Drip feeding into multiple regular savers, why not?

With top R/S being 7 to 8% does it make sense to open multiple of them and drip from an easy access savings (5%) the maximum each month. 

It seems like a good idea to open as many R/S accounts as possible that are above the easy access rate and drip feed in to maximise savings. What am I missing?

This is under the premise that I'm maxing out the ISA each year and pensions are ok.
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  • flaneurs_lobster
    flaneurs_lobster Posts: 3,435
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    Short answer - yes.

    Look here

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

    Longer answer - not all RS accounts are equal, be aware of possible conditions on early redemption or closure, minimum monthly funding etc.
  • ColdIron
    ColdIron Posts: 8,677
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    What am I missing?
    Nothing, it's very popular here
    Ideally you would stagger opening throughout the year so that one matures every few months to help with cashflow but with rates peaking that might not be an ideal strategy right now
  • I have 15 Regular saving accounts opened, and paying max into 13 of them. The 2 I'm not funding are now below or not enough above easy access rates to make them worthwhile.
  • Thanks for the replies and the welcomes. Some of you have a lot of accounts to keep on top of!

    I suppose that's the downside really, with max deposits around £300 a month if you've got a significant bit of money you'll have to open quite a few regular savers and keep track of them all. But as you've all said however it shouldn't be an issue with a spreadsheet.

    I'll start opening a few now
  • allegro120
    allegro120 Posts: 713
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    Thanks for the replies and the welcomes. Some of you have a lot of accounts to keep on top of!

    I suppose that's the downside really, with max deposits around £300 a month if you've got a significant bit of money you'll have to open quite a few regular savers and keep track of them all. But as you've all said however it shouldn't be an issue with a spreadsheet.

    I'll start opening a few now
    I'm currently paying £7,375 a month into RSs.  Some of them allow to pay £500 and one £1000, bur these are no longer available for new applicants, which brings me to add to the above posts in this thread - don't delay opening them as they might disappear soon.
  • 35har1old
    35har1old Posts: 953
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    Thanks for the replies and the welcomes. Some of you have a lot of accounts to keep on top of!

    I suppose that's the downside really, with max deposits around £300 a month if you've got a significant bit of money you'll have to open quite a few regular savers and keep track of them all. But as you've all said however it shouldn't be an issue with a spreadsheet.

    I'll start opening a few now
    I'm currently paying £7,375 a month into RSs.  Some of them allow to pay £500 and one £1000, bur these are no longer available for new applicants, which brings me to add to the above posts in this thread - don't delay opening them as they might disappear soon.
    Problem with regular savers the majority are variable and not fixed through I do have a brave few myself but it just means you have keep eye on them.

  • dealyboy
    dealyboy Posts: 1,687
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    One note of caution ... don't overstretch yourself ... make sure you will have enough to fund them in 6 months or indeed 12 months time  :) ... I almost did.
  • boingy
    boingy Posts: 1,164
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    Thanks for the replies and the welcomes. Some of you have a lot of accounts to keep on top of!

    I suppose that's the downside really, 
    That's exactly the downside - the admin. Each account can have a few quirks. First Direct can only be funded by standing order from an FD current account. Natwest needs at least £1 of the amount to come out of a current account. Some don't allow withdrawals (although you can close the account outright). Some are fixed term so you can't close or withdraw but you can stop adding money to it etc.

    So you end up collecting a bunch of current accounts that you didn't need just so you can access the regular savers and you end up with a bunch of standing orders to shuffle the money around once per month. I have a calendar reminder on the 5th of each month that says "Check all the accounts" so I can make sure it has all happened as expected. If you can cope with a bit of extra admin then go for it! I use KMyMoney to track all my accounts (my spreadsheet started to get a bit messy!)
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