The Old Regular Savers Discussion Thread 28/12/24-29/1/26

jaypers

topyam said:

Just went through all mine and made a note of which ones to fund today, and which to leave until Monday

Those i need to leave are: 
AIB
Co-Op
Progressive

Those I can fund:
Principality
Zopa
Newcastle
Manchester

Progressive won’t show until the new week but if you pay in today the posting date will show as the 1st.

Archerychick

friolento said:

Out of interest, how much extra money are people typically make by doing manual transfers rather than SOs? How much effort goes into doing the transfers manually, and how much effort goes into figuring out whether the money gets credited in the RA earlier than via SOs? How do you handle being on holidays / work / busy / sick on a 1st?

Not something that I’m concerned about for a few pence. I do all of mine by manual transfer, takes me all of 5-10 minutes including updating my spreadsheet. Because it takes such little time it doesn’t matter if it’s a work day, and if I’m away, that doesn’t matter either because I would always have internet. 

I prefer to do them manually because money generally comes from different places each month.

clairec666

friolento said:

Out of interest, how much extra money are people typically make by doing manual transfers rather than SOs? How much effort goes into doing the transfers manually, and how much effort goes into figuring out whether the money gets credited in the RA earlier than via SOs? How do you handle being on holidays / work / busy / sick on a 1st?

Can't be sure how much extra money I'm making, but I do everything by manual transfer because I'm generally not able to fully fund everything each month, so I'll work "from the top down" each month and tick things off as I go. Seems far less complicated than cancelling and reinstating standing orders each month.

Section62

friolento said:

Out of interest, how much extra money are people typically make by doing manual transfers rather than SOs? How much effort goes into doing the transfers manually, and how much effort goes into figuring out whether the money gets credited in the RA earlier than via SOs? How do you handle being on holidays / work / busy / sick on a 1st?

Like Bridlington, for me it isn't about the extra interest (if any) - it is the ability to control which accounts get funded and when.

In terms of holidays/work/busy/sick - if for some reason I wasn't able to fund accounts on the 1st then I'd do so when I could, and accept the loss of a little interest.

Equally, if I went down the SO route, then holidays/work/busy/sick could mean I forget or am unable to get funds into the current accounts the SO's would come out of, the last thing I'd want to do if waking up in a hospital bed on the 2nd would be unpicking the effect of a few dozen SO's failing.  I'm happy to avoid that scenario by accepting the possibility of losing a few day's interest on the off chance the 1st comes around and I'm in intensive care, or on a sunny beach somewhere.

clairec666

Section62 said:

Equally, if I went down the SO route, then holidays/work/busy/sick could mean I forget or am unable to get funds into the current accounts the SO's would come out of, the last thing I'd want to do if waking up in a hospital bed on the 2nd would be unpicking the effect of a few dozen SO's failing.  I'm happy to avoid that scenario by accepting the possibility of losing a few day's interest on the off chance the 1st comes around and I'm in intensive care, or on a sunny beach somewhere.

Yes - doing SOs means that you have to make sure the money is in the right place to be paid out, so I have to move money around anyway, and if I'm doing that I might as well do it all manually which only takes a few clicks. I don't have a massive number of regular savers compared to some of you, so it's not too much hassle. First Direct is the only one that I'm forced to do by standing order (unless anyone's found another way...) and annoyingly mine is midway through the month so I have to do it completely separately.

SJMALBA

Hanley - will a debit card payment be credited/earn interest today, or should I leave it until Monday?

masonic

friolento said:

Out of interest, how much extra money are people typically make by doing manual transfers rather than SOs? How much effort goes into doing the transfers manually, and how much effort goes into figuring out whether the money gets credited in the RA earlier than via SOs? How do you handle being on holidays / work / busy / sick on a 1st?

One of the reasons I don't use SOs is that I am then not wedded to the 1st of the month if I am on holiday/busy/sick. The savings I use to feed my RS are in various different places, so it's a manual task to fund my feeder account with the right amount of money and then I may as well manually send the payments out then and there. Takes a little under 10 minutes for the 18 payments I make (some others require a SO or open banking pull). I generally have been able to all of this when on holiday, but have had to delay due to sickness occasionally. If I was seriously incapacitated for a whole month, then the RS would go unfunded, which is probably better than having the unarranged overdraft charges for those SOs that weren't returned unpaid.

Bigwheels1111

I like to try and open reg savers on the last day of the month if possible.
So that I can max out its potential, like with Monmouthshire £500 & £1000 reg savers.
Open 3 months and a day but have £2000 & £4000 in them.
So I should get max interest for almost 2 months at the end.
With principality I’m adding a seventh payment, as a few have commented that it gets accepted.
I funded 5 reg savers manually at 12.01 am today before I went to sleep.
I would like to say it was for a few extra pennies , but to be truthful I could not be bothered to set up the DD 
last month on 3 of them. Plus my principality Xmas saver changed to an issue 4 and opened a new Xmas saver.
By 12.15am they were all funded and DD were in place.
A grand total of 22 fully funded each reg savers now.
Takes £5600 to fund them all, one of two mature every month which helps with that.
My reserves are almost depleted now so I think my addiction must end for a while.

GetRichOrDieSaving

I make manual transfers to my RS on 1st because I’m in complete control of what gets funded, where those funds come from and because I actually enjoy doing it. Takes me about 15 minutes in total and I have never considered what pence it gains or looses due to the three reasons stated. 

luci

I can confirm that the SO from my N/Wide current account to my N/Wide Regular Saver has been credited today.