I've been wondering about all the hype and clamber to open one, It surprised me with all the very smart people on here. Not that I'm getting at the smart ones so it must have been from the not so smart. 7% rate on that account is nothing special if you have a lump sum to invest.
Well of course all the "smart ones" will have many many regular savers all maturing in different months across the year. I don't do that any more as I'm carrying less cash nowadays, but it used to fairly easy to get a decent rate on £40-£50K across the best ones, and I assume it still is.
Well, I am average, I am not the smart one, so I have done differently. To me I will strike at the very first opportunity that might arise, irrespectively whether there is one mature or not.
Unfortunately, the opportunity will not wait for me so if I wait until one RSAs is mature I might miss out. Example Monmouthshire Building Society Christmas Saver, there were just launched a few days ago but it is already oversubscribed. Wait that until end of December until one RSAs is mature, you might not be able to open one. In the meanwhile, you could always adjust the monthly payment some are even allow missed payment or even withdraw it without penalty when you need it.
Yes is is fairly easy to get a decent rate on £40-£50K across the best ones if you want to lock your money for at least a year.
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