Regular Saver Thread **New and Restarted**

surreysaver

veryintrigued wrote: »

Yes me too.

I'm keeping £50 with them just incase any further product is members only.

I wonder if its worth keeping accounts open with each provider when Regular Savers expire, just in case they offer accounts in the future that require you to have held accounts with them for a minimum period?

Steve_xx

surreysaver wrote: »

I wonder if its worth keeping accounts open with each provider when Regular Savers expire, just in case they offer accounts in the future that require you to have held accounts with them for a minimum period?

It absolutely is!

stphnstevey

Hydro1 wrote: »

I have been funding a few Virgin RS each month. Virgin say that an account fully funded with 14 monthly payments of £250 will earn £49.22 interest. If my sums are correct, I would be marginally better off abandoning the RS and leaving my money in a Tesco Internet Saver paying 1.35% or a Post Office Saver paying 1.30%. Am I missing something, like a decent calculator ?

Can't you do both, use one as the feeder?

stphnstevey

I'm not eligible for the FD switch (having done one many years ago). I would still like the RS, is the the Current Acc needed for the RS?

Is there a minimum amount? If so, is it better to keep the min in there or to recycle it around accounts?

How have others set this it up in the easiest way, bearing in mind any minimum through put and the RS SO per month?

glider3560

stphnstevey wrote: »

Can't you do both, use one as the feeder?

You are aware you've replied to a post from January 2018?

glider3560

stphnstevey wrote: »

I'm not eligible for the FD switch (having done one many years ago). I would still like the RS, is the the Current Acc needed for the RS?

Is there a minimum amount? If so, is it better to keep the min in there or to recycle it around accounts?

How have others set this it up in the easiest way, bearing in mind any minimum through put and the RS SO per month?

Yes, the current account is required. There is no minimum amount or monthly fee if you open an Everyday Saver in addition to the Regular Saver (see the 'Banking fee' at https://www1.firstdirect.com/rates-and-charges/charges/).

polymaff

stphnstevey wrote: »

Can't you do both, use one as the feeder?

You and the 18-month old poster are missing the point. Regular Savers score when they are funded by regular income. If you have regular income that you can save, you do significantly better with regular savers.

Stompa

polymaff wrote: »

You and the 18-month old poster are missing the point. Regular Savers score when they are funded by regular income. If you have regular income that you can save, you do significantly better with regular savers.

But using an interest paying feeder account to regularly pay into a RS (paying a higher rate of interest than the feeder account) works too.

bristolleedsfan

Stompa wrote: »

But using an interest paying feeder account to regularly pay into a RS (paying a higher rate of interest than the feeder account) works too.

Depends what rate regular saver is being discussed, those who have lump sum savings who feed into regular savers and wont need the funds for at least 12 months.

2% 1 year fix -getting 2% on the whole amount for 365 days

Very little point having the funds in a 1.5% feeder account feeding 250.00 a month into 2.5% regular saver that only lasts for 12 months.

schiff

bristolleedsfan wrote: »

Depends what rate regular saver is being discussed, those who have lump sum savings who feed into regular savers and wont need the funds for at least 12 months.

2% 1 year fix - getting 2% on the whole amount for 365 days

Very little point having the funds in a 1.5% feeder account feeding 250.00 a month into 2.5% regular saver that only lasts for 12 months.

Never thought of it like that before! I have regular savers paying 2.5% and under that I could fill today out of my 1.5% current account (Santander)!