How many Regular Savings Accounts do you have?

Iain_For

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.

Would have thought it only made sense to have that number of regular savers if your saving out of regular income. If you've already got the capital, you'd get a better return on the total off a fixed term bond.

aj23_2

Willing2Learn wrote: »

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!

That's what I suspect is the case, yet some people are being cagey about how they do it/started doing it.

EachPenny

aj23 wrote: »

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.

For me, currently, it isn't though. I can get 1.5% on any one of five current accounts I have which pay that rate and are not all fully funded. They all offer that rate without imposing conditions on withdrawals, which isn't the case with the Notts Isa3. But who knows if the Nottingham might increase the rate at some point? Hence me qualifying my comment with 'currently'.

aj23 wrote: »

I'm not wrong, because no one really seems to be disclosing how they funding them.

Whether or not you are wrong is not altered by other people's willingness to disclose full details of their personal financial arrangements. :whistle:

I have indicated the amount I deposit each month is around the £10k mark, and explained in broad terms where that money is coming from. karlie88 has said a similar thing. This ought to be enough for even the most skeptical of people.

EachPenny

aj23 wrote: »

That's what I suspect is the case, yet some people are being cagey about how they do it/started doing it.

Not sure where you are getting that from.

You open an account and start funding it. You open another account and start funding that one too. Then you open a third and yes, start funding it. Repeat this process as and when you have the time/eligibility to open more.

It really isn't that complicated.

AndyPK

So what sort of interest are people getting.


I didn't think there were many at 5% ?


But do tell me more.....

ColdIron

Lots of ideas here
https://forums.moneysavingexpert.com/discussion/5776240/regular-saver-thread-new-and-restarted
and here
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Sapphire

AndyPK wrote: »

So what sort of interest are people getting.

I didn't think there were many at 5% ?

But do tell me more.....

Yes, I'd also be interested to know this, and also how much overall profit people are making from the accounts they have opened, per year.

System

aj23 wrote: »

This is what I thought. Do you only deposit the minimum for the other 9?

Two of them at just the minimum, and the rest, a bit more.

System

aj23 wrote: »

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.

I'll have you know, I'm a woman. Females be bossing it with the regular savers too

soulsaver

Seems easy enough to me:

Some are saying 'we' have.. so that's at least two maybe more.

But what's so difficult about understanding being able to fund them from cash savings?

20 RSs could be fully funded from only c£60k savings?