How many Regular Savings Accounts do you have?

Aristarcus

May I please be naive... some of you are putting a lot of work in to keep track of 30+ savings accounts, the majority paying what, maybe 1.5%, wouldn't your money be doing more for you in a fund? Or is it the fact your money is guaranteed that is the driver? thanks,

ColdIron

Sapphire wrote: »

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.

From my 2017/18 tax return details

• BoS Monthly Saver £33.85
• First Direct Regular Saver £97.89
• Club Lloyds Monthly Saver £112.88
• Nationwide Flex Regular Saver £165.14
• Santander Regular eSaver £64.34
• TSB Monthly Saver £33.32
• Virgin Matchday Regular e saver £45.80
• Virgin Regular e-saver Issue 2 £32.86
• Virgin Regular e-saver Issue 3 £45.64
• Virgin Regular e-saver Issue 4 £38.36
• Virgin Regular e-saver Issue 5 £27.35
• Virgin Regular e-saver Issue 6 £18.06
• Virgin Regular e-saver Issue 7 £10.73
• Virgin Regular e-saver Issue 8 £5.29
• Virgin Regular e-saver Issue 9 £1.59

Total £733.10, it was £1,291.07 for 2016/17 and I'm a bit of a slouch compared to many here

soulsaver

Aristarcus wrote: »

May I please be naive... some of you are putting a lot of work in to keep track of 30+ savings accounts, the majority paying what, maybe 1.5%, wouldn't your money be doing more for you in a fund? Or is it the fact your money is guaranteed that is the driver? thanks,

Maybe they have money in S&S, funds & FTBs as well?

Chadsman

Aristarcus wrote: »

May I please be naive... some of you are putting a lot of work in to keep track of 30+ savings accounts, the majority paying what, maybe 1.5%, wouldn't your money be doing more for you in a fund? Or is it the fact your money is guaranteed that is the driver? thanks,

I dont have more in equities because I intend to buy a house in the near future and also I forsee a stockmarket correction (or even crash) looming.

aj23_2

EachPenny wrote: »

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'.


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.

I know, that's why I said it could be worthwhile. Depends on circumstances.

My point re: other people is that they are listing off 10-20 accounts implying they opened them all at the same time. Some may be a few weeks from maturity, others opened a few weeks ago. It makes it sound like it's happened overnight which isn't realistic for 99% of people, hence why others are saying how have they done/doing it (obviously over years and re-using the funds). I mean, 77 regular savers... come on. I wish I had that much time!

aj23_2

Aristarcus wrote: »

May I please be naive... some of you are putting a lot of work in to keep track of 30+ savings accounts, the majority paying what, maybe 1.5%, wouldn't your money be doing more for you in a fund? Or is it the fact your money is guaranteed that is the driver? thanks,

Yeah it would. Some of these people have accounts whereby they are saving £3000 a year into an account which is paying out £30. Some of them simply aren't worth it. Unless you're getting at least 2.5%-3%, I don't see the point. You could make more elsewhere.

My interest from 2 current accounts, 2 regular savers, a HTB ISA and a LISA is about the same as some of these people with 10-20 regular savers (factor in the LISA bonus and it's way, way more. I've had £2,900 in two bonus payments alone this year). It's best looking at regular savers with the highest rate, or ones that last longer than 12 months, because they build up higher balances and thus accrue more interest.

aj23_2

Sweetcake wrote: »

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

And are they 12 month accounts? Some of them allow as little as £10 a month. Is it worth it for £120 saved in 12 months plus a couple of pounds in interest? Wouldn't you be better off having less accounts and maxing all of them out?

stoozie1

aj23 wrote: »

Are you telling me you're funding these purely from your net wage income every month?

We fund all our 14 from net income monthly, yes.

aj23_2

stoozie1 wrote: »

We fund all our 14 from net income monthly, yes.

Well if you're a couple that makes a difference/easier. Are you mortgage free/responsible for children/had inheritance/max out each account and using funds from a matured one to fund a new etc.

All these factors are being omitted by pretty much everyone here. That's why people are doubting the numbers being put out there.

It completely blows the notion of people struggling out of the water, with 10+ accounts having the most votes.

teamgb

My wife and I have 40 RS between us, soon to be 42. Six of them provide us. with DD and we pay the minimum into those. We pay the maximum into the rest.


As others have said the accounts are funded mostly from other maturing RS. We had four a/c muture and reopened in August .



We also do all our spending on 0% credit cards and look for 0% balance transfers when they are due or nearly due. This provides us with free cash to put in our RS.



I go through all our a/c once a month to keep a check which takes me about two hours .