regular saving accounts

kaMelo

I estimate opening and maintaining 10 regular savers over a year would amount to around 1 hour of work.

£163 is not too bad an hourly rate in my opinion.

mighty2022

kaMelo said:

I estimate opening and maintaining 10 regular savers over a year would amount to around 1 hour of work.

£163 is not too bad an hourly rate in my opinion.

What happens to the regular savers once the fixed terms to an end? Is it automatically closed? Im just worried about my credit reporting showing that I have so many accounts active which might go against me when I apply for a mortgage

Bridlington1

mighty2022 said:

kaMelo said:

I estimate opening and maintaining 10 regular savers over a year would amount to around 1 hour of work.

£163 is not too bad an hourly rate in my opinion.

What happens to the regular savers once the fixed terms to an end? Is it automatically closed? Im just worried about my credit reporting showing that I have so many accounts active which might go against me when I apply for a mortgage

Savings accounts don't appear on credit reports so will have no effect on mortgage applications whatsoever.

j_netprofit

kaMelo said:

I estimate opening and maintaining 10 regular savers over a year would amount to around 1 hour of work.

£163 is not too bad an hourly rate in my opinion.

My point wasn't to elude that setting up RS is either complicated or overly time consuming but if you think you're opening 10 new accounts and setting up 10 SO in 3 minutes each you must be a computer and banking wizard!

friolento

jay_ftw said:

kaMelo said:

I estimate opening and maintaining 10 regular savers over a year would amount to around 1 hour of work.

£163 is not too bad an hourly rate in my opinion.

My point wasn't to elude that setting up RS is either complicated or overly time consuming but if you think you're opening 10 new accounts and setting up 10 SO in 3 minutes each you must be a computer and banking wizard!

It might take longer for some accounts and when it’s your first account with a given bank. Once you have online/app access, and a holding account where appropriate, opening and funding a new account can all be done in much less than 3 minutes. Some people spend more time explaining why they can’t do something than it would take to do it

Bigwheels1111

I must admit it takes me about 10 minutes to open, fund and set up a So for each RS I have.

But Im getting quicker each time.

kaMelo

jay_ftw said:

kaMelo said:

I estimate opening and maintaining 10 regular savers over a year would amount to around 1 hour of work.

£163 is not too bad an hourly rate in my opinion.

My point wasn't to elude that setting up RS is either complicated or overly time consuming but if you think you're opening 10 new accounts and setting up 10 SO in 3 minutes each you must be a computer and banking wizard!

Basically what @friolento said above. Openining accounts with a new institution will obviously take longer but once you're in it can be surprisingly easy and quick. 

Many times your details held by the unstitution pre populate the application so it can literally be two clicks of a mouse, once to apply and once to accept the terms.

Setting a stranding order up can take a couple of minutes, that's literally job done.

surreysaver

friolento said:

deinoflex said:

The Natwest digital regsave pays interest monthly so it does get compounded -

https://www.natwest.com/savings/digital-regular-saver.html

The compounding 'issue' is a red herring. All you need to compare is the AER of accounts. Whether they pay monthly or annually has no bearing on the AER.

Its not a red herring if the interest is paid monthly, if the account also has a maximum ceiling for the rate, as once you reach £5k it stops compounding with the NatWest/RBS ones 
There's also regular savers that last more than a year where annual interest will compound 

friolento

surreysaver said:

friolento said:

deinoflex said:

The Natwest digital regsave pays interest monthly so it does get compounded -

https://www.natwest.com/savings/digital-regular-saver.html

The compounding 'issue' is a red herring. All you need to compare is the AER of accounts. Whether they pay monthly or annually has no bearing on the AER.

Its not a red herring if the interest is paid monthly, if the account also has a maximum ceiling for the rate, as once you reach £5k it stops compounding with the NatWest/RBS ones 
There's also regular savers that last more than a year where annual interest will compound 

It's quite normal that there is a limit to the balance of Regular Savers. Most of them won't let you deposit above the limit.

Whether interest is paid monthly or annually, you can compare the AER, without making complicated calculations.

surreysaver

friolento said:

surreysaver said:

friolento said:

deinoflex said:

The Natwest digital regsave pays interest monthly so it does get compounded -

https://www.natwest.com/savings/digital-regular-saver.html

The compounding 'issue' is a red herring. All you need to compare is the AER of accounts. Whether they pay monthly or annually has no bearing on the AER.

Its not a red herring if the interest is paid monthly, if the account also has a maximum ceiling for the rate, as once you reach £5k it stops compounding with the NatWest/RBS ones 
There's also regular savers that last more than a year where annual interest will compound 

It's quite normal that there is a limit to the balance of Regular Savers. Most of them won't let you deposit above the limit.

Whether interest is paid monthly or annually, you can compare the AER, without making complicated calculations.

But if you're comparing the AER and you've reached the ceiling, you're using the wrong figure, as you can still carry on saving into the regular saver, but its not compounding at the rate you're using for the AER. The NatWest/RBS regular savers don't have a maximum limit, just a ceiling at which the higher rate is paid