How many Regular Savings Accounts do you have?

Sea_Shell

Ours are mostly fully funded, but not with any new money. It's our emergency cash fund, working as hard as it can for us.

colsten

aj23 wrote: »

My interest from 2 current accounts, 2 regular savers, a HTB ISA and a LISA is about the same as some of these people with 10-20 regular savers (factor in the LISA bonus and it's way, way more.

You are fortunate (may be) that you qualify for the HTB ISA and a LISA. Not everyone does. It's a no-brainer that you use what pays you most interest / gives you the best return on your investment. For some people that even means staying entirely clear of Regular Savers.

aj23_2

colsten wrote: »

You are fortunate (may be) that you qualify for the HTB ISA and a LISA. Not everyone does. It's a no-brainer that you use what pays you most interest / gives you the best return on your investment. For some people that even means staying entirely clear of Regular Savers.

I'm wouldn't say I'm fortunate. I can't help my age/not being a homeowner. It's available to me to so I use them.If I didn't have those, I'd use regular savers. But for me, I get more interest from the HTB and Lifetime ISAs than any regular savers, which is why If I couldn't afford to pay into all four accounts in a given month, I'd ensure I deposited into the two ISA's first as I get more from them. especially when factoring in the Lifetime ISA bonus. But again, that isn't cash I can access or use (well I can, buy why would I).

soulsaver

aj23 wrote: »

Well if you're a couple that makes a difference/easier. Are you mortgage free/responsible for children/had inheritance/max out each account and using funds from a matured one to fund a new etc.

All these factors are being omitted by pretty much everyone here. That's why people are doubting the numbers being put out there.

It completely blows the notion of people struggling out of the water, with 10+ accounts having the most votes.

It doesn't.

EachPenny

Aristarcus wrote: »

May I please be naive... some of you are putting a lot of work in to keep track of 30+ savings accounts, the majority paying what, maybe 1.5%, wouldn't your money be doing more for you in a fund? Or is it the fact your money is guaranteed that is the driver? thanks,

In most cases it isn't a lot of work. Many of the online ones only involve a few mouse clicks to set up, and a standing order will take care of a year of funding. Some of the branch-only ones (e.g. Virgin) involve sitting in an office for 10 mins having a complimentary drink while their employee does the hard work.

The majority of mine are now in the 2.5%-5% range. I have a few at 2%, and one (not regularly funded) at 1.5%.

Like Chadsman I am keeping a larger than normal amount in cash savings at the moment because I have short/medium term spending commitments and don't want to tie more money up over a period extending much more than 12 months ahead.

EachPenny

aj23 wrote: »

My point re: other people is that they are listing off 10-20 accounts implying they opened them all at the same time. Some may be a few weeks from maturity, others opened a few weeks ago. It makes it sound like it's happened overnight which isn't realistic for 99% of people, hence why others are saying how have they done/doing it (obviously over years and re-using the funds).

I don't think anyone has claimed that, it might be your interpretation of what people have said though.

aj23 wrote: »

I mean, 77 regular savers... come on. I wish I had that much time!

The equivalent of opening/renewing 1.5 accounts per week. Average time to open each account, say 20 mins. Total time per week 30 mins. Compared to time spent per week on internet fora....?

aj23 wrote: »

Unless you're getting at least 2.5%-3%, I don't see the point. You could make more elsewhere.

Your suggestions are most welcome (bear in mind we are not all eligible for HTB ISAs or LISAs, and please exclude any accounts that tie money up for much more than 12 months at a time).

aj23 wrote: »

My interest from 2 current accounts, 2 regular savers, a HTB ISA and a LISA is about the same as some of these people with 10-20 regular savers (factor in the LISA bonus and it's way, way more. I've had £2,900 in two bonus payments alone this year).

Aren't you the lucky one.

aj23_2

soulsaver wrote: »

It doesn't.

Well it does because the poll shows that over a quarter of people have more than 10+. That is a lot by anyone's standards.

System

aj23 wrote: »

And are they 12 month accounts? Some of them allow as little as £10 a month. Is it worth it for £120 saved in 12 months plus a couple of pounds in interest? Wouldn't you be better off having less accounts and maxing all of them out?

OOPS. Forgot to say I have a LISA too, wasn't sure if that counted.

Yeah, they're not all 12 months accounts, a few are 2-year, and regardless yes I think they're still worth it, as I have the regular savers for different purposes, although most I can't access, some have that option.

I don't actually pay the minimum often, and none of mine have a minimum of £10 a month personally. - then I'd say it wouldn't be worth it if I was putting £10 a month away in a regular saver for a year. I know you're passionate about regular savers, haha, but I'm sure a lot of us here who have a number of them have reasons why, and have put thought into it.

karlie88

aj23 wrote: »

Are you telling me you're funding these purely from your net wage income every month? I suspect you started out with a couple of regular savers some time ago, built them up gradually, then started using the matured accounts to fund new ones. It's naive of you to think that people will believe you opened all of these at the same time. Perhaps if you were more forthcoming about how you actually fund these accounts and for how long, then people would be more likely to believe what you're saying. There are a lot of factors that you haven't disclosed. As far as I can see, more people don't believe in this thread than do.

Jesus wept - where do I start with this little gem...

1. They're funded from my savings - you know those accounts that have money in them? After having saved money for many years...

2. I haven't said that I 'opened all of these at the same time'. Ironic of you to think I'm naive.

3. As far as I can see, more people believe in this thread than don't re: amount of active reg savers that can be held at any one time.

4. Would you like to know my bra size too?

You're making quite a name of yourself on the savings forum.

aj23_2

EachPenny wrote: »

I don't think anyone has claimed that, it might be your interpretation of what people have said though.

The equivalent of opening/renewing 1.5 accounts per week. Average time to open each account, say 20 mins. Total time per week 30 mins. Compared to time spent per week on internet fora....?


Your suggestions are most welcome (bear in mind we are not all eligible for HTB ISAs or LISAs, and please exclude any accounts that tie money up for much more than 12 months at a time).

Aren't you the lucky one.

The initial comments were just people saying how many Regular Savers they had with no background, context etc. That's why people question them. Clearly most have been doing it years, and have saved enough to use funds from one to fund another. But personal circumstances as to income, debts, mortgages, dependents (or lack of these latter three) etc weren't initially declared or factored in which can make a difference.

The regular savers I've been using haven't matured yet because they have longer than 12 month terms. Leeds RS Issue 4 for example, which just got a 5 month extension. My HTB compounds year on year too, hence having had £250 in interest so far. Lifetime ISA compounds too. In the longer term, they can generate more interest.