The Top Regular Savers Discussion Thread

Bobblehat

pedrodelgado said:

Question. Would it be more beneficial to open say 4 regular savers from different providers and put the maximum allowed in each one for say the first couple of months then a nominal amount to keep them open for the remaining months, thus having a bigger overall sum for 11 or 12 months than you would have had if opening one and saving monthly into that? Any thoughts?

clairec666 said:

I'm sure @Bobblehat can rustle up a good spreadsheet to come up with the best strategy!

Best I can rustle up 



So comparing results ...

Using the 4 x RS's Pedrodelgardo mentioned (I make it £1100pm using Bridlington1's page 1 figures).
Those 4 RS's can be funded with £0 for the 10 months.
Using £2200/12 = £183.33 for 12 equal monthly fund comparison.
Picking a typical EA rate now ~ 4.5%.

4 x RS's no drip feed Total £134.65
4 x RS's +   drip feed Total £138.78
Best single RS +  drip feed £128.80
Best single RS no drip feed £83.42
No RS's, leave fund in EA  £99

If I've made any errors, I can fix and repost.

Edit: Fat-fingered EA and cloned it throughout - corrected in tables (if reprinted) and text now.

gt94sss2

20122013 said:

These are the VM's Current accounts I can see on their website, which one is the cheapest / no frills account which qualifies for the VM RS account, please?

https://uk.virginmoney.com/current-accounts/pca/