Regular Saver Thread **New and Restarted**

Zero_Sum

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

I chose Marcus as its instant access to transfer to your santander account.
The fee isnt covered by the cashback as you get the same cashback for £48 less. If you're happy then crack on but stop thinking you're getting a 1.5% return, cos youre not.

schiff

This may be a very simplistic way of looking at it, though I do look at it this way, but I'm credited every month with more than £5 in cash-back. To me that means that I get 1.5% (well, 1.2% after tax) on my full balance in the 1/2/3 account.

The suggestion seems to be that I open a Marcus account paying exactly the same rate of interest and if at 12.30 on a Saturday I need to 'invest' £1200 I transfer that amount from Marcus to Santander to pass on to shall we say Betfair. If necessary repeat at 14.10 and again at 19.30 for an evening football match. And then if there's money to be withdrawn from Betfair say, I withdraw it back to Santander and make sure, when it arrives, that it immediately goes back to Marcus as the Lite pays no interest. I'm sorry but avoiding that palaver is well worth £4 a month to me.

I've got other current accounts, mostly with a £10 balance to get the benefits eg the 5% RS, including Bank of Scotland also at 1.5% and I'm running up to 20 regular savers most of the time. I've got this sloshing about spare money that I need to have access to on an instant basis and I feel fully MSE to be getting 1.5% on it all the time it is sloshing about! I could open more RSs at 2% or even 1.75% but I don't consider it worth it, the simplicity of getting 1.5% without any 'work' involved wins me over.

The whole of this 'discussion' hinges on saving £4 a month but surely it needs a bit of balance. I'm as money saving as the next man but I still consider whether things are really worth it. In any event my investment in the Smithson IT IPO last October is currently showing a profit, on paper at least, enough to pay £4 a month for the next 100 years! There's my balance.

Does nobody understand?

schiff

Just had my statement for last month - 95 transactions. This is as much 'my' current account to which I'm loyal as those who are targeted by MSE who have stayed loyal to XYZ bank all their life and are getting 0.05% pa on their £20,000 etc 'savings'.

badger09

schiff wrote: »

This may be a very simplistic way of looking at it, though I do look at it this way, but I'm credited every month with more than £5 in cash-back. To me that means that I get 1.5% (well, 1.2% after tax) on my full balance in the 1/2/3 account.

The suggestion seems to be that I open a Marcus account paying exactly the same rate of interest and if at 12.30 on a Saturday I need to 'invest' £1200 I transfer that amount from Marcus to Santander to pass on to shall we say Betfair. If necessary repeat at 14.10 and again at 19.30 for an evening football match. And then if there's money to be withdrawn from Betfair say, I withdraw it back to Santander and make sure, when it arrives, that it immediately goes back to Marcus as the Lite pays no interest. I'm sorry but avoiding that palaver is well worth £4 a month to me.

I've got other current accounts, mostly with a £10 balance to get the benefits eg the 5% RS, including Bank of Scotland also at 1.5% and I'm running up to 20 regular savers most of the time. I've got this sloshing about spare money that I need to have access to on an instant basis and I feel fully MSE to be getting 1.5% on it all the time it is sloshing about! I could open more RSs at 2% or even 1.75% but I don't consider it worth it, the simplicity of getting 1.5% without any 'work' involved wins me over.

The whole of this 'discussion' hinges on saving £4 a month but surely it needs a bit of balance. I'm as money saving as the next man but I still consider whether things are really worth it. In any event my investment in the Smithson IT IPO last October is currently showing a profit, on paper at least, enough to pay £4 a month for the next 100 years! There's my balance.

Does nobody understand?

I absolutely do understand. There comes a point when chasing an extra £48 (insert any figure suitable for your personal financial situation) simply isn't worth the effort involved.

I reached that point over a year ago and am gradually reducing my multiple accounts to make things easier for my executors when the time comes. I'm not being morbid, just considerate, having recently had to execute my late sister's much simpler estate:o

schiff

badger09 wrote: »

I absolutely do understand. There comes a point when chasing an extra £48 (insert any figure suitable for your personal financial situation) simply isn't worth the effort involved.

I reached that point over a year ago and am gradually reducing my multiple accounts to make things easier for my executors when the time comes. I'm not being morbid, just considerate, having recently had to execute my late sister's much simpler estate:o

Bingo!! :):)

Special_Saver2

Hi Folks,

I cannot see anything that has changed in the last week.


I will do another update the weekend after next.

SS2

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For those new to this thread, the first few posts are constantly updated and are on the first page

youngretired

I've accidently made a 13th payment into my regular saver that matures this month as I forgot to cancel the sto due to being on holiday.

Has anyone made 13 payments into theirs and if so was it ok or did they send the funds back? T&C's state they can change the regular saver into a easy saver if you pay more than the maximum £6000, which I have now done.

typistretired

If I was in your situation I would give them a ring and explain why the extra payment went into the account.

typistretired

Well done Leeds BS the money from my regular saver which matured yesterday 1st July 2019 has arrived in my nominated bank account as per my maturity instructions. Much better than last year which was a cheque.

schiff

Me too. Plus the arrival of the new Chorley RS, opened only yesterday. A better show than Santander who told me in a secure message on June 6th that my RS matured on June 25th, the funds would be available on June 28th, a new RS would be seamlessly started up and the proceeds of the matured RS would be transferred to my 123 current account.

As things stand today I have a RS containing the first £200 deposit and the full proceeds of my matured RS. It is described as a Monthly Saver with a 3% interest rate.

I should perhaps leave it like that if they are paying 3% on the lot