To use regular savers or not

Zekko

TheWoodler said:

I think a really good way of looking at RS is to think that each individual £ is earning the most it possibly can at any given time - and those gains are maximised by drip-feeding. 

Another way of looking at RS is as part of a diversified savings portfolio - a mixture of EA, fixed bonds and RS. 

Exactly.
Regular savers form an integral part of my strategy to try and preserve the purchasing power of my cash emergency fund. 

I currently have around 35% of my emergency fund in fixed term bonds, and remaining 65% in an easy access account from which I drip feed that in to multiple high interest regular savers. Excess employment income gets fed in to the S&S ISA first until 20k cap and then in to the EA account.

Once the regular savers mature I transfer any surplus money above what I need for a cash emergency fund in to my S&S ISA (allowance permitting) or back to the EA account.

I’m kind of weird in that I enjoy doing the admin of all this.

clairec666

trickydicky14 said:

HedgehogRulez said:

I’ve heard that regular savers are a scam as they only pay out half the promised interest on your closing balance!! 😗

This has to be a wind up or you can't understand a word that has been written on these posts.

I assumed they were joking

clairec666

Zekko said:

I’m kind of weird in that I enjoy doing the admin of all this.

You're not the only one

jaypers

clairec666 said:

Zekko said:

I’m kind of weird in that I enjoy doing the admin of all this.

You're not the only one

Ditto……All of the above applies to me too 

Hattie627

sausage_time said:

Hi @topyam - I don't think you have had a chance to reply to any of the comments or feedback.

Do you have all you need, or do you have any more questions?   Some of the replies are clearly getting a bit silly (and misleading!), so if you are good I'll suggest this thread be closed!

I don't think this thread should be closed.

If anyone has conscientiously read through the thread, they will have learned a lot about Regular Savers and why, done properly, they are a useful savings method.

Yes there are replies which are joking or silly, but these are obvious to anyone who has read the thread. I take issue with the "misleading" tag. 

saverkev

mon3ysav3r said:

poolboy said:

  
Only downside is self assessment and tallying up interest payments on 30+ accounts.

Yes, this is going to be some work I am not looking forward to doing

Self Assessment

Myself and a good proportion of other savers don't need to worry about self assessment - HMRC will calculate tax to be paid from information from the lenders and will make necessary adjustments to tax codes (or request payment) if the amount earned in the tax year exceeds the yearly allowance. (currently £1000 and hopefully the current Government won't alter it but  who knows!)

friolento

saverkev said:

mon3ysav3r said:

poolboy said:

  
Only downside is self assessment and tallying up interest payments on 30+ accounts.

Yes, this is going to be some work I am not looking forward to doing

Self Assessment

Myself and a good proportion of other savers don't need to worry about self assessment - HMRC will calculate tax to be paid from information from the lenders and will make necessary adjustments to tax codes (or request payment) if the amount earned in the tax year exceeds the yearly allowance. (currently £1000 and hopefully the current Government won't alter it but  who knows!)

Some people have to make self assessments for reasons other than interest payments.

But even if I did not have to make SAs, I would not trust the HMRC, and/or the reporting by the financial institutions, on the annual interest amounts.

It's a good idea to get into the habit of recording all your interest payments as and when they happen. You can do this in a simple spreadsheet or on a piece of paper.

jimjames

Hattie627 said:

sausage_time said:

Hi @topyam - I don't think you have had a chance to reply to any of the comments or feedback.

Do you have all you need, or do you have any more questions?   Some of the replies are clearly getting a bit silly (and misleading!), so if you are good I'll suggest this thread be closed!

I don't think this thread should be closed.

Everything that needs to be said has been added, I can't see any point in the thread just getting clogged with more replies

clairec666

jimjames said:

Hattie627 said:

sausage_time said:

Hi @topyam - I don't think you have had a chance to reply to any of the comments or feedback.

Do you have all you need, or do you have any more questions?   Some of the replies are clearly getting a bit silly (and misleading!), so if you are good I'll suggest this thread be closed!

I don't think this thread should be closed.

Everything that needs to be said has been added, I can't see any point in the thread just getting clogged with more replies

I don't think the OP has actually responded yet, so maybe keep it open so that they can ask any further questions?

Or maybe they think we're all bonkers and have run away to hide

Suzycoll

topyam said:

Confused and can't get my head around whether regular savers accounts are an option for me...

I have savings - over £30k
What i can't understand is whether i am better having this in an easy access account paying a decent rate, or moving some into regular savers accounts?
Surely a decent amount is better altogether earning interest?

Sorry - I have read up on regular savers accounts, but still think I'm missing something in my understanding as so many of you use them. 

Hi
Do you have any ISA accounts to take advantage of tax free?