Optimum number of Regular Savings accounts

Middle_of_the_Road

I fund 20 regular saving accounts currently. Highest is Virgin 10% lowest Santander 5%

They become very useful when rates are falling, particularly fixed rate versions.

I will open any account paying 5% or above if it allows a decent monthly deposit. 

Zaul22

There's enough instant access ones now you could easy have 5. If you don't need instant access then use all of them, if you are willing to deal with all the logins and management. At this point normal instant access rates are so low you can get almost double from regular saver so they are worth having a few of. 

simonsmithsays

Not sure there is a general optimal.

All very individual on what you can afford, what you have elsewhere etc.

Currently signing up for anything at 5 and above percent and running 8k out each month

Kim_13

I would have said 13, being one maturing each month of the year and a NatWest/RBS Digital Regular Saver. This is open ended paying 6% on up to £5,000; when full, you can just draw off the interest and start filling the other version (unless it would make sense to fill both at the same time, depending upon rates available elsewhere.)

Very unlikely to be this simple though - if you go out of your way to open one per month, it may be that they aren’t the best available. Some accounts are only available for a short time so you may miss out if you wait for a month that is missing in your Regular Saver calendar. There’s also the odd account that lasts for 2 years, so they wouldn’t immediately be part of a savings ladder.

I’m actively funding a dozen but have a few more than that open - just a few months missing from having one maturing per month at the moment.

friolento

Kim_13 said:

I would have said 13

Why limit yourself to 13 if you can fund more than 13?

Why not just do e.g. one or two if you can only spare the money for one or two?

13 would obviously be ideal if 13 is the number you can fund and manage

poolboy

I have 25 with c100k stashed away at c6%, best easy access is 4.8% now, so that's 1200 gbp for a bit of faffing around.  I know there's tax, but I actually enjoy the challenge, its free money.

aroominyork

ShinyStarlight1 said:

Is there an ideal number of Regular Saver accounts to have?

I have just opened two and the interest gained will be relatively small. This got me wondering whether there is a particular number of Regular Savers below which it isn’t really worth it.

Are you wishing yet that you hadn't asked?

slinger2

I've got money "stashed away" in a 3 year fixed rate product, expires August 2026 paying 6.0%. OK it's tied up but it a lot lot less hassle.

apt

slinger2 said:

I've got money "stashed away" in a 3 year fixed rate product, expires August 2026 paying 6.0%. OK it's tied up but it a lot lot less hassle.

That's a good product to have because interest rates are on a downward path, but presumably you can't add to it so need somewhere else to put your surplus income and emergency funds. As I have to move money around to fund half a dozen current accounts moving money into regular savers at the same time is hardly onerous. Takes 5 to 10 minutes a month.

apt

friolento said:

apt said:

I tend to run 8-10. More and I would be over £1000 tax free limit.

Hopefully pople wouldn't feel limited by the £1,000 PSA and have 0% instead of 80% above the PSA

True, but there are fixed rate ISAs where you are allowed to keep paying in up to the £20,000 annual  limit. I would get better interest in that once the regular saver interest begins to be taxable.