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

bristolleedsfan

oldfella wrote: »

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

personally i dont believe that the 250.00 per month regular saver accounts that dont last longer than 12 months and pay 8% or less are worth the trouble either ( in the cases where the funding is "recycled money") because it could have been earning only 1.25% less in a 1 year fixed rate bond and about the same in regular savers that dont finish after a year so doesnt have to be moved after 12 months, in the case of the fixed rate bond paying 6.45% gross the whole amount of funding would have been earning the 6.45% Gross from day one.

stphnstevey

bristolleedsfan wrote: »

personally i dont believe that the 250.00 per month regular saver accounts that dont last longer than 12 months and pay 8% or less are worth the trouble either

I would have to agree - I can't make the maths and hassle work for a reguler saver with anything less than around 8%.

Its not always the rate that I go on, but how much I can get in there and how long it is at that rate (eg. I make more in interest from a 7% Yorkshire RS than a 8% Lloyds RS (1yr))

I have about 10, but I am hastily cutting them down. I doubt whether I will open up any to replace them when they mature, apart from the 8%+ ones.

Besides I only have a finite amount of money to invest in RS's. On top of this if I did have a significant amount, I would be looking to invest it in an investment with a higher return than a RS.

Sorry, I can't see the benefit of recycling money through accounts either. Any money you gain, you lose again as the money travels back out. Why not just put the maximum in the top paying accounts?

max2002ad

what is everybodys thoughts on the best savings account that can be used as a feeder?
Ie it must be a high rate of interest and be able to do transfers to other bank accounts not just nominated accounts.

i currently don't have enough spare money to fund two current accounts with £1000.

ukdutypaid

Yes I agree, they are a bit of a pain, with limited benefit.
One has to time the lump sum out of your hi-interest savings account in time, then organise the SO's out of your current account. The dates are not always the same because of the variable length of months, with the additional double SO if it has to go through another banks C/A aswell (HSBC, Lloyds).
Granted it's not rocket science and with online banking it couldn't be much easier.
However we've all got lives to get on with, stick it in a Hi-Interest savings account and you don't have to fiddle about..
I've got YBS, HSBC & Lloyds, more than that and my head would start to explode.
At some point it's either a case of leave any funds you have where they are, or step up to the plate and start examining one's appetite for risk, in order to achieve higher returns.
Savings, property, bonds, equities..... Cripes I'd need my hand holding with that lot!

The_Fiddler_2

I have 2 RS at the moment A&L and Nationwide. What others would people recommend and how easy are they to set up?

bristolleedsfan

The_Fiddler wrote: »

I have 2 RS at the moment A&L and Nationwide. What others would people recommend and how easy are they to set up?

i wouldnt recommend any ongoing regular savers for new savers now bar possibly yorkshire BS Reg saver now that top paying 1 year fixed rate bond has hit 6.7% gross as better off sticking lump sum min 500.00 in that imho.

mary

Where is the 6.7% bond?

RayWolfe

Principality
But you need three years with them!

exel1966

Or even better the Anglo Irish at 6.7% !

http://www.angloirishbank.co.uk/personal/fixed-rate-bond-accounts.asp

£500 minimum from 1-5 years. Definately worth a look I'd say.

bristolleedsfan

exel1966 wrote: »

Or even better the Anglo Irish at 6.7% !

http://www.angloirishbank.co.uk/personal/fixed-rate-bond-accounts.asp

£500 minimum from 1-5 years. Definately worth a look I'd say.

that was the one i was referring to, i assumed people would have noticed the thread a few down from this thread.

http://forums.moneysavingexpert.com/showthread.html?t=505728

im presuming that yorkshire RS will increase following last base rate increase to keep it more appealing than a 1 year fixed.