First Direct regular saver

Ed-1

Band7 said:

I raise you to £3,375 per month 😎

You can do the same with Lloyds multi-profiles too.

phillw

Band7 said:

I raise you to £3,375 per month 😎

It wasn't a competition, I didn't include subverting T&C or accounts that you can only open a year from now, because that isn't particularly helpful. You already have to jump through various hoops to open current accounts, to get some of them.

I don't recall seeing a discussion on opening multiple regular savers, when the T&C limit you to one. Where was it?

Band7

phillw said:

Band7 said:

I raise you to £3,375 per month 😎

It wasn't a competition, I didn't include subverting T&C or accounts that you can only open a year from now, because that isn't particularly helpful. You already have to jump through various hoops to open current accounts, to get some of them.

I don't recall seeing a discussion on opening multiple regular savers, when the T&C limit you to one. Where was it?

No idea what you are on about.  All my accounts are open now and I am not subverting any T&Cs. But you are free to think otherwise. It won't change the fact that I am paying £3,375 a month into my RSs.

phillw

Band7 said:
No idea what you are on about.  All my accounts are open now and I am not subverting any T&Cs. But you are free to think otherwise. It won't change the fact that I am paying £3,375 a month into my RSs.

You're only allowed one halifax/bos regular saver.

https://www.bankofscotland.co.uk/savings/accounts/monthly-saver.html

• You must not already have a Monthly Saver, as you can only open one every 12 months.

martinm1

Wheres_My_Cashback said:

Band7 said:

Wheres_My_Cashback said:

To me the most annoying thing about the FD RS is that you can't set your own payment date because you're at the mercy of their opening date. It's good and keep things simple to set the S/O s to go out on the 1st.
Hopefully by the time mine matures in Oct they will have instigated the new, very easy and simple HSBC format.

HSBC doesn't allow you to choose your own SO date, either.

The fact that you can now open an RS instantly, does !

But ok for the first year, but next year it takes 5 days to close, during which time you can't open another.  How in this day and age can it take a week to close.

masonic

martinm1 said:

Wheres_My_Cashback said:

Band7 said:

Wheres_My_Cashback said:

To me the most annoying thing about the FD RS is that you can't set your own payment date because you're at the mercy of their opening date. It's good and keep things simple to set the S/O s to go out on the 1st.
Hopefully by the time mine matures in Oct they will have instigated the new, very easy and simple HSBC format.

HSBC doesn't allow you to choose your own SO date, either.

The fact that you can now open an RS instantly, does !

But ok for the first year, but next year it takes 5 days to close, during which time you can't open another.  How in this day and age can it take a week to close.

That isn't the case with the HSBC one, which was what was being referred to here. Though I don't think many would want to renew the HSBC RS @ 5% when you can get more than that in an easy access account.

For First Direct, if you time it right, you can apply for another during the up to 5 day maturity process, thereby losing only around 1 working day.

ZeroSum

martinm1 said:

Wheres_My_Cashback said:

Band7 said:

Wheres_My_Cashback said:

To me the most annoying thing about the FD RS is that you can't set your own payment date because you're at the mercy of their opening date. It's good and keep things simple to set the S/O s to go out on the 1st.
Hopefully by the time mine matures in Oct they will have instigated the new, very easy and simple HSBC format.

HSBC doesn't allow you to choose your own SO date, either.

The fact that you can now open an RS instantly, does !

But ok for the first year, but next year it takes 5 days to close, during which time you can't open another.  How in this day and age can it take a week to close.

It also takes 5 days to open for some weird reason. They shouldn’t be allowed to advertise it at 7% given there's effectively 10 extra days with no (or virtually) no interest.

Tigger_Milne

The way I have set mine up is

opened a Kroo Bank Account place the funds I need to fund the savings accounts in that and set up Standing Orders from there (currently earning 4.35%)

Now as others have informed open the Regular savers you wish

you can spread these out over the year so one will mature every couple of month and feed that money back into the feeding bank account ie Kroo in my case plus by having one mature each couple of months you dont need the total amount held to fund them all before they mature

assuming you are a basic Tax payer you can only earn £1,000 intrest a year

on £25K you would earn over £1,000 on 4%

Look at

www. moneysavingexpert.com / savings / best-regular-savings-accounts /

for the best Reg Savings accounts

have a look at for a Reg Saving calculator

https://

www moneysavingexpert.com /savings /regular-savings-calculator/

 

so using a Kroo as the account to hold the funds

putting £200 each month into Nationwide Reg Saver 8%

Drip-feeding the regular saver After drip-feeding the cash for 12 months, you'd have earned...

£1,107 in interest
£82 from the regular saver + £1,025 from the normal savings account

Leaving it in normal savings

If you'd kept the cash in normal savings without drip-feeding it, you'd have earned...
£1,060 in interest

I am not a Financial Planner but you may wish to look at putting some money into an ISA to keep the tax man away from on some of the intrest and then open additional Reg Savings acccounts

just remember the tax is payed on the year that the intest is crystalized so that pay intrest at maturity (ie in 12 months)

will be next years intrest for the ones you open today

NB Nat West Reg Saver pays monthly and does not mature after 12 months

hope that helps

surreysaver

Band7 said:

stuarta99 said:

Ok thanks all. Hadn't read it properly yet and wasn't aware of funding from the current account but makes sense.

Just need to work out where's it best to put it. Reluctant to stash it all away for too long just in case I need it but then it's a lot to need in emergencies.

If you want a regular saver with penalty-free access, have a look at the Club Lloyds RS. It pays 'only' 5.25% but you can pay in up to £400 a month, and there are some optional goodies that come with the Club Lloyds.

6.25% is what Club Lloyds pays for its Regular Saver 

Bridlington1

surreysaver said:

Band7 said:

stuarta99 said:

Ok thanks all. Hadn't read it properly yet and wasn't aware of funding from the current account but makes sense.

Just need to work out where's it best to put it. Reluctant to stash it all away for too long just in case I need it but then it's a lot to need in emergencies.

If you want a regular saver with penalty-free access, have a look at the Club Lloyds RS. It pays 'only' 5.25% but you can pay in up to £400 a month, and there are some optional goodies that come with the Club Lloyds.

6.25% is what Club Lloyds pays for its Regular Saver 

It does pay 6.25% now but @Band7 posted that on 3/12/22, when the Club Lloyds RS still paid 5.25%. They increased the rate to 6.25% in March if my memory serves me well.