regular saving accounts

allegro120

jameseonline said:

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.

I have 34 RSs at the moment.  My maintenance system is far from perfect, but works for me.  I use an ordinary spreadsheet dedicated to the 1st of the month distribution.  It doesn't include FD, Coventry, Nationwide Start to Save and Ecology.  FD and Coventry have their own dates that are in my diary. Nationwide StS was set as SO and if I forget about it there's no impact because the feeder (FD) has £500 free overdraft.  Ecology DD comes out of Natwest and because I had it running for few years I remember to leave enough in Natwest at the beginning of the month to accommodate this transaction.

1st of the month distribution spreadsheet has all relevant accounts and most relevant info such as rate, min/max etc.   On the right hand side of the spreadsheet I have two extra columns, one for current accounts that need deposits (Lloyds, RBS, Natwest, Barclays, Chase, Halifax x2 and now included Nationwide in case they will do another payout that I have missed in the past)  and another one for accounts that need debit card spending (Halifax and TSB).

My 1st of the month begins with depositing £2000 to Lloyds (the one that wants the most)... It takes up to an hour to get it all done.  Can be done quicker, but I prefer not to rush and make sure I didn't miss any transactions. 

subjecttocontract

What a palaver ?
I have around 22 monthly savers. I pay £5500 into my bank account at the start of the month and they are all paid by standing order. Takes me 5 minutes. 

jameseonline

Think I have 21, however First Direct is maturing next month (paid my last £300 the other day) & 3 others (9% Saffron Members Month, 5.5%  Principality 33 & 5.5% Nationwide Start To Save Issue 2) are maturing in June + moving money out of 4 5.25% accounts at end of month(ish) so things will get simpler.

JAV39

Do you guys think the yougov finance £50 is worth it? i only have 6 accounts and need 10 for the £50? i did try to add hubbys accounts but it didnt seam to work lol (worth a try) Shame it doesnt except chase! It doesnt except the reg savers either. Not sure of the best way to get a quick few cheeky accounts...any ideas team?

PloughmansLunch

JAV39 said:

Do you guys think the yougov finance £50 is worth it? i only have 6 accounts and need 10 for the £50? i did try to add hubbys accounts but it didnt seam to work lol (worth a try) Shame it doesnt except chase! It doesnt except the reg savers either. Not sure of the best way to get a quick few cheeky accounts...any ideas team?

Any credit cards you can add?

Squierel

Regular savings accounts can be a good option if you're able to consistently contribute each month and the interest rate is competitive. While it's true that you won't benefit from compounding interest as much as with a lump sum deposit, the high interest rates offered by some regular savings accounts can still make them worthwhile.

However, if the interest rate isn't significantly higher than what you could get with another type of account, like a high-yield savings account, it might not be worth the hassle of managing monthly contributions.

Ultimately, it depends on your financial goals and how much effort you're willing to put into maximizing your returns. If simplicity and flexibility are important to you, a high-yield savings account might be a better choice. But if you're willing to commit to regular contributions and the interest rate is attractive, a regular savings account could be worth considering.

Just make sure to compare the interest rates and terms of different accounts carefully before making a decision, and consider factors like ease of access, fees, and any restrictions on withdrawals.

allegro120

JAV39 said:

Do you guys think the yougov finance £50 is worth it? i only have 6 accounts and need 10 for the £50? i did try to add hubbys accounts but it didnt seam to work lol (worth a try) Shame it doesnt except chase! It doesnt except the reg savers either. Not sure of the best way to get a quick few cheeky accounts...any ideas team?

Yes, considering how quick and easy it is to set up and maintain.  Even with 6 accounts you will still be harvesting about £120 a year (actually a bit more than that because you can renew every 86 days).  Opening "cheeky" accounts is a good idea, but I recall some posts on here saying that you have to have an account for some period of time before it becomes eligible and they they should have some record of transaction.  Having spare accounts is a good practice anyway.   

jameseonline

YouGov is a survey site isn't it?

YouGov doing Regular Savings accounts now or am I missing something 🤔

Bridlington1

jameseonline said:

YouGov is a survey site isn't it?

YouGov doing Regular Savings accounts now or am I missing something 🤔

See:
https://forums.moneysavingexpert.com/discussion/6416681/yougov-finance-bribe/p1

Link up to 10 current account/credit cards to them for 50 YG points each. 500 YG points can be redeemed for a £50 bank transfer. Relink the accounts every few months for another £50. It's very profitable for the little effort it takes IMHO and is something I've benefitted from for a while.

Bridlington1

jameseonline said:

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.

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.

Like yourself I fund my accounts manually but some accounts, such as NatWest/RBS, will not start paying interest on deposits until the next working day if funds are deposited on a non-working day so you end up with money earning nothing for a day or more depending on how weekends/bank holidays fall if you make all deposits on 1st each time. I focus on interest maximisation so will fund some on 1st of each month, others on the first working day of each month depending on the Ts&Cs of the account.

I wouldn't be so quick in ditching lower paying accounts though. Some can come in useful later on, as they could become competitive again and/or enable you to get ``loyalty products" later on (Mansfield RS 30 was useful in this respect, as was SRBS and Coventry FHS Issue 1 to name a few). I tend to just withdraw the balances down to the minimum rather than ditching them altogether if I want to free up funds for other accounts.

My only reason for closing a load of regular savers last week was to get the interest paid in the 2023-24 tax year, even then I reopened most of them this week.

I don't bother to list minimum pay ins for current accounts as I fund them all without needing to think much anyway. I've deliberately spread my nominated accounts around so that I make deposits into some regular savers from all of the accounts that have minimum pay ins. Usually I send £1.4k to NatWest, feed its RS and send the remaining £1.25K to RBS, feed the RBS RS, deposit £50 into the Bath BS 16-25 RS from RBS and £250 into Skipton from RBS, leaving £800 to go to Co-op to feed other regular savers. I fund other regular savers from Nationwide (accidentally got the £100 fairer share because of this last year), FD and Ulster so everything is fairly spread out.

It doesn't take too much maintenance though. Almost everything is done on 1st of the month, the rest of the time I barely need to touch my regular savers. Even then I find I quite enjoy the maintenance (yes I may well be quite mad) so it doesn't feel like work to me.