Regular Saver or Easy Access Saver

Mrbeethoven

YorkshireBoy said:

Mrbeethoven said:

I used to have several of these but now I only have the Lloyds Club one (max £400 per month) and that matures in about 10 days. I have been considering not bothering to renew it again and Huggy Bear's post makes that even more likely as it nicely demonstrates how these are just not worth bothering with any more now that the rates offered are so poor.

The Club Lloyds Regular saver has a FIXED interest rate. The feeder account will almost certainly have a VARIABLE rate. One of the most popular, Marcus, will have its underlying rate cut soon I believe. You may regret your decision not to lock in to fixed rates.

Of course the larger your pot the more beneficial regular savers become. Some here will be paying out around £6-10K per month..so all those £11s soon mount up.

I have already got money locked into fixed rate accounts and also about £110k in index-linked savings certificates. The remainder of my uninvested money is in (relatively) high interest variable rate accounts plus £20k Ratesetter and Zopa. I fully expect the rates to go down even further soon but don't really want to tie up any more of my easy access cash as I want to have it available for investment if the recent minor correction turns into something more significant. If it doesn't then I'll probably invest it anyway, just more gradually.

In the grand scheme of things, multiples of £11 additional interest no longer seem worth the hassle of opening and maintaining multiple accounts. I already have too many accounts and would, if anything, like to simplify things even more than I have already done in the last year or two. I probably will keep the Lloyds thing going though as it gets me 6 free cinema tickets a year, a smidgeon of extra interest on £400 per month, and an alternative current account balance I could access if my main bank ever suffers technical problems.