Regular Saver Thread **New and Restarted**

20SmthngSver

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

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

surreysaver wrote: »

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

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/discussion/5889284how+many+regular+savers

polymaff

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

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

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...:)

20SmthngSver

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/discussion/5889284how+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.

veryintrigued

Can we get back to helping each other and the OP by identifying good RS - rather than bickering please?

Dird

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