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How many Regular Savings Accounts do you have?

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  • aj23 wrote: »
    I'd like to know if these people with 10, or 20, even 77, are actually funding each one every month,

    With our 14 we are indeed funding them each month. I don't think it would be worth it otherwise.
    Save 12 k in 2018 challenge member #79
    Target 2018: 24k Jan 2018- £560 April £2670
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    Sweetcake wrote: »
    OOOOOOH , juicy thread. Some of the numbers are ridic.


    I've got 10.


    2 - Virgin Money,
    2 - YBS,
    1 - Leeds Building Society,
    1 - Chorley
    1 - Principality
    1 - Halifax
    1 - Lloyds
    1- Principality


    All funded by S/O monthly


    1 depositing max monthly limit.

    This is what I thought. Do you only deposit the minimum for the other 9?
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    edited 3 September 2018 at 11:20AM
    stoozie1 wrote: »
    With our 14 we are indeed funding them each month. I don't think it would be worth it otherwise.


    See above. The person said he has 10, but only one is deposited to the maximum each month.

    I was asking how they are being funded each month, not if.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    aj23 wrote: »
    I don't believe that the vast majority have that many tbh. Most providers bar you from holding multiple issues at the same time. I believe Virgin is an exception here, but Leeds don't let you hold more than one at a time.
    There are other exceptions, depending on when you opened your first and subsequent accounts. Leeds for example let you open a second RS if you still have an issue 4. YBS allow you to have 2 if you have one of the previous (2 year) issue. Nottingham don't appear to have any restrictions other than one account per issue (they provide 5 of my active RS accounts, 6 the next time I visit a branch)
    aj23 wrote: »
    I'd like to know if these people with 10, or 20, even 77, are actually funding each one every month, or if some are dormant accounts that have matured but they are just keeping. Also if they are depositing the maximum monthly limit. If you are only depositing £50 a month, then year I can see how you'd have 10-20. But £250-£500 a month for 10-20 accounts, I don't think so.
    All except one of my active accounts are fully funded each month, the total being around the £10k mark. (The exception is the Notts Issue3 which at 1.5% is not currently worthwhile)

    I previously had £20k in Lloyds/BoS current accounts. As you can appreciate, dripfeeding that money into RS accounts paying 2%+ takes time and allows many RS accounts to be fully funded each month, not forgetting the need to recycle the funds coming out of other maturing RS accounts.

    You might not think so, but you're wrong.
    "In the future, everyone will be rich for 15 minutes"
  • Cornucopia
    Cornucopia Posts: 16,471 Forumite
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    It sounds as though location in the UK may also be a factor.

    From where I live, I could conceivably get to branches of Kent Reliance and Yorkshire BS relatively easily (alongside the major banks and Nationwide).

    Other than that, I could, at a push, get to the Virgin Store in Bromley, but given the costs of getting there, I would have to weigh up whether it was worth it or not.

    The Building Societies elsewhere in the country are well out of physical reach for me, though someone living in closer proximity or whose job/lifestyle involves lots of travel may be more fortunate.
  • karlie88
    karlie88 Posts: 9,114 Forumite
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    aj23 wrote: »
    But £250-£500 a month for 10-20 accounts, I don't think so.

    Another naive comment from you.

    OH has:

    1 x FD
    1 x M&S
    1 x HSBC
    1 x TSB
    2 x Lloyds
    1 x BoS
    1 x Halifax
    1 x Santander
    1 x NW
    1 x Cambridge BS
    1 x Saffron BS
    1 x KRBS
    2 x Leeds BS
    1 x Chorley BS
    11 x Virgin Money
    2 x Principality BS
    1 x Leeks BS
    2 x Nottingham BS
    1 x Monmouthshire BS

    And probably others that I have forgot off the top of my head. I also have quite a few of the above. All regular savers are maxed out per month. With the recent drop in BoS Vantage and Club Lloyds current account rates - it's not as difficult as you think to fund them. Add to the fact that 2 regular savers mature every month or so which makes the whole process quite seamless.

    There is a reason for the most popular answer being 10+. And no, we're not serial liars.
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  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    EachPenny wrote: »
    There are other exceptions, depending on when you opened your first and subsequent accounts. Leeds for example let you open a second RS if you still have an issue 4. YBS allow you to have 2 if you have one of the previous (2 year) issue. Nottingham don't appear to have any restrictions other than one account per issue (they provide 5 of my active RS accounts, 6 the next time I visit a branch)


    All except one of my active accounts are fully funded each month, the total being around the £10k mark. (The exception is the Notts Issue3 which at 1.5% is not currently worthwhile)

    I previously had £20k in Lloyds/BoS current accounts. As you can appreciate, dripfeeding that money into RS accounts paying 2%+ takes time and allows many RS accounts to be fully funded each month, not forgetting the need to recycle the funds coming out of other maturing RS accounts.

    You might not think so, but you're wrong.

    That's why I said some providers have exceptions. With Leeds, if you didn't have issue 4, then you'd only be allowed one of 5-17 until it matured before you could do another.

    I've seen a mix of comments so far about max. funding. Someone above has 10 but only maxes out one, other max out more, others max out all of them, regardless of how many they say they have.

    The Nottingham Issue 3 could be worthwhile, as it has no time limit. £500 a month for 10 years would give you £4,700 in interest as it would compound year on year. Depends on how far into the future you wish to plan.

    I'm not wrong, because no one really seems to be disclosing how they funding them.
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    Cornucopia wrote: »
    It sounds as though location in the UK may also be a factor.

    From where I live, I could conceivably get to branches of Kent Reliance and Yorkshire BS relatively easily (alongside the major banks and Nationwide).

    Other than that, I could, at a push, get to the Virgin Store in Bromley, but given the costs of getting there, I would have to weigh up whether it was worth it or not.

    The Building Societies elsewhere in the country are well out of physical reach for me, though someone living in closer proximity or whose job/lifestyle involves lots of travel may be more fortunate.
    It is a good point, location is an important factor. But that is offset (as you say) if your lifestyle allows you to take advantage of travel opportunities. Travelling to Bromley solely to open an account might not be economically viable, but if you were travelling into central London for some reason and could break your journey at Bromley for no extra cost, then a visit would cost you nothing.

    Also, some of the regional building societies allow online/postal applications... I have never set foot in a branch of Principality and haven't been to Wales for three years, but that hasn't been a barrier to adding their offering to my list. :)
    "In the future, everyone will be rich for 15 minutes"
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
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    edited 3 September 2018 at 11:32AM
    karlie88 wrote: »
    Another naive comment from you.

    OH has:

    1 x FD
    1 x M&S
    1 x HSBC
    1 x TSB
    2 x Lloyds
    1 x BoS
    1 x Halifax
    1 x Santander
    1 x NW
    1 x Cambridge BS
    1 x Saffron BS
    1 x KRBS
    2 x Leeds BS
    1 x Chorley BS
    11 x Virgin Money
    2 x Principality BS
    1 x Leeks BS
    2 x Nottingham BS
    1 x Monmouthshire BS

    And probably others that I have forgot off the top of my head. I also have quite a few of the above. All regular savers are maxed out per month. With the recent drop in BoS Vantage and Club Lloyds current account rates - it's not as difficult as you think to fund them. Add to the fact that 2 regular savers mature every month or so which makes the whole process quite seamless.

    There is a reason for the most popular answer being 10+. And no, we're not serial liars.

    Are you telling me you're funding these purely from your net wage income every month? I suspect you started out with a couple of regular savers some time ago, built them up gradually, then started using the matured accounts to fund new ones. It's naive of you to think that people will believe you opened all of these at the same time. Perhaps if you were more forthcoming about how you actually fund these accounts and for how long, then people would be more likely to believe what you're saying. There are a lot of factors that you haven't disclosed. As far as I can see, more people don't believe in this thread than do.
  • I just don't get how this can be unbelievable. It is dead easy to set up and to get the ball rolling with two or three RSs. Once they mature you can set up more, until you have a nice savings snowball going! :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
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