Regular Saver Thread **New and Restarted**

polymaff

surreysaver wrote: »

arsenalboy wrote: »

Yes. By saying you wouldn't transfer money from an account paying 1.5% to one paying 2%, is like saying you wouldn't transfer money from an account paying 15% to one paying 20%

I can remember getting interest rates between 15 and 20% -- about a third of a century ago...:)

where_are_we

The "extra" you get by funding regular savers is probably set to increase. A lot of Regular Savers have a fixed interest rate for a year and I can`t remember many variable rate regular savers reducing their interest rate during their one year term. Yes - they often reduce interest rates when you renew or pull it all together like Nationwide have done. However the interest rate you can achieve from your instant access funding account is generally set to reduce this year from 1.5% to 1.35% or lower.
Another way of increasing the differential for those with smaller cash balances is to fund a RS for the first couple of months only and open a new one periodically and again just fund it for the first couple of months (I think most RS`s allow this?). However this is more work.

colsten

where_are_we wrote: »

Another way of increasing the differential for those with smaller cash balances is to fund a RS for the first couple of months only and open a new one periodically and again just fund it for the first couple of months (I think most RS`s allow this?). However this is more work.

Most providers actually do not allow to hold more than one RS of the same issue, or even more than one RS with them overall, at any one point in time. Also, many require a minimum monthly deposit.

Fingerbobs

where_are_we wrote: »

Another way of increasing the differential for those with smaller cash balances is to fund a RS for the first couple of months only and open a new one periodically and again just fund it for the first couple of months (I think most RS`s allow this?). However this is more work.

Sorry if I'm being dim, but what advantage would this impart?
Why not just add money to the same RS in subsequent months instead of opening a new one?

polymaff

where_are_we wrote: »

... Another way of increasing the differential for those with smaller cash balances is to fund a RS for the first couple of months only and open a new one periodically and again just fund it for the first couple of months (I think most RS`s allow this?). However this is more work.

Not the HSBC-serviced RSs - and they are the best at present, by far.


Frankly, the easier and less time-consuming way to generate income comparable with these 0.25% to 0.5% differentials on small sums is to shop carefully.


And the savings are all ISA - tax free.


Where ISA is "I Shop Around!"...;)

typistretired

Those who applied for a new Tipton & Cosely regular saver on their maturity form will get their new passbook for the regular saver and cheque for the remainder tomorrow sent out first class today.

veryintrigued

typistretired wrote: »

Those who applied for a new Tipton & Cosely regular saver on their maturity form will get their new passbook for the regular saver and cheque for the remainder tomorrow sent out first class today.

Thank you. Just the info I wanted.

where_are_we

Yes my mistake! - you are correct - there is no point in periodically opening a new RS (I did mean with a different provider). For those with small savings you could open a Coventry BS RS at 2.5% and fund £500 for the first few months and set up a £1monthly standing order for the remaining months.

colsten

polymaff wrote: »

Not the HSBC-serviced RSs - and they are the best at present, by far.

Unless you are lucky enough to live near a KRBS or Saffron branch, or in the Swansea BS, Ipswich BS area. Or if you are a child, or a FTB.

xylophone

I have been very happy with KRBS branch saver - I have relations living near a branch and within an easy drive, so combine a visit to them with opening and closing day, contributing by SO between the two.

I am on my second Saffron and only had to visit the branch in connection with the first one I happened to be driving north so visited on the way.