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Drip feeding into multiple regular savers, why not?
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Do make a note of whether or not the reg savers are instant access. I keep a spreadsheet, not just for noting the rate and potential interest at the end of the term, access is important incase you end up like me recently having more reg savers than funds available for the payments. The spreadsheet shows me which next to raid should I need funds. All my savings are in reg savers and use the instant access ones as exactly that, instant access. It does take time though, spreading surplus cash amongst lots of accounts and I have 2 or 3 maturing each month so spread throughout the year if you can but also nowadays act quickly as institutions pull the headline rates fast. Have funIf you want to be rich, never, ever have kids0
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AmityNeon said:boingy said:
Natwest needs at least £1 of the amount to come out of a current account.
You can cancel the standing order and fund the full £150 from an external account if you wish.
I also tried a similar thing with the First Direct one and not only did that fail but I was unable to setup the standing order in their current account again. I had to ring them up and admit to being a bad person.
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I have 9 regular savers now, I plan to open mor as some mature, Ive run out of spare cash.I use my emergency funds with some as work a bit like easy access.Roll on May when 2 cash out and I hope I can take them out again and another one or two.1
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35har1old said:allegro120 said:yourlocalcheesemonger said: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 now0
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boingy said:AmityNeon said:boingy said:
Natwest needs at least £1 of the amount to come out of a current account.
You can cancel the standing order and fund the full £150 from an external account if you wish.
I also tried a similar thing with the First Direct one and not only did that fail but I was unable to setup the standing order in their current account again. I had to ring them up and admit to being a bad person.0 -
boingy said:yourlocalcheesemonger said: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,
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!)0 -
I don't understand how manual payments into regular savers can be more efficient than standing orders. I pay all mine by standing order and wouldn't dream of doing it manually.2
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Olinda99 said:one thing that might be worth doing before you start let's try and do an estimate of how much extra interest you will get by doing it this way as opposed to putting it all in say a top easy access account.
then decide if this extra interest is worth the hassleI consider myself to be a male feminist. Is that allowed?1 -
allegro120 said:boingy said:yourlocalcheesemonger said: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,
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!)I consider myself to be a male feminist. Is that allowed?0
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