Small amounts in Regular/Monthy savers

[Deleted User]

I'll take a look at the Principality  one.
Thank you "Kim".

callum9999

CrickJon said:

[Deleted User] said:

Hello,
Is it worth the effort to open a Regular saver  account if you are not going for the max limit it allows?
I'm not awash with savings but like the concept  of these accounts but are they worth applying  for?

I think it is worth it.

I'm 50 and most of my spare cash is paid into my pension these days to keep me out of the 40% tax bracket but we do still manage to save around £450 a month, so nothing significant.

Myself and the wife have maxed out one of Santander Edge's 7% saver account (£4k) and are currently paying in £200 a month to max out the other. The interest each month gets moved to our Barclays Rainy Day saver 5.12%.
We pay the maximum £150 into NatWest's Digital Saver 6.17% account every month.
£100 a month goes into a Stocks & Shares ISA.
I even shove a tiny £10 a month into a Wealthify general investment account at the maximum risk level, 'adventurous' just to amuse myself and see how it does. Currently >10% return!

We both have ISA's and also a Coventry Triple Access Online (2) saver at 5.15% with £11k in to shortly pay off our mortgage. I keep an eye on all the interest we're earning and move it into our ISAs whenever we get near thresholds.

What's the logic behind choosing to add money to accounts that pay 5.12/6.17% when you have an account that pays 7% you haven't fully used?

[Deleted User]

Sarahspangles said:

[Deleted User] said:

I'm  in awe of how much savings some people on here have, my needs are much much more modest. I was thinking more along the lines of £50 here £25 there. Thank you anyway for the insights  to this other world.:)

There are lots of people saving those type of amounts. 

It’s inevitable on this forum that you’ll get people who’ve elevated maximisation of interest to a high art! But we all started somewhere….

Yes lve been reading the forum for a few weeks before joining. I'm just amazed how you people can keep tabs on all these transactions. 
I'm inspired by folks but definitely  don't have the finances  to compete:)

refluxer

[Deleted User] said:

I'm in awe of how much savings some people on here have, my needs are much much more modest. I was thinking more along the lines of £50 here £25 there. Thank you anyway for the insights  to this other world.:)

Regular saver accounts with decent rates and modest (eg. £50) monthly limits are aimed at encouraging savers exactly like yourself to put small amounts away each month. They're perfect for the amounts you're talking about and a good alternative to leaving savings in a current account earning no interest at all, which is what a good proportion of people (especially outside of this forum) will be doing. 

I would start with looking at any Regular Saver accounts offered by any banks and building societies that you're currently a member of and if there are no good options, consider opening an alternative current account if appropriate - a good proportion of the top regular saver accounts require you to be a customer with a current account and there are often rewards for switching, which could generate you some extra cash.

Bizzywizard

[Deleted User] said:

Sarahspangles said:

[Deleted User] said:

I'm  in awe of how much savings some people on here have, my needs are much much more modest. I was thinking more along the lines of £50 here £25 there. Thank you anyway for the insights  to this other world.:)

There are lots of people saving those type of amounts. 

It’s inevitable on this forum that you’ll get people who’ve elevated maximisation of interest to a high art! But we all started somewhere….

Yes lve been reading the forum for a few weeks before joining. I'm just amazed how you people can keep tabs on all these transactions. 
I'm inspired by folks but definitely  don't have the finances  to compete:)

I have an excel spreadsheet detailing when the deal starts and finishes. I would be all over over the place without it!

I also have an excel spreadsheet for my teenagers...I will be getting the 17 year old to do the principality £50 regular saver today (once she finishes college) as her santander one closes next month ( sant have closed their deal early).

I know I may sound a little controlling, but its to get my kids into the regular saving.....My parents never helped me do this and I wished they had. 

CrickJon

callum9999 said:

CrickJon said:

[Deleted User] said:

Hello,
Is it worth the effort to open a Regular saver  account if you are not going for the max limit it allows?
I'm not awash with savings but like the concept  of these accounts but are they worth applying  for?

I think it is worth it.

I'm 50 and most of my spare cash is paid into my pension these days to keep me out of the 40% tax bracket but we do still manage to save around £450 a month, so nothing significant.

Myself and the wife have maxed out one of Santander Edge's 7% saver account (£4k) and are currently paying in £200 a month to max out the other. The interest each month gets moved to our Barclays Rainy Day saver 5.12%.
We pay the maximum £150 into NatWest's Digital Saver 6.17% account every month.
£100 a month goes into a Stocks & Shares ISA.
I even shove a tiny £10 a month into a Wealthify general investment account at the maximum risk level, 'adventurous' just to amuse myself and see how it does. Currently >10% return!

We both have ISA's and also a Coventry Triple Access Online (2) saver at 5.15% with £11k in to shortly pay off our mortgage. I keep an eye on all the interest we're earning and move it into our ISAs whenever we get near thresholds.

What's the logic behind choosing to add money to accounts that pay 5.12/6.17% when you have an account that pays 7% you haven't fully used?

We will be getting some cash from selling some items in a few weeks so that will be used to maximise the 7% account. The rest will be put in other high interest savers.

[Deleted User]

refluxer said:

[Deleted User] said:

I'm in awe of how much savings some people on here have, my needs are much much more modest. I was thinking more along the lines of £50 here £25 there. Thank you anyway for the insights  to this other world.:)

Regular saver accounts with decent rates and modest (eg. £50) monthly limits are aimed at encouraging savers exactly like yourself to put small amounts away each month. They're perfect for the amounts you're talking about and a good alternative to leaving savings in a current account earning no interest at all, which is what a good proportion of people (especially outside of this forum) will be doing. 

I would start with looking at any Regular Saver accounts offered by any banks and building societies that you're currently a member of and if there are no good options, consider opening an alternative current account if appropriate - a good proportion of the top regular saver accounts require you to be a customer with a current account and there are often rewards for switching, which could generate you some extra cash.

Thank you for your advice.
I must confess l was guilty of leaving  cash lingering  in a current account, until l found this forum last year.:) 

Kim_13

Bizzywizard said:

[Deleted User] said:

Sarahspangles said:

[Deleted User] said:

I'm  in awe of how much savings some people on here have, my needs are much much more modest. I was thinking more along the lines of £50 here £25 there. Thank you anyway for the insights  to this other world.:)

There are lots of people saving those type of amounts. 

It’s inevitable on this forum that you’ll get people who’ve elevated maximisation of interest to a high art! But we all started somewhere….

Yes lve been reading the forum for a few weeks before joining. I'm just amazed how you people can keep tabs on all these transactions. 
I'm inspired by folks but definitely  don't have the finances  to compete:)

I have an excel spreadsheet detailing when the deal starts and finishes. I would be all over over the place without it!

I also have an excel spreadsheet for my teenagers...I will be getting the 17 year old to do the principality £50 regular saver today (once she finishes college) as her santander one closes next month ( sant have closed their deal early).

I know I may sound a little controlling, but its to get my kids into the regular saving.....My parents never helped me do this and I wished they had. 

Me too. Mine opened a Nationwide Cashbuilder for me as it was local, but as the interest rate was poor (pre financial crash) I didn’t see the point and was 20+ before I saved in anything other than Premium Bonds/stopped seeing the balance of a poorly paying account as a spending target. Much easier to get accounts open paying the best rates nowadays, with online applications and electronic ID checks/submissions.

[Deleted User]

Does barclays do a regular saver?

ColdIron

[Deleted User] said:

Does barclays do a regular saver?

No, and I don't recall them ever doing so (for adults at least)