 months is not huge bearing in mind the relatively small sums of money involved.

mary

Yes I agree the differential between regular savers and 1 year fixed rates is narrowing. Despite the fact that BOE rate has increased a few times, there are not so many new regular saver accounts coming on board with a greater rate of interest, say around 9-12% would be nice.

Some of the regular savers have been for more than 1 year, i.e. Lloyds 2 year, Loughborough 2 year, and Yorkshire, Bath, Scarborough, Monmouth, Nationwide all for longer than that I believe with the benefit of compounding.

OMski

Hiya All

Can I ask a quesion > is it not more beneficial to save larger amounts in icesave or icici and then save some into a few regular saver accounts? > or is it better to split the money into regular savings accounts?

The reason I ask is because you would get more from saving a lump sum of £24k in a 5.95% than saving £250 (as an example) at 12%

Oh I'm confused now, and I'm putting it down to the silly rain storm that drentched me!!!

OMski

Oops, I forgot to say > I only have 2

anniecave

OMski wrote: »

Hiya All

Can I ask a quesion > is it not more beneficial to save larger amounts in icesave or icici and then save some into a few regular saver accounts? > or is it better to split the money into regular savings accounts?

The reason I ask is because you would get more from saving a lump sum of £24k in a 5.95% than saving £250 (as an example) at 12%

Oh I'm confused now, and I'm putting it down to the silly rain storm that drentched me!!!

There is an article somewhere on the main site that explains this. You put what you can in regular savers, the rest you leave in your other account earning 5.95% or whatever. So at the start you'd only be on £23750 at 5.95% and £250 at 12%, but as time goes on you have more and more money in regular savers (particularly the ongoing ones like YBS and Scarborough) you can have more and more money at the higher regular saver values and the remainder still at your 5.95%.

My regular saver average % is 7.25% AER (don't know what the net is but I do pay tax) over 8 regular savers for example, with a lot of the money in there that I am saving towards a deposit on a house or flat in the future.

Kazza242

I'm currently down to 18 regular savings accounts, as some of the others I had have recently matured. My regular saver average gross rate is 7.74% AER, which for me still makes using them worth it.

As BOE base rate has increased, so have the rates paid on easy access accounts, where as the rates offered on new regular savers haven't changed much in comparison. Though, I am still earning considerably more interest in using the high interest feeder >> regular saver approach, rather than just leaving a lump sum in the feeder.

oldfella

the one year £250 per month RS are IMHO not worth the trouble where the interest rate is 7% or less. After tax that is only around £12 pa better than normal savings accounts.

Mike