How many Regular Savings Accounts do you have?

Cotta

JamesRobinson48 wrote: »

31 might seem a lot of RSAs but actually I started this game only two years ago: that is only the "low-hanging fruit" of accounts that are operated fully online or via bank/BS branches close to my home. I intend to press on now with the "heavy lifting", opening some more RSAs that are not so easy to obtain. It's just a question of having ample funds in easy access deposits (currently getting only 1.35% or thereabouts); plenty of personal free time; and paying daily attention to first rate online resources like MSE.

Just for example, next time I travel north on holiday I might visit beautiful Ashbourne (branches of Leek BS and Nottingham BS across the road from each other) and maybe also charming Poulton-le-Fylde (similarly Marsden BS and Furness BS).

Exactly how productive can 31 regular saver accounts be?

soulsaver

Cotta wrote: »

Exactly how productive can 31 regular saver accounts be?

'Exactly' would need many more facts..

..but pessimistically assuming £250 pm on average and an average rate of 2.00% that'd be the equivalent of a £7750 pm regular saver.
Put that into a RS calculator and you'll have an approximation of the productivity - IIRC the formula, c£1k pa in interest before tax.

I'm feeding mine (c 15) from a 1.2 % hub.. - will complicate the calculation to the good .. I don't need to bother with that - I know 2% is better than 1.2 without a calculator .

FI
AFAIK I have all the better rates than 1.2.
IMO have adequate exposure to other forms of investment.

Too much time on my hands? Probably, but it doesn't take much.

Cotta

soulsaver wrote: »

'Exactly' would need many more facts..

..but pessimistically assuming £250 pm on average and an average rate of 2.00% that'd be the equivalent of a £7750 pm regular saver.
Put that into a RS calculator and you'll have an approximation of the productivity - IIRC the formula, c£1k pa in interest before tax.

I'm feeding mine (c 15) from a 1.2 % hub.. - will complicate the calculation to the good .. I don't need to bother with that - I know 2% is better than 1.2 without a calculator .

FI
AFAIK I have all the better rates than 1.2.
IMO have adequate exposure to other forms of investment.

Too much time on my hands? Probably, but it doesn't take much.

This also assumes everyone has 7k spare each month to drip feed into various accounts?

surreysaver

Cotta wrote: »

This also assumes everyone has 7k spare each month to drip feed into various accounts?

Not necessarily - if you spread your regular savers out over the course of a year, you'll have about £7k maturing each month...

soulsaver

Cotta wrote: »

This also assumes everyone has 7k spare each month to drip feed into various accounts?

Everyone? Just the one in the example.

surreysaver

Cotta wrote: »

Exactly how productive can 31 regular saver accounts be?

It's more than about being productive. Its fun. Its like having a hobby. Some people go fishing, or have a model railway. Some people like to see how much interest they can earn.
Its like a game - making sure you adhere to all the terms and conditions of each product is like adhering to the rules of a board game such as Monopoly.

JamesRobinson48

Is it "efficient" to have 31 RSAs? In terms of effective hourly rate of pay for the work involved, probably not. The incremental income is nice, but financially immaterial. But then I did call it a "game" and indeed I see it partly as a hobby. If I stopped doing this, I'd probably spend the time saved on a different hobby, doubtless one that costs money instead of generating money. Also, I find this is one way to wind down from my former career in finance, as this is sort of similar albeit relatively on a tiny scale.

darfoc

I opened my first regular saver in 2013; my second in late 2015; third in early 2016; then the avalanche started in oct 2016. I now have 45 active, outgoing more than 13k pm. I never planned to have that many (though I could've had a few more). I wonder now if the amount of time I've spent on it is really worth it. There will be many here who say 'it only takes a few clicks to apply', but when you add the time spent researching, reading T&C's, opening the pre-requisite accounts, moving money into the relevant current account(s) to cover SO's and monitoring these forums it all adds up. As someone relatively young I'd probably have been better off spending that time researching S&S investments or studying for professional qualifications. For me it's become a hobby but perhaps not in the most productive sense.

EachPenny

surreysaver wrote: »

It's more than about being productive. Its fun. Its like having a hobby. Some people go fishing, or have a model railway. Some people like to see how much interest they can earn.

It is also interesting to be in a position to compare and contrast the different banks and building societies, to see their different methods of working, and to provide feedback on an informed basis where things don't work as well as they could.


In some cases having a RS account with a slightly obscure BS has made me aware of other non-RS accounts they did which I probably wouldn't have heard of (or perhaps not considered) otherwise.

Wheres_My_Cashback

darfoc wrote: »

I opened my first regular saver in 2013; my second in late 2015; third in early 2016; then the avalanche started in oct 2016. I now have 45 active, outgoing more than 13k pm. I never planned to have that many (though I could've had a few more). I wonder now if the amount of time I've spent on it is really worth it. There will be many here who say 'it only takes a few clicks to apply', but when you add the time spent researching, reading T&C's, opening the pre-requisite accounts, moving money into the relevant current account(s) to cover SO's and monitoring these forums it all adds up. As someone relatively young I'd probably have been better off spending that time researching S&S investments or studying for professional qualifications. For me it's become a hobby but perhaps not in the most productive sense.

Hmmmm :doh::think::think: