regular saving accounts

WillPS

I love the maintenance too. I look forward to the first of the month so I can get all my admin done, feels like an accomplishment every time.

allegro120

Bridlington1 said:

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've made a list of RSs I'm in that don't credit deposits on non-working days.  BoS, Co-op, Hanley, Halifax, Lloyds, Mansfield, Saffron, Natwest, RBS and Tipton. Is this correct?