To use regular savers or not

surreysaver

slinger2 said:

My 6 month Regular Saver with Principality (8% AER) matured today. £1,231 appeared in my bank account, 6x£200 monthly payments plus £31 interest. I'll be paying 20% tax on the interest, so that leaves £25. I could have left it in an easy access account and got £15 or so, so my "profit" is £10. Is it worth it for the hassle of opening the account, making 6 payments, giving maturity instructions, etc? Probably not (I always tell myself) but it's harmless entertainment.

(6+5.45+4.45+3.45+2.45+1.45)/12*£200*8% = £31

What hassle? How long does it take to set up a standing order, then six months later provide maturity instructions?
What would you be doing with that time instead?
It's probably taken you ten times as long to participate in this thread than it would to open a regular savings account.

slinger2

surreysaver said:

slinger2 said:

My 6 month Regular Saver with Principality (8% AER) matured today. £1,231 appeared in my bank account, 6x£200 monthly payments plus £31 interest. I'll be paying 20% tax on the interest, so that leaves £25. I could have left it in an easy access account and got £15 or so, so my "profit" is £10. Is it worth it for the hassle of opening the account, making 6 payments, giving maturity instructions, etc? Probably not (I always tell myself) but it's harmless entertainment.

(6+5.45+4.45+3.45+2.45+1.45)/12*£200*8% = £31

What hassle? How long does it take to set up a standing order, then six months later provide maturity instructions?
What would you be doing with that time instead?
It's probably taken you ten times 2as long to participate in this thread than it would to open a regular savings account.

Warren Buffett and Elon Musk haven't got rich doing regular savers.

wmb194

slinger2 said:

surreysaver said:

slinger2 said:

My 6 month Regular Saver with Principality (8% AER) matured today. £1,231 appeared in my bank account, 6x£200 monthly payments plus £31 interest. I'll be paying 20% tax on the interest, so that leaves £25. I could have left it in an easy access account and got £15 or so, so my "profit" is £10. Is it worth it for the hassle of opening the account, making 6 payments, giving maturity instructions, etc? Probably not (I always tell myself) but it's harmless entertainment.

(6+5.45+4.45+3.45+2.45+1.45)/12*£200*8% = £31

What hassle? How long does it take to set up a standing order, then six months later provide maturity instructions?
What would you be doing with that time instead?
It's probably taken you ten times 2as long to participate in this thread than it would to open a regular savings account.

Warren Buffett and Elon Musk haven't got rich doing regular savers.

Every portfolio has a cash element and Warren's/BH's is enormous. It's up to you but my philosophy is to make as much as I can on my cash. 

masonic

slinger2 said:

surreysaver said:

slinger2 said:

My 6 month Regular Saver with Principality (8% AER) matured today. £1,231 appeared in my bank account, 6x£200 monthly payments plus £31 interest. I'll be paying 20% tax on the interest, so that leaves £25. I could have left it in an easy access account and got £15 or so, so my "profit" is £10. Is it worth it for the hassle of opening the account, making 6 payments, giving maturity instructions, etc? Probably not (I always tell myself) but it's harmless entertainment.

(6+5.45+4.45+3.45+2.45+1.45)/12*£200*8% = £31

What hassle? How long does it take to set up a standing order, then six months later provide maturity instructions?
What would you be doing with that time instead?
It's probably taken you ten times 2as long to participate in this thread than it would to open a regular savings account.

Warren Buffett and Elon Musk haven't got rich doing regular savers.

True, but you've less chance of following in their footsteps as joining Joe and Jess Thwaite in winning the EuroMillions jackpot.

surreysaver

slinger2 said:

surreysaver said:

slinger2 said:

My 6 month Regular Saver with Principality (8% AER) matured today. £1,231 appeared in my bank account, 6x£200 monthly payments plus £31 interest. I'll be paying 20% tax on the interest, so that leaves £25. I could have left it in an easy access account and got £15 or so, so my "profit" is £10. Is it worth it for the hassle of opening the account, making 6 payments, giving maturity instructions, etc? Probably not (I always tell myself) but it's harmless entertainment.

(6+5.45+4.45+3.45+2.45+1.45)/12*£200*8% = £31

What hassle? How long does it take to set up a standing order, then six months later provide maturity instructions?
What would you be doing with that time instead?
It's probably taken you ten times 2as long to participate in this thread than it would to open a regular savings account.

Warren Buffett and Elon Musk haven't got rich doing regular savers.

Go and follow in their footsteps, then

Dazed_and_C0nfused

slinger2 said:

surreysaver said:

slinger2 said:

My 6 month Regular Saver with Principality (8% AER) matured today. £1,231 appeared in my bank account, 6x£200 monthly payments plus £31 interest. I'll be paying 20% tax on the interest, so that leaves £25. I could have left it in an easy access account and got £15 or so, so my "profit" is £10. Is it worth it for the hassle of opening the account, making 6 payments, giving maturity instructions, etc? Probably not (I always tell myself) but it's harmless entertainment.

(6+5.45+4.45+3.45+2.45+1.45)/12*£200*8% = £31

What hassle? How long does it take to set up a standing order, then six months later provide maturity instructions?
What would you be doing with that time instead?
It's probably taken you ten times 2as long to participate in this thread than it would to open a regular savings account.

Warren Buffett and Elon Musk haven't got rich doing regular savers.

They're clearly missing a trick then, not as clever (some) people think they are 😉

trickydicky14

slinger2 said:

surreysaver said:

slinger2 said:

My 6 month Regular Saver with Principality (8% AER) matured today. £1,231 appeared in my bank account, 6x£200 monthly payments plus £31 interest. I'll be paying 20% tax on the interest, so that leaves £25. I could have left it in an easy access account and got £15 or so, so my "profit" is £10. Is it worth it for the hassle of opening the account, making 6 payments, giving maturity instructions, etc? Probably not (I always tell myself) but it's harmless entertainment.

(6+5.45+4.45+3.45+2.45+1.45)/12*£200*8% = £31

What hassle? How long does it take to set up a standing order, then six months later provide maturity instructions?
What would you be doing with that time instead?
It's probably taken you ten times 2as long to participate in this thread than it would to open a regular savings account.

Warren Buffett and Elon Musk haven't got rich doing regular savers.

Well that's a very useful contribution to this thread.

clairec666

surreysaver said:

slinger2 said:

My 6 month Regular Saver with Principality (8% AER) matured today. £1,231 appeared in my bank account, 6x£200 monthly payments plus £31 interest. I'll be paying 20% tax on the interest, so that leaves £25. I could have left it in an easy access account and got £15 or so, so my "profit" is £10. Is it worth it for the hassle of opening the account, making 6 payments, giving maturity instructions, etc? Probably not (I always tell myself) but it's harmless entertainment.

(6+5.45+4.45+3.45+2.45+1.45)/12*£200*8% = £31

What hassle? How long does it take to set up a standing order, then six months later provide maturity instructions?
What would you be doing with that time instead?
It's probably taken you ten times as long to participate in this thread than it would to open a regular savings account.

I'd make the effort for £10, but then again a) I quite enjoy my regular saver admin, as I've said before, and b) I've not got family to take care of so have more time to do the financial stuff. Even if I had a more hectic life, it's still not a huge amount of work to set up a standing order and most regular savers can be left well alone until maturity.

saverkev

CHIP

Did a survey for chip about choosing accounts from different providers and which would I choose with various options. A couple of the chip account options included regular savers between 5.5% and 7%. Perhaps they are going to offer one in the near future

Newly_retired

I have filled my ISA, so whilst I like to get the best rate of interest on my various accounts, EA, fixed and RS, this past year the interest pushed me into 40% tax. Fortunately some was mitigated by Gift Aid, but it is a balancing act as losing £500 of savings interest at 0% is a big drop. I don't have the mathematical ability to do an exact calculation, but it is now making me wary of going for the top rates. However with interest rates falling, I may well drop back into the 20% band and get the whole £1000 PSA.