Drip feeding into multiple regular savers, why not?

nomorekids

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 fun

AmityNeon

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.

boingy

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 tried that. They bounced the payment back to me and wrote a paper letter to me telling me why I am a bad person. That was about a year ago. Maybe they have got less strict or realised that their rule makes absolutely no sense!

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.

Bigwheels1111

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.

allegro120

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 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.

In the event of rate reduction the provider always sends a letter well in advance, so you have plenty of time to decide what to do with your money.

subjecttocontract

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 tried that. They bounced the payment back to me and wrote a paper letter to me telling me why I am a bad person. That was about a year ago. Maybe they have got less strict or realised that their rule makes absolutely no sense!

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.

That sounds to me like you are a bad person.😁😁

allegro120

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, 

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!)

Apart from FD and Coventry which don't allow to choose your own date, I do all feeding on the 1st of each month.  I combine this with feeding current accounts that require monthly payments, so I do a lot of my transactions in one go.  Takes about 15-20 minutes and then I don't need to think about it for the rest of the month. I only use SO when it is necessary (FD), otherwise I found manual feeding more efficient method than SO.

subjecttocontract

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.

surreysaver

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 hassle

The money might come from an account which does not have an overdraft, and you might not keep thousands of pounds in it not earning interest 

surreysaver

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, 

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!)

Apart from FD and Coventry which don't allow to choose your own date, I do all feeding on the 1st of each month.  I combine this with feeding current accounts that require monthly payments, so I do a lot of my transactions in one go.  Takes about 15-20 minutes and then I don't need to think about it for the rest of the month. I only use SO when it is necessary (FD), otherwise I found manual feeding more efficient method than SO.

You can choose your date with Coventry. Its just the first day of the month isn't the first day of the month; its the monthliversary of the account