Regular Saver Thread **New and Restarted** 27 November 2007 at 10:33PM edited 16 November 2019 at 7:25AM in Savings & Investments 3.5K replies 625.8K views

Emily_Joy

colsten wrote: »

I have been doing the same each month, for the last several years, at several different banks. For belts and braces, I have a small overdraft facility on the feeder accounts, for the amount of the RS. I have never once needed those overdrafts. Where possible, though, I pay the money straight into the RS (Lloyds, BoS, TSB)

That's right, some banks pretend process internal transfers over the weekends, but then they show on the statement as being paid on the first working day anyway.

steveouk

Hi everyone.

Been reading this thread with interest (no pun intended!).

Wondered how many regular saver accounts is the most / average that everyone has? We are going to be building up to around 7 accounts.

Have you managed to make much interest by rotating the money around?

schiff

steveouk wrote: »

Have you managed to make much interest by rotating the money around?

It is possibly the best, if not only, way safely to make interest/money.

pafpcg

steveouk wrote: »

Wondered how many regular saver accounts is the most / average that everyone has? We are going to be building up to around 7 accounts.

Have you managed to make much interest by rotating the money around?

I think you'll find that seven accounts is unremarkable - double or treble that number amongst MSE posters is almost usual, though the number is probably dropping steadily as the Virgin Money online regular savers mature (the last disappears this month), LeedsBS & Nationwide have withdrawn from the regular savers marketplace and MonmouthshireBS now restricts its accounts to local areas.

I wouldn't be as bold as Schiff in claiming "It is possibly the best, if not only, way safely to make interest/money", but when you have substantial amounts of cash and the time/inclination to setup the accounts and the necessary standing orders to fund them, the interest rates can be attractive. Regular savers offering immediate access can be a good place for emergency funds once you've filled-up all the current accounts with promotional interest rates.

liamcov

I recently renewed mine and noticed one payment in had not been processed. I phoned them and they said that month it had gone into my e-saver account instead - despite the SO details being exactly the same!

quirkydeptless

steveouk wrote: »

Hi everyone.

Been reading this thread with interest (no pun intended!).

Wondered how many regular saver accounts is the most / average that everyone has? We are going to be building up to around 7 accounts.

Have you managed to make much interest by rotating the money around?

First Direct 5.0% £300/month
M&S 5.0% £250/month
HSBC 5.0% £250/month
Nationwide 5.0% £250/month
Saffron 3.5% £200/month
Monmouthshire 3.0% £300/month
Virgin 13 3.0% £250/month
Virgin 16 3.0% £250/month
Virgin 17 3.0% £250/month
Virgin 18 3.0% £250/month
Lloyds Club 2.5% £250/month
Halifax 2.5% £250/month
Leeds 2.3% £250/month
Lloyds Regular 2.0% £250/month
TSB 2.0% £250/month
Principality 2.0% £500/month
Ecology 1.75% £ 25/month - to generate a DD


So I have 17 regular savers averaging over 3%

I missed out on many of the Virgin Regular Savers for a long time and also didn't realise I could have more than one!

I have a feeder account with Paragon Bank (1.45% limited issue) which receives the maturities and transfers the RS amounts into my hub current account (Lloyds) which then transfers directly to the savings, or to their connected current account.

Only took me about 9 months to set up my magic money tree

surreysaver

pafpcg wrote: »

I think you'll find that seven accounts is unremarkable - double or treble that number amongst MSE posters is almost usual, though the number is probably dropping steadily as the Virgin Money online regular savers mature (the last disappears this month), LeedsBS & Nationwide have withdrawn from the regular savers marketplace and MonmouthshireBS now restricts its accounts to local areas.

I wouldn't be as bold as Schiff in claiming "It is possibly the best, if not only, way safely to make interest/money", but when you have substantial amounts of cash and the time/inclination to setup the accounts and the necessary standing orders to fund them, the interest rates can be attractive. Regular savers offering immediate access can be a good place for emergency funds once you've filled-up all the current accounts with promotional interest rates.

Does it...?

vermania

surreysaver wrote: »

Does it...?

The website says for both regular savers "Please note this account can only be opened in person at one of our branch or agency offices". I just got my Monmouthshire BS maturity letter today and renewing the regular saver by post wasn't an option, so presumably they would rather limit the new RS accounts to those customers, new or existing, who will travel to a branch.

I will not renew as a 200 mile round trip is not worth it for 2.5%. Shame really, there do seem to be fewer RSs with good rates available of late.

Dird

quirkydeptless wrote: »

I missed out on many of the Virgin Regular Savers for a long time and also didn't realise I could have more than one!

Is the next RS started as soon as the previous ends or?

schiff

Dird wrote: »

Is the next RS started as soon as the previous ends or?

We are a bit at a crossroads with Virgin. We don't know if we are ever going to get an offer for an online RS (the last one matures in a matter of days). And if, and it could be a big if, the recent pattern of store based RS's is followed, the next one could be announced about October 1st.

PS: I'm assuming you have the current store based RS Issue 18?