How many Regular Savings Accounts do you have?

schiff

There is a clear difference between two categories of investor which hasn't been emphasised.

On the one hand those who have substantial ready cash funds will find it easy. Those constitute the majority of the 10+ merchants.

And those with modest savings and commitments - intending to buy a property or with childrens' university to fund, etc - who will find it tricky even to get going. It's not surprising that the latter are shocked at how many RSs people have.

binaryuniverse

Cotta wrote: »

[TSB] Current account with balances up to 5% which is actually better than a RS

To a point. TSB current accounts only pay on the first £1500. After a while, a RS will start paying out more. For example, it takes 5 months for a First Direct RS to hit £1500. After that, the monthly interest be higher. Over the course of 12 months, the total pay out will be higher. The £250p/m RS also will be a little bit more.

soulsaver wrote: »

Exactly. The question was which is the 5th 5% regular saver.

TSB do not have a 5% RS. It's Santander if, as previously stated, you're a 123 World customer. But all 5% RS have caveats.

soulsaver

binaryuniverse wrote: »

To a point. TSB current accounts only pay on the first £1500. After a while, a RS will start paying out more. For example, it takes 5 months for a First Direct RS to hit £1500. After that, the monthly interest be higher. Over the course of 12 months, the total pay out will be higher. The £250p/m RS also will be a little bit more.



TSB do not have a 5% RS. It's Santander if, as previously stated, you're a 123 World customer. But all 5% RS have caveats.

Thanks for telling me what I posted..;)

binaryuniverse

Was just adding some clarification to the thread, as there seems to be a little confusion.

surreysaver

gingercordial wrote: »

A problem for which stoozing is the perfect solution. At least that's how I did it :T

I use a similar strategy to stoozing. I have a flexible mortgage at a very low rate of interest. Therefore it is worth me borrowing money from my mortgage and using it to put into Regular Savers (or any other account paying 2%+)

gingercordial

schiff wrote: »

There is a clear difference between two categories of investor which hasn't been emphasised.

On the one hand those who have substantial ready cash funds will find it easy. Those constitute the majority of the 10+ merchants.

And those with modest savings and commitments - intending to buy a property or with childrens' university to fund, etc - who will find it tricky even to get going. It's not surprising that the latter are shocked at how many RSs people have.

Absolutely. This is illustrated very nicely by the chart of the poll results, which (currently) has a nice normal distribution for "normal" people with modest savings and then a spike at the end for us oddballs with lots.

I expect the OP had no idea what a complex question they were asking! I'll hazard a guess they were expecting the first distribution, not realising what else they might flush out :rotfl:

karlie88

gingercordial wrote: »

and then a spike at the end for us oddballs with lots

:T:rotfl::T

Couldn't have said it better myself.

Cotta

How sensible or indeed useful is it to have various Regular Savers? I have three with some friends recommending I setup one with M&S

System

Cotta wrote: »

How sensible or indeed useful is it to have various Regular Savers? I have three with some friends recommending I setup one with M&S

I (and I think many others on this thread) would say, EAT YOUR HEART OUT if you can.

Cotta

Sweetcake wrote: »

I (and I think many others on this thread) would say, EAT YOUR HEART OUT if you can.

As in setup another RS?