The Top Regular Savers Discussion Thread

Bridlington1

clairec666 said:

Jazzking said:

Isn't it a pain when the 1st is on a weekend?!  I've got money pending /  transferred / not doing anything and none of it is in the right place!! Sometimes I think I should just wait 'til the Monday but my '1st of the month' activity (usually just after midnight) to maximise the interest kicks in and I don't want to waste those pennies!
Credit to Principality who have put my overnight payments in dated the 1st, already

I've never been that fussed about messing around with timings just to get a few pence extra interest.... but there are some things that are worth considering though, as you don't want to leave money sitting in a current account earning nothing.
A regular saver maturing with £3000+ will earn over 50p a day in interest. So if you're re-distributing it around other regular savers, identify the ones that credit non-working-day deposits on the same day (the first page of this thread is very useful for that), fund those ones first, then possibly put the remainder in an easy access account until Monday, when you can fund the other ones. Again, check how the easy access account deals with payments on non-working days.

On a similar topic - I've got a couple of regular savers which are due to mature on a weekend. One of them is Monmouthshire; anyone know if they push the maturity date forward to the next working day? Can't find anything specific in the T&Cs, and the online portal just shows "date of opening" not "maturity date".

In my case there's also another factor at play which is that in order to fund my regular savers I quite often have to dip into the funds from lower paying regular savers, some of these only process withdrawals on working days and those that do allow withdrawals on working days can always be emptied on Monday 3rd instead of Saturday 1st.

In my case I've not actually got all of the funds necessary at the moment to feed the accounts I want to fund this month so have just funded the ones that allow deposits on non-working days over a certain threshold. I should have more funds arriving from regular savers on 3rd so can fund the rest then.

friolento

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?

clairec666

Bridlington1 said:

clairec666 said:

Jazzking said:

Isn't it a pain when the 1st is on a weekend?!  I've got money pending /  transferred / not doing anything and none of it is in the right place!! Sometimes I think I should just wait 'til the Monday but my '1st of the month' activity (usually just after midnight) to maximise the interest kicks in and I don't want to waste those pennies!
Credit to Principality who have put my overnight payments in dated the 1st, already

I've never been that fussed about messing around with timings just to get a few pence extra interest.... but there are some things that are worth considering though, as you don't want to leave money sitting in a current account earning nothing.
A regular saver maturing with £3000+ will earn over 50p a day in interest. So if you're re-distributing it around other regular savers, identify the ones that credit non-working-day deposits on the same day (the first page of this thread is very useful for that), fund those ones first, then possibly put the remainder in an easy access account until Monday, when you can fund the other ones. Again, check how the easy access account deals with payments on non-working days.

On a similar topic - I've got a couple of regular savers which are due to mature on a weekend. One of them is Monmouthshire; anyone know if they push the maturity date forward to the next working day? Can't find anything specific in the T&Cs, and the online portal just shows "date of opening" not "maturity date".

In my case there's also another factor at play which is that in order to fund my regular savers I quite often have to dip into the funds from lower paying regular savers, some of these only process withdrawals on working days and those that do allow withdrawals on working days can always be emptied on Monday 3rd instead of Saturday 1st.

In my case I've not actually got all of the funds necessary at the moment to feed the accounts I want to fund this month so have just funded the ones that allow deposits on non-working days over a certain threshold. I should have more funds arriving from regular savers on 3rd so can fund the rest then.

I'm in a similar boat - I'm withdrawing from the Natwest DRS to fund everything else. Hence why I'm not so fussed about the small interest gain. I'll just leave everything until the Monday. I'd definitely avoid letting the money sit around in a current account though.

topyam

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

Bridlington1

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?

I never bother to calculate the extra interest earned but I have a preference for doing things as faster payments in case there are delays in receiving funds (e.g. technical issues, frozen account etc). I also don't bother to figure out whether it gets the money into my account quicker than the SO. So long as it gets there the same day I don't particularly care.

Additionally manual payments has a few advantages of its own, such as giving me greater flexibility over which accounts I fund. If a very nice looking regular saver gets launched at the end of the month I can just open/fund it there and then and if it leaves me short of funds for one of my lower paying regular savers I can choose not to fund the lower regular saver without having to faff about with cancelling SOs etc.

With regards to holidays this issue hasn't cropped up.

February's regular savers were funded at a time when I was at work on Sat 1st Feb then doing a 15.5 hour working day on Mon 3rd, I still managed to get my regular savers funded, I didn't start till 9 on the Sat so got those I could fund on non-working days fed before 9 with a handful during my dinner break. Those getting fed on the Monday got sorted during my dinner break. No different to running this thread in many ways, it just got slotted in when I had chance.

Illness has also not managed to stop me funding my regular savers yet. I had flu over 1st of the month a couple of years back, I don't think I've ever felt so ill. The 1st was on a Sunday so I ended up funding around 40-50 of them in dribs and drabs between the course of 1st and 2nd, all got funded ok, I just had to space them out over about 8 hours on each day because even looking at a screen was physically painful (but then so was doing pretty much anything on that day so it made little difference).

friolento

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

Did you start your Zopa on a 1st?

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.