How many Regular Savers do you have?

liamcov

When I opened by recent one the woman asked if I had opened a RS before and I told her I had 5 open right now, she looked at me like I had 2 heads!

Mr_K

None, they're a waste of time and unnecessarily tie up your money for very little return. Banks love them.

bigadaj

Mr_K wrote: »

None, they're a waste of time and unnecessarily tie up your money for very little return. Banks love them.

Strange comment, they're frequently the best paying accounts around though limited to relatively small amounts. Banks promote them as loss leaders for other business, which is why you often have to have a current account etc

rb10

Mr_K wrote: »

None, they're a waste of time and unnecessarily tie up your money for very little return. Banks love them.

This is not the case - you need to remember that interest is calculated daily throughout the year, and not just on the final balance in the account. i.e. every day of the year, you are earning X% on your balance of that day.

I have a Nationwide Regular Saver that's about to mature. It's paying me 6% AER. You can't say that's 'very little return'.

At the end of the year, I'll get over £100 (net) interest, when I'll have only had (on average) £2k tied up in that account. In a 'normal' savings account I'd only have got £50.

To answer the OP's question, I currently have six. (Although that will drop to just two by the start of November). I won't be opening any new ones for now as most regular savers are not paying enough of a premium above my instant access rate.

Archi_Bald

rb10 wrote: »

I won't be opening any new ones for now as most regular savers are not paying enough of a premium above my instant access rate.

You are very lucky then - I am just the opposite and have opened 6 regular savers in the last few days. The rates in my instant access accounts will all come crashing down to ridiculously low levels in the next few weeks, and my current account opportunities are full, so any regular saver at 3% sounds like manna. I have even lowered myself to the Nationwide 2.5% one.

Got any instant access tips above 1.7% AER (excluding all the usual current accounts, and cash ISAs)?

rb10

Archi_Bald wrote: »

Got any instant access tips above 1.7% AER (excluding all the usual current accounts, and cash ISAs)?

£50k in a Santander First Home Saver (instant access, no longer available to new customers) at 3% helps

Archi_Bald

ha bl***dy ha.