Regular Savings Accounts: The Best Currently Available List!

harz99

glider3560 said:

happybagger said:

Am I the only person reading this thread (which I do in case there's the odd snippet of something worthwhile) thinking the cost/benefit calculation for the effort people are putting into this MonBS account is not great? ...

Yes, I've thought this.  The gain is around £7.50 per year compared to a 1% instant access account.  Not worth any effort, even if I could open it online in a few minutes IMO.

Exactly, if you cost your own time applying, and the time spent toing and froing on this thread into the mix, your making nothing. 

SFindlay

glider3560 said:

happybagger said:

Am I the only person reading this thread (which I do in case there's the odd snippet of something worthwhile) thinking the cost/benefit calculation for the effort people are putting into this MonBS account is not great? ...

Yes, I've thought this.  The gain is around £7.50 per year compared to a 1% instant access account.  Not worth any effort, even if I could open it online in a few minutes IMO.

There are 2 real benefits though 

Firstly rate is fixed however your 1% instant access may soon be 0.1%!!! 

Secondly its becoming more common for best deals to be offered to existing customers therefore worth opening for potential offers in future. Even instant access accounts are often now restricted to existing customers.

where_are_we

glider3560 said:

happybagger said:

Am I the only person reading this thread (which I do in case there's the odd snippet of something worthwhile) thinking the cost/benefit calculation for the effort people are putting into this MonBS account is not great? ...

Yes, I've thought this.  The gain is around £7.50 per year compared to a 1% instant access account.  Not worth any effort, even if I could open it online in a few minutes IMO.

The accumulative gain of funding many regular savers should not be overlooked. We have in excess of £10,000 going out in standing orders each month to RS. As each one matures you renew if the interest rate is high enough and you start new ones as they come along. It is an "effort", but being in the game is part of the fun!

typistretired

Plus the money is earning in the easy access until it is moved. 

JamesRobinson48

where_are_we said:
The accumulative gain of funding many regular savers should not be overlooked. We have in excess of £10,000 going out in standing orders each month to RS. As each one matures you renew if the interest rate is high enough and you start new ones as they come along. It is an "effort", but being in the game is part of the fun! 

Myself likewise. At the same time, I'll confess that on my RS portfolio of ~£150k the weighted average yield currently equates to only 1.8% p.a. That's better than nothing, but hardly lucrative given the work involved in maintaining 40+ RS accounts. Arguably the effort would not really be worthwhile, except as a leisure pursuit for a minority of enthusiasts with plentiful spare time!

schiff

It's a great hobby in retirement! 
And has been during lockdown etc.

surreysaver

happybagger said:

Am I the only person reading this thread (which I do in case there's the odd snippet of something worthwhile) thinking the cost/benefit calculation for the effort people are putting into this MonBS account is not great? ...

Its a hobby. At least my hobby earns me money! 

Special_Saver2

Hi Folks,

Here is this weekend's update to this thread.

- Cambridgeshire BS Loyalty Regular Saver paying 3% on £100 per month for up to 12 months added to post 5 (requires another account, namely a savings or mortgage account with them for the last 12 months) and beware the only way to get your money back before the end of the 12 months is to close the account early and lose 90 days' interest (plus if you have had the account less than 90 days then they will deduct money from your capital balance)

I will do the next update next weekend.

SS2

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For those new to this thread, the first few posts are constantly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

surreysaver

Well, that's my Virgin Regular Saver 18 closed, and the Cambridge Building Society Loyalty Regular Saver opened.
Logged into Monmouthshire this morning, with my pending account removed and a message saying the same as what others have received.  So the Regular Saver has been re-added, showing as pending again.  In the past when I've added accounts and they show as pending, you can keep logging in each day to see when they've processed the paperwork to enable you to add funds as it no longer shows as pending.  Looks like I'll have to keep re-adding the account each day now  as well.

dcs34

surreysaver said:

Well, that's my Virgin Regular Saver 18 closed, and the Cambridge Building Society Loyalty Regular Saver opened.
Logged into Monmouthshire this morning, with my pending account removed and a message saying the same as what others have received.  So the Regular Saver has been re-added, showing as pending again.  In the past when I've added accounts and they show as pending, you can keep logging in each day to see when they've processed the paperwork to enable you to add funds as it no longer shows as pending.  Looks like I'll have to keep re-adding the account each day now  as well.

Did you go into branch? How was it? Planning to do mine this afternoon.