Are Regular Savers still worth it?

info_addict

however what I would really like is for there to be a reg saver where you could put in more than £500 per month

I like the Monmouthshire HERE, currently 6.50% including annual bonus, maximum £500,000. Also this account is fed by direct debit and is usually credited 2 or 3 days before the money is debited from my ICICI account - nice!

and Principality HERE, currently 6.20% clean

Both of these accounts allow up to £1,000 per month and roll on each year.

I expect both accounts to pass on the recent 0.25% increase. So keep an eye out

bristolleedsfan

info_addict wrote: »

I like the Monmouthshire HERE, currently 6.50% including annual bonus, maximum £500,000. Also this account is fed by direct debit and is usually credited 2 or 3 days before the money is debited from my ICICI account - nice!

and Principality HERE, currently 6.20% clean

Both of these accounts allow up to £1,000 per month and roll on each year.

I expect both accounts to pass on the recent 0.25% increase. So keep an eye out

those who are considering regular savers need to be considering both the rate the regular savers pay + the rate they are getting on the account they are "drip feeding" the monthly payments from against the interest that can be gained from say a 1 year fixed rate account where the stated interest rate ( which is in some cases is as high/higher than some ongoing regular savings accounts) is paid on the complete lump sum throughout the term of investment.

stphnstevey

info_addict wrote: »

I like the Monmouthshire HERE, currently 6.50% including annual bonus, maximum £500,000. Also this account is fed by direct debit and is usually credited 2 or 3 days before the money is debited from my ICICI account - nice!

and Principality HERE, currently 6.20% clean

Both of these accounts allow up to £1,000 per month and roll on each year.

I expect both accounts to pass on the recent 0.25% increase. So keep an eye out

Interesting....:beer:

ukdutypaid

Not sure I'll be chasing .45% or 0.15%, even if both of them do pass the recent full 0.25% BoE increase on.
BACS in and out, set up of account, missed payments any other !!!!-up risks. (c0ck-up, there I've beaten you system!. Really this what the world's come to. One can't use that phrase anymore without being censored)

I might consider it for a whole balance shift, but not on a regular saver...
With a couple of regular savers, manually tweaking the SO date, is a head ache enough as it is. Well to me anyway, prob better off being a woman, I might be able to juggle better.. lol

InMyDreams

I think the question is a little unfair. A regular saver is not intended to be 'drip fed' into although there's clearly nothing to stop anyone doing that and it certainly used to be profitable for people with a pot of cash savings. I did it myself. Just because it's not at the moment due to the small sums involved, doesn't mean that 'Regular Savers aren't worth it' for... err... regular savers. If £250/month isn't enough then open a few, but I'm sure most people aren't in the position to be able to (or want to) regularly squirrel away thousands every month into a cash account. But for anyone wanting to save, say, up to £1k/month into cash accounts, regular savers are still very much worth it and deserve a place on this board. And these regular savers will indeed then be earning the full head-line rate on *all* their savings as no drip-feed account is involved. The only issue is really what to do with the money afterwards if you have a saver that matures or is 'full'.

steady__eddie

I'm currently moving about two and a half K into regular savers on a monthly basis. I pay the minimum into the average payers in order to maintain my membership and not fall into the status of a "dormant account". Every now and again when a few bob has built up, it is nice to be able to transfer to a higher paying account with the same institution without having to raid a different piggy bank and go through the rigmarole of I.D. I have opened a couple of I.S.A.s using this method.
The other category of reg save is the higher interest payer open ended a/c. with a maximum and I include Yorkshire, Bath, Scarboro here. My theory is that when I am approaching the maximum, I will drop my payments to the minimum (£10/month) and withdraw about £800. That way, I will never go above the maximum and receive a mickey mouse rate of interest and it will only cost me £120 a year. I am aware that this will not work in the case of Bath because they don't allow you drop your monthly payments so it's a case of withdrawing £3800.
Knowing my luck, they'll either increase the limit as I'm approaching it or the rate will become uncompetitive, in that scenario it will be a case of looking elsewhere.

oldfella

My approach is to use my stoozing money - so the CC companies are lending me money at 0%, which I use to fund £1500 of regular savers each month from which I earn 8-10% interest.

Mike

Special_Saver2

Hi everybody. I was thinking about writing a post just like this actually and was going to check whether people had discussed it before. I have also been wondering about whether to keep my 12 month regular saver accounts going. They do involve a certain amount of effort - I have found opening and closing the Abbey accounts a little troublesome.

I hope you do not mind but I am going to link to this post in my own thread here:
Regular Savings Accounts: The Best Currently Available List!
http://forums.moneysavingexpert.com/showthread.html?t=608697

I am planning on including a section on the best feeder account (which would appear to be the Sainsbury's account) - I have posted in 2 separate threads asking people who open this account to let me know if it is suitable for this purpose. If they do, then I will include it. I will also include the Coventry First account (which I am using at the moment) but will point out clearly that this involves a first year only bonus.

Thanks for pointing out that Principality account - I will include it in my thread and give you a credit at the top of the thread, info addict.

I cannot believe Kazza's ISA thread has been de-stickied! It is an excellent thread! It is what inspired me to write my regular savings thread! I have posted a message on that thread asking why it has been de-stickied.

Special_Saver2

Info addict, I have added the Principality BS regular saver to my thread. It is not clear to me from the website whether this has to be opened up in a branch or whether you can do it by post. Can you tell me from your own experience? I also cannot see anything on the website saying that you have to live in Wales to open up an account so I am assuming there are no geographical limitations but please let me know if you know otherwise.

Special_Saver2

steady__eddie wrote: »

...Every now and again when a few bob has built up, it is nice to be able to transfer to a higher paying account with the same institution without having to raid a different piggy bank and go through the rigmarole of I.D. I have opened a couple of I.S.A.s using this method.
...

Funnily enough, I was thinking the other day that I should really open up one of these £250 per month, 12 month savers in March or April - that way my account would mature with £3,000 on the 1st April each year which I could then slip directly into an ISA on 6th April!