Optimum number of Regular Savings accounts

ThePirates

I'm finding all the 6.25% and above Regular Savers that I can, it's taking up all of my 'spare cash' each month. 
I've just done a switch to Lloyds but haven't opened their RS as I won't be able to fully fund it each month for 4-5 months.
Is it worth opening 1 now and paying in the minimum for a few month or waiting until I can fully fund it each month?

I know NW and RBS haven't changed their rates, does anyone think Lloyds are likely too?

surreysaver

I'll go 6% and above if there's withdrawal restrictions; lower than 6% if they're easy access, although I'll open lower than 6% and put the minimum in if there's withdrawal restrictions in case those accounts become competitive at a later date 

Martico

I've only just got into regular savings, and have opened six in the last few weeks. Reasons? A bit of better rate chasing, a bit of exploring something new, and a lot of deferring a bunch of interest payments until after April. I've also funded a six month bond for the latter reason. When they mature they can then help to fund next year's ISA and I can again fly under the £1,000 annual interest mark. 
(Edit: enormous thanks to those on the main Regular Savings thread, that's one of the best resources on this forum, and it's clear that a lot of work goes into that)

poolboy

Also, I open accounts with long funding windows, not just reg savers.  Eg, if I have a fix maturing next month, open the best account with long funding window, then when maturity happens you can review options.  Skipton loyalty products are 1 month, as is gatehouse.

Bridlington1

ThePirates said:

I'm finding all the 6.25% and above Regular Savers that I can, it's taking up all of my 'spare cash' each month. 
I've just done a switch to Lloyds but haven't opened their RS as I won't be able to fully fund it each month for 4-5 months.
Is it worth opening 1 now and paying in the minimum for a few month or waiting until I can fully fund it each month?

I know NW and RBS haven't changed their rates, does anyone think Lloyds are like too?

LBG allow you to ``refresh" (close then reopen) their regular savers early so I'd be inclined to open it now and then re-evaluate in 4-5 months. If they still have the 6.25% version then refresh, if the rate has reduced then re-evaluate from there.

winkowinko

Has anyone worked out what their hourly rate is for the amount of research and dedication required to set up and manage all of their regular saving accounts?

simonsmithsays

winkowinko said:

Has anyone worked out what their hourly rate is for the amount of research and dedication required to set up and manage all of their regular saving accounts?

Mine is insignificant. I.e. there is a thread which highlights them and I'm subscribed to swathes of institutions and setting up s.o's takes seconds..

Similarly 'has anyone worked out what their hourly rate is for commenting on (and then having to edit) threads on which they have little interest in'?

winkowinko

simonsmithsays said:

winkowinko said:

Has anyone worked out what their hourly rate is for the amount of research and dedication required to set up and manage all of their regular saving accounts?

Mine is insignificant. I.e. there is a thread which highlights them and I'm subscribed to swathes of institutions and setting up s.o's takes seconds..

Similarly 'has anyone worked out what their hourly rate is for commenting on (and then having to edit) threads on which they have little interest in'?

It was a genuine question, which you seem to have initially understood before getting all defensive.

slinger2

simonsmithsays said:

winkowinko said:

Has anyone worked out what their hourly rate is for the amount of research and dedication required to set up and manage all of their regular saving accounts?

Mine is insignificant. I.e. there is a thread which highlights them and I'm subscribed to swathes of institutions and setting up s.o's takes seconds..

Similarly 'has anyone worked out what their hourly rate is for commenting on (and then having to edit) threads on which they have little interest in'?

Surely the point is that it's not 100% to do with money. Some people like regular savings. Others are mad keen on vouchers, coupons, bargains, cashbacks etc. etc. And, of course, that's something that MSE encourages. Do it if you get pleasure out of it, but it's not going to make you rich. Treat it as a bit of fun, with the bonus of making a few extra quid out of it.

Bridlington1

winkowinko said:

Has anyone worked out what their hourly rate is for the amount of research and dedication required to set up and manage all of their regular saving accounts?

I've never bothered but I'm now on over 50 regular savers (many are on minimum balances speculatively though).

In my experience most of the effort comes from opening accounts as a new customer, as an existing customer I can often get new regular savers opened in under a minute. Admin-wise for my own collection of accounts I probably spend an hour or two at most each month (mostly around the very end and start of the month).

Personally I rather enjoy it all though, it's a hobby and I profit from it. I can certainly think of worse things to do with my time. Some people collect coins, some collect seashells, some collect stamps (well I do in a sense, I've got several prepaid envelopes plus some stamps I got free when I last complained to Royal Mail), I collect savings accounts.

I think the point you're probably missing is that for many, myself included, having multiple regular savers is just as much for my own pleasure as it is for trying to make money on the side.