How many Regular Savings Accounts do you have?

Money_maker

Have 4 plus several at my bank for convenience. Most money with YBS, wanted to open another. Took 21 days for them to send the paperwork, why do they not let me open it online as I'm already a customer? Changed my mind now as Virgin seem much more efficient.

EachPenny

Money_maker wrote: »

Have 4 plus several at my bank for convenience. Most money with YBS, wanted to open another. Took 21 days for them to send the paperwork, why do they not let me open it online as I'm already a customer? Changed my mind now as Virgin seem much more efficient.

Not always. And they do not allow you to open store-based accounts online (not even for existing customers), so in that respect they are not that much better than YBS.

louloubelle79

Hi can someone explain to me how you do it? I currently only have one with Santander; it just matured and money went into current account and I believe it starts again at 5% but have to build up again max for the year.
When each matures where do you put the money? Into S&S isa or more RS?

Willing2Learn

louloubelle79 wrote: »

When each matures where do you put the money? Into S&S isa or more RS?

Into another RS account via an interest paying feeder current account...

ozaz

louloubelle79 wrote: »

Hi can someone explain to me how you do it? I currently only have one with Santander; it just matured and money went into current account and I believe it starts again at 5% but have to build up again max for the year.
When each matures where do you put the money? Into S&S isa or more RS?

I currently only have 3, but based on some of the responses in this thread it seems to me a good strategy is to aim to have 12 with one account maturing per month. When each account matures the money can be used to fund the other 11 accounts and the initial deposit for a new regular saver. Repeat the process each month.

[Deleted User]

louloubelle79 wrote: »

Hi can someone explain to me how you do it? I currently only have one with Santander; it just matured and money went into current account and I believe it starts again at 5% but have to build up again max for the year.
When each matures where do you put the money? Into S&S isa or more RS?

I have something like 25 Regular Saver accounts on the go at any one time.

As each one matures, the maturity proceeds (including interest) are swept into an easy access account (designated as my "RS holding account"). I'm currently using Charter Savings Bank Easy Access Issue 8 (paying 1.32% pa) as the holding account (I opened that account in Nov 2017, it's no longer available but still paying that rate to existing account holders; there are other easy access accounts available paying around that rate, just make sure you don't use one that restricts withdrawals to a few a year as this won't work as a holding account). Towards the end of each month, around the 28th, I move enough money from the RS holding account into my main current account (currently Santander 123 Lite) to meet the SO's for the various RS accounts due out on 1st of the month (amount varies, but currently about £8,500). And so the cycle continues.....

EachPenny

ozaz wrote: »

I currently only have 3, but based on some of the responses in this thread it seems to me a good strategy is to aim to have 12 with one account maturing per month. When each account matures the money can be used to fund the other 11 accounts and the initial deposit for a new regular saver. Repeat the process each month.

Why artificially limit yourself to only 12? As some accounts allow a smaller monthly deposit you might be short on maturing funds in one month. And you might be missing out on good opportunities if you are content with only 12. Most accounts don't need to be funded with the full amount each month (but check the T&C's) so having extra accounts is worthwhile even if you cannot fully fund them all.

louloubelle79

WOW ok i think i need to figure it out and see if its something i think i could juggle :cool:

patientperson

Current RS tally = 77

Cornucopia

The thread mentioned on page 1 is an excellent resource, but I think we'd need a list of institutions that allow remote opening and management of RS accounts in order to make it easy for people to build up these double-digit numbers of accounts.