Regular Saver Thread **New and Restarted**

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  • 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?

    I know a lot of people say they have a lot, but it can take years to build up so you get to the point where matured savers can fund new savers. I started with two RS and it took me three years to get to five ( as well as HTB ISA and LISA). But in reality, most people do no have that many at the same time.
  • polymaff
    polymaff Posts: 3,903
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    steveouk wrote: »
    Have you managed to make much interest by rotating the money around?


    In terms of time expended versus extra income generated relative to using simple savings and bank accounts - the return is pretty low nowadays.


    On the other hand, most MSEers are driven by the thrill of the chase rather than by such cool logic. :)
  • schiff
    schiff Posts: 20,096
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    Not quite the same thing as available only to locals. I can travel 200 miles to my nearest branch as I've got the time and it doesn't cost me anything....

    You must have the very latest model of Firebolt :)
  • solartom
    solartom Posts: 39
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    edited 17 August 2019 at 1:40PM
    i have 19 currently
    have a look at thread below i will give you some insight

    "I know a lot of people say they have a lot, but it can take years to build up so you get to the point where matured savers can fund new savers. I started with two RS and it took me three years to get to five ( as well as HTB ISA and LISA). But in reality, most people do no have that many at the same time."
    quoted by 20SmthngSv
    https://forums.moneysavingexpert.com/showthread.php?t=5889284&highlight=how+many+regular+savers
    Mortgage Free 02/02/2024
  • polymaff
    polymaff Posts: 3,903
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    solartom wrote: »
    "I know a lot of people say they have a lot, but it can take years to build up so you get to the point where matured savers can fund new savers. I started with two RS and it took me three years to get to five ( as well as HTB ISA and LISA). But in reality, most people do no have that many at the same time."
    quoted by 20SmthngSv


    What's your point?
  • vermania
    vermania Posts: 64
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    polymaff wrote: »
    What's your point?

    I'll answer but hope I'm not confused for the "OP" again.

    I suppose the overall conclusion is "horses for courses", the regular saver products can serve several purposes.
    • Some people have one or two etc. for convenient high return on a limited amount of surplus cash they have month to month,
    • Whereas others have opened many RS accounts with as many providers they can find/afford, to cycle money from larger cash reserves and generate the best overall cash return they can.

    I'm sure as a regular you know that polymaff but written for the benefit of any newer readers to this thread, who are considering getting into it.
  • polymaff
    polymaff Posts: 3,903
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    edited 18 August 2019 at 10:19AM
    vermania wrote: »
    I'll answer but hope I'm not confused for the "OP" again.

    I suppose the overall conclusion is "horses for courses", the regular saver products can serve several purposes.
    • Some people have one or two etc. for convenient high return on a limited amount of surplus cash they have month to month,
    • Whereas others have opened many RS accounts with as many providers they can find/afford, to cycle money from larger cash reserves and generate the best overall cash return they can.

    I'm sure as a regular you know that polymaff but written for the benefit of any newer readers to this thread, who are considering getting into it.

    Oh, an excellent post by you, V.

    Knaw as I might, I just couldn't find any meat on solartom's bone...:)
  • solartom wrote: »
    i have 19 currently
    have a look at thread below i will give you some insight

    "I know a lot of people say they have a lot, but it can take years to build up so you get to the point where matured savers can fund new savers. I started with two RS and it took me three years to get to five ( as well as HTB ISA and LISA). But in reality, most people do no have that many at the same time."
    quoted by 20SmthngSv
    https://forums.moneysavingexpert.com/showthread.php?t=5889284&highlight=how+many+regular+savers

    Okay, so you have 19? You might well do. Most people do not have that many. That was my point. Unless you already have a lot of money languishing to immediately open 19, it would take most people years and years and years to reach 19 maximised each month on average income. Having up to 5 is for most people as many as they can afford.

    I hope this clarifies what I said, because I didn't see the relevance of you quoting me.
  • Can we get back to helping each other and the OP by identifying good RS - rather than bickering please?
  • Dird
    Dird Posts: 2,702
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    schiff wrote: »
    PS: I'm assuming you have the current store based RS Issue 18?
    Not yet I plan to open the current one next week
    Mortgage (Nov 15): £79,950 | Cashback sites: £900 | Current accounts: 11
    Mortgage (May 19): £71,754 | £30k in 2016: £30,300 (101%)
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