Regular Saver Thread **New and Restarted**

polymaff

teakitkeat wrote: »

with the HSBC regular saver, is it advisable to set up a new standing order for the 1st of the month?
or stick with the one set up at account opening?

Don't. In my experience they accept the new date for the SO, but only compute interest from the original date..:(

Nick_C

Fingerbobs wrote: »

I don't completely agree with this. I use my Santander 123 account to drip-feed all my regular savers, without any manual intervention, with the money earning 1.5% up until it's transferred out to each RS via a SO. Each time a RS matures, I simply dump the proceeds into Santander and the cycle continues. I don't see how that could be achieved using a savings account such as Marcus.

But you are not getting a return of 1.5%

You are getting 1.5% interest on a maximum of £20k, but you are paying £48 a year in fees (assuming you get cash back on direct debits), so your return is only 1.26%

As Yorkshire Boy says, you could get 1.5% on up to £5000 with Club Lloyds - and six free cinema tickets a year.

Worth noting as well that Tesco Savings Accounts allow you to set up multiple future payments to the same payee, so a bit more work than a standing order but not much more.

YorkshireBoy

Nick_C wrote: »

Worth noting as well that Tesco Savings Accounts allow you to set up multiple future payments to the same payee, so a bit more work than a standing order but not much more.

Exactly my approach. A sum is transferred to Tesco on payday. Then in one session payments are scheduled for throughout the following month to top up both Santander and Club Lloyds. Any shortfall comes from Marcus. The only variable is interest on Club Lloyds but I don't mind a pound either side of £5K.

schiff

Provided Santander keep up the 1.5% I doubt if I would ever leave them. They have been my main current account since the Alliance & Leicester days, my £5 a month charge is always covered by cash-back (OK I know that could be a simple extra elsewhere), I shovel thousands back and forth to and from betting exchanges and bookies which they have never questioned and it's a long time since I've had to do the verification procedure when I make my many debit card payments. There is a branch not that far away and using the nearby Post Office for cash deposits and withdrawals is very convenient.

I like them

polymaff

schiff wrote: »

... my £5 a month charge is always covered by cash-back ...

:(:(:(:(

YorkshireBoy

schiff wrote: »

Provided Santander keep up the 1.5% I doubt if I would ever leave them.

Not sure how many "thousands" you're talking about, but I have a £10K overdraft facility on my Lite. Would such a facility sway you to downgrade? If not, what will it take to persuade you to re-think?...1% same as Tesco?

You do surprise me though by using your "main" account for the matched betting activities.

schiff

YorkshireBoy wrote: »

Not sure how many "thousands" you're talking about, but I have a £10K overdraft facility on my Lite. Would such a facility sway you to downgrade? If not, what will it take to persuade you to re-think?...1% same as Tesco?

You do surprise me though by using your "main" account for the matched betting activities.

No.

I won't know until the 'what will it take' happens. Then I'll decide.

I've closed my two Tesco accounts because of the cut.

As I said - provided 1.5% stays, I stay.

It's never caused me problems. I know many banks raise an eyebrow and say no or question it - but Santander never has.

I think I have every account available to me that earns me more than 2%, I've tended not to bother with RS's on 2% as they are 1.6% after tax. My investments (all in ISAs) dwarf my cash money and I don't want any more. For the moment anyway.

Zero_Sum

schiff wrote: »

Provided Santander keep up the 1.5% I doubt if I would ever leave them. They have been my main current account since the Alliance & Leicester days, my £5 a month charge is always covered by cash-back (OK I know that could be a simple extra elsewhere), I shovel thousands back and forth to and from betting exchanges and bookies which they have never questioned and it's a long time since I've had to do the verification procedure when I make my many debit card payments. There is a branch not that far away and using the nearby Post Office for cash deposits and withdrawals is very convenient.

I like them

You dont need to leave. Just downgrade to Lite, then move most of your cash into Marcus. Because after the fee, you're not earning anywhere near 1.5%

schiff

Zero_Sum wrote: »

You dont need to leave. Just downgrade to Lite, then move most of your cash into Marcus. Because after the fee, you're not earning anywhere near 1.5%

I'm fighting a losing battle here! I've said before that the fee is covered by cash-back and if you look at the whole picture we're talking about £48 pa and I honestly can't be bothered. And what if Marcus or one of the others don't like money going to bookies, especially at the point where the last minute failure of a deposit could cost me over £48 in one fell swoop?

Nope

colsten

schiff wrote: »

I'm fighting a losing battle here! I've said before that the fee is covered by cash-back and if you look at the whole picture we're talking about £48 pa and I honestly can't be bothered. And what if Marcus or one of the others don't like money going to bookies, especially at the point where the last minute failure of a deposit could cost me over £48 in one fell swoop?

Nope

People probably don't appreciate the extra effort, and time delays, you would have if you kept funds for your MB in an account that pays net 1.5%. Many will also not appreciate that a £48 'investment' is well worth it to the serious Matched Better. :cool: