regular saving accounts

silvercue

I use a couple of these.  First Direct which is 7% iirc and Barclays Rainy Day or Blue Savers (can't recall exact name).   They are definitely worth it, but very limited on the amount you can put in, which sometimes means you need a few accounts.  

j_netprofit

Me again....having say 30 RS accounts and a 'high interest' easy access account with a lump drip feeding them, you'd assume one would be well over their tax-free allowance?

Is that easy enough to navigate? I'm sure an excel wizard would have it covered, but it doesn't seem as straight forward as initially setting up the accounts and their SOs?

Wheres_My_Cashback

silvercue said:

I use a couple of these.  First Direct which is 7% iirc and Barclays Rainy Day or Blue Savers (can't recall exact name).   They are definitely worth it, but very limited on the amount you can put in, which sometimes means you need a few accounts.  

The Rainy Day at 5.12% up to £5K has been at that rate since conception, but slipped when EA rates reached the 5.2s%. As other rates fall I'm sure this will become more popular again and I'll start to use it again as I think the rate won't change on this.
The Blue saver at 3.56% is definitely not worth it and never has been.

Middle_of_the_Road

Wheres_My_Cashback said:

silvercue said:

I use a couple of these.  First Direct which is 7% iirc and Barclays Rainy Day or Blue Savers (can't recall exact name).   They are definitely worth it, but very limited on the amount you can put in, which sometimes means you need a few accounts.  

The Rainy Day at 5.12% up to £5K has been at that rate since conception, but slipped when EA rates reached the 5.2s%. As other rates fall I'm sure this will become more popular again and I'll start to use it again as I think the rate won't change on this.
The Blue saver at 3.56% is definitely not worth it and never has been.

Barclays rainy day is not a regular saving account. 

allegro120

jay_ftw said:

Me again....having say 30 RS accounts and a 'high interest' easy access account with a lump drip feeding them, you'd assume one would be well over their tax-free allowance?

Is that easy enough to navigate? I'm sure an excel wizard would have it covered, but it doesn't seem as straight forward as initially setting up the accounts and their SOs?

1. Not necessarily. It will depend on your other income. 
2. I find it easy. Don't even need an "excel wizard", can do it on a piece of paper, just a list of your accounts and tick the boxes when made a deposit.

Wheres_My_Cashback

Middle_of_the_Road said:

Wheres_My_Cashback said:

silvercue said:

I use a couple of these.  First Direct which is 7% iirc and Barclays Rainy Day or Blue Savers (can't recall exact name).   They are definitely worth it, but very limited on the amount you can put in, which sometimes means you need a few accounts.  

The Rainy Day at 5.12% up to £5K has been at that rate since conception, but slipped when EA rates reached the 5.2s%. As other rates fall I'm sure this will become more popular again and I'll start to use it again as I think the rate won't change on this.
The Blue saver at 3.56% is definitely not worth it and never has been.

Barclays rainy day is not a regular saving account. 

No it's not, nor is the Blue The reply was only in ref to what the other poster had put about using them.

pafpcg

Bigwheels1111 said:

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

But I'm getting quicker each time.

But eventually you'll find it gets slower!  Coming from the mid-20th Century, I know my cognitive processes have slowed, so although the actual opening process per account might take only a few minutes, I deliberately plan what I have to do, write a flow-chart with the actions (20 minutes), then, having done the job, spend another 10 minutes checking I've done it right!  Fortunately, as I'm retired, I don't have to put a price on my time - it's more like a hobby.

Addressing the OP's queries, the actual set-up, funding and eventual shut-down of regular savers isn't that arduous if standing orders from a current account on a fixed day every month (that's the first business day of the month for me) are used to make the monthly contributions.  I spend far more time ensuring that the required funds to cover the SOs are in the current account than I ever do on the set-up process.  For that purpose, I have a cash-flow spreadsheet to tell me to transfer the required funds to the current account on the right day.  I can't be bothered to calculate the number of monthly regular saver accounts my partner & I have, but I can see at a glance that the total monthly contributions peaked five years ago at £11,200, was lowest in Oct 2022 at £2,800 and currently runs at just over £8,000 per month.  That's for the two of us.

JAV39

Well thanks for all the advice. I opened a Chase account 4.1 %  (started doing bank switches) my isa was paying 2.85% so already an improvement. Completed a few switches opened LLoyd and 2 savers one at 6.25% and other 5.25%. Natwest reg saver 6.17% Santander got the 7% on £4000. Money from my bank switches, i got the triple crown and lloyds and also did 3 for hubby, (£1350) which i can add to me pot, so if i continue to feed for the 12 months, i have worked out that ill make £778 instead of £375. Just doing another switch for the first direct altho not sure how thats going as didnt even ask me for old bank details (but txt says its now open) so shall have to wait and see when i get info if that one works. So want to thank you all for all the advice

dealyboy

JAV39 said:

Well thanks for all the advice. I opened a Chase account 4.1 %  (started doing bank switches) my isa was paying 2.85% so already an improvement. Completed a few switches opened LLoyd and 2 savers one at 6.25% and other 5.25%. Natwest reg saver 6.17% Santander got the 7% on £4000. Money from my bank switches, i got the triple crown and lloyds and also did 3 for hubby, (£1350) which i can add to me pot, so if i continue to feed for the 12 months, i have worked out that ill make £778 instead of £375. Just doing another switch for the first direct altho not sure how thats going as didnt even ask me for old bank details (but txt says its now open) so shall have to wait and see when i get info if that one works. So want to thank you all for all the advice

... and now we have to ask for our commission ... OR you can agree to help out other fellow travellers on the money saving trail ...  ... Well Done.

jameseonline

allegro120 said:

jay_ftw said:

Me again....having say 30 RS accounts and a 'high interest' easy access account with a lump drip feeding them, you'd assume one would be well over their tax-free allowance?

Is that easy enough to navigate? I'm sure an excel wizard would have it covered, but it doesn't seem as straight forward as initially setting up the accounts and their SOs?

1. Not necessarily. It will depend on your other income. 
2. I find it easy. Don't even need an "excel wizard", can do it on a piece of paper, just a list of your accounts and tick the boxes when made a deposit.

I use Microsoft OneNote on my Android phones, monthly payments list, so minimum pay ins to get benefits eg £2000 to get Club Lloyds, £800 for Barclays etc.

Then list of Regular Savings accounts with the max amounts

OneNote can even do maths (most of the time, sometimes but not often OneNote will just stop doing it and don't know why).

Then a list for Direct Debits.

Got a similar list to workout how much money I have across all my accounts in total too, so current and savings.

As for maintenance for me I manually fund my regular savings accounts at the start of the month even if it's not a working day, it's habit for me, not difficult for me to do, does take time but I know things are correctly done, I look at the list and fund each regular 1 at a time.

Also 30 Regular Savings accounts?, what the fudge?

If you have the cash & maxing out each fair enough I guess otherwise I'd consider ditching some.

I ditch the lowest paying to free up money to fund the higher paying. As someone said earlier most accounts you can easily get at money, either instantly or by closing the account and waiting a day or so to get to a nominated account.

At the moment my minimum rate is 5.25% for accounts, anything that pays less isn't worth it in my opinion.

30 accounts is going to take a lot of maintenance.