How many Regular Savings Accounts do you have?

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:

masonic

Wheres_My_Cashback wrote: »

Hmmmm :doh::think::think:

Unbelievable?

Fingerbobs

I only started doing the Regular Savers a couple of years ago, and made the schoolboy mistake of applying for a bunch of them all at the same time, so they all matured in the same month. This resulted in a huge blob of money suddenly needing a high-interest home when they all matured.

Since then I've been opening one new account each month (or attempting to) to avoid this problem.

Fingerbobs

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.
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.

I couldn't agree more! Rather like Stoozing (which I also dabble in) the returns probably don't really justify the time spent managing the accounts, but it's fun :rotfl:

[Deleted User]

Not sure if this is the right thread to post this question exactly but was struggling to find another of relevance.

Basically my question is: I have a Lifetime ISA with Skipton of which I've maxed out my contributions for the year. I've also got a regular Cash ISA with Nationwide, but this has been dormant for a while. I've also just opened up a trading account with Interactive Investor which acts as a Stocks and Shares ISA.

Does the Lifetime ISA count as a Cash ISA? And if so, how many more ISA's can I open, if that is what I wanted to do?

[Deleted User]

...four, according to pension craft .com

Wheres_My_Cashback

masonic wrote: »

Unbelievable?

Is It ? You tell me

veryintrigued

Wheres_My_Cashback wrote: »

Is It ? You tell me

Very achievable as has been stated on this thread multiple times.

Add all the possible Virgin and Notts BS RS and you're well into double figures with just two institutions.

Grow up with all the emojis and state what you actually want to say.