How many Regular Savings Accounts do you have?

Fatbritabroad

I'm feeling very inadequate with my two. Santander and nationwide. But I have 4 current accounts. There's alot of people sat on alot of cash here. I'm, 37 so only have about 15 to 20k cash and the rest in equities and about the same as my cash in p2p

Zanderman

ozaz wrote: »

Would be interesting if those who have 10+ could comment on their strategy to managing so many regular savers (especially anyone with 20+). Also curious as to the lowest interest rates you bother with on regular savers. It seems to me apart from the top 10 options, everything is below 3%, and a lot of these accounts are a bit of a hassle to open - require in-branch opening: https://www.money.co.uk/savings-accounts/regular-savings.htm

I'd agree - it does look a bit strange bothering with any Reg Savers paying less than 5%. As those paying, say 4% only give, in effect, c 2% on total capital, and 3% give an effective 1.5% -ish return and so on. (And before any of the usual smart alecs post that no they really pay 4% or 3% you know perfectly well what I mean!).

And you can get 2% or 1.5% without the hassle elsewhere.

But that's Reg Savers by themselves. If you're canny and feed them from an interest-paying account elsewhere the effective rate is higher. Feeding from Santander 123, Lloyds Club or BoS Vantage, all paying 1.5% would give you an extra, roughly speaking, 0.75% as you draw the cash down to the Reg Savers. Making the lower rate ones more attractive if you've enough money to fund them cyclically.

I assume that's the sort of arrangement those with 10+ Reg Savers use?

Personally I don't have that amount of excess dosh sloshing around - so I currently just have 4 Reg Savers (FDirect, M&S, Nwide and Santander) all at 5% but fed from Santander 123. It's a net movement of exactly £1k a month.

DairyQueen

+1 to Zanderman's analysis.

As fixed rates have now increased, any RS paying less than 4% is off my list. Currently have Santander (fed from 123), Nationwide and HSBC Premier. All x 2.

I have substituted a 'bond ladder' for some of my previous RS investments in order to capture higher rates over the longer term.

Speculator

I have 53 S/Os and 3 x DDs ( Monmouth & 2 x Ecology) going out each month.

Westie983

Think I have in excess of 20, many of them give maturity twice every two months, but have a few that mature at the same time, recycle the money and continue.

Westie983

DigForVictory

I feel like Alice falling down a rabbit hole.
I knew these things existed, it just hadn't occurred to me to fall into one, or more than one.
That said the clue is in the thread title, Regular Savers.

Thanks to Nick_C for the link & ozaz for the nudge !

Masomnia

I've got 4. Lloyds, Halifax, two with Nationwide.

I'd maybe open more but I can't be faffed, it's mainly down to having to open the linked current accounts.

Cornucopia

DigForVictory wrote: »

I feel like Alice falling down a rabbit hole.

Me too. I can see how a person could have 3 or 4 Regular Saver accounts, maybe as many as 6... But how do you get to double figures with the various restrictions on opening them?

Sea_Shell

24 between us here!!

Minimum 2.5% since VRS increase.

aj23_2

All of mine have terms which last longer than 12 months, so they compound interest year on year on a higher balance than most regular savers.

I have two regular savers, but also a HTB and Lifetime ISA, which monthly would be equivalent to two more regular savers.

I fund all four accounts from my wages each month. I think that people here are using previous regular savers to fund new regular savers, so it kinda distorts the reality of how many regular savers they have. But the regular savers I have as I said last longer than 12 months, so my interest compounds year on year on higher balances.

Also, 30% have more than 10? Yet the media has us believe people have no money...