Multiple Accounts - when to consolidate?

Sea_Shell

1 year fixed account matured and closed....2 more Virgin Reg Savers opened.

That's a +1 for this month then......

Ken68

Minus 3 since your first post Seashell.... now down to 13 Regular Savers plus the associated bank accounts. Three more that mature in August, one in September and so on.
An inheritance clicks in April, so it could be said I need more accounts or less in that I no longer need to save.

badger09

I've definitely decided 'less is more':o

I haven't renewed either of my recently matured regular savers, nor did I go for the recent Chorley, Leeds or Virgin offerings. I will renew anything paying 3% and above, but nothing below that. Might even ditch my YB Direct current account paying 1.5%, once the RS it feeds matures.

It was fun while it lasted, but I'm bored now:o

MDMD

I've decided I can't be bothered anymore for around £3 ish a month especially after 40% tax. Keeping anything at 3% and above. Going to just pay more into my pension, or start living a bit!

I've now closed all my Virgin Money 'e' Regular Savers, keeping the Store ones for now as a 'running away fund' but not opening any more. Will probably ditch the Matchday next time I go past a store. TSB Plus going when the 5% cash back ends. Might also get rid of BOS and the Leeds ones to fund the pension payments

badger09

Apologies to anyone reading this thread who is struggling to make ends meet.

I do realise that those of us posting here are in a fortunate position which some can only dream about:o

surreysaver

I used to do that Snoozing stuff about 10 years ago until a baby came along, work got in the way and interest rates went down. I had (have still got) a tracker offset mortgage, so back when the interest rate on it was 6-7%, it was worth my time and hassle managing it all. Then I stopped.
However, three months ago I broke my ankle and have been off sick, so have had the time to resurrect my old hobby. So. Even though my mortgage rate is only 1%, I reckon I will now be raking in about £100-150 per month chasing 2% regular savers, fixed savings accounts and higher interest current accounts.

bigadaj

You snooze, you lose,..,

Sea_Shell

badger09 wrote: »

Apologies to anyone reading this thread who is struggling to make ends meet.

I do realise that those of us posting here are in a fortunate position which some can only dream about:o

I realise that these boards are full of people with many different financial situations, some with far greater savings/investments/pensions than me, and also those who are in the red, some by serious amounts.

Do the Debt Free board posters read the Savings & Investment boards too....that'll make their eyes bleed!!!

However, I do not feel guilty about the financial situation I find myself in. We've worked hard, saved hard, and made decisions through life that have resulted in our position. None of it's fallen into our lap!! (and yes, I realise that one wrong move and it could all be gone!!)

bigadaj

Sea_Shell wrote: »

I realise that these boards are full of people with many different financial situations, some with far greater savings/investments/pensions than me, and also those who are in the red, some by serious amounts.

Do the Debt Free board posters read the Savings & Investment boards too....that'll make their eyes bleed!!!

However, I do not feel guilty about the financial situation I find myself in. We've worked hard, saved hard, and made decisions through life that have resulted in our position. None of it's fallen into our lap!! (and yes, I realise that one wrong move and it could all be gone!!)

It's probably the pensions board that would be the eye opener.

Particularly now people are being offered the multiples on the cetv for a db pension, someone with a 'small' pension paying a few grand a year is being offered multiple six figures to buy them out.

Missus_Hyde

It does just show how much more complicated money management is these days.

In the dim and distant past, when we got engaged, we opened a joint savings account with the Leicester Building Society and converted our bank current account into a joint one (which we still have to this day). We saved about £100.00 a month (which was a lot of money in those days) with said building society, and then went to them after a year and asked them for a mortgage. We then bought our first house when we got married.

In those days it wasn't necessary to keep swopping savings accounts, current accounts or come to that, mortgages. We sold our first house, increased the mortgage on another property with the same building society and then toddled away with a cheery "See you in twenty five years!" and that was that!

Now like the rest of the MSE folks, we've got bank accounts coming out of our ears, to try and get a decent return on our savings.

How things change!! :cool: