Being nosey... How many Regular Saver accounts do you have?

topyam

For ease of finding the RS League Table that Bobblehat compiles, I've added it to this 1st post. 

The updates will appear here periodically rather than embedded in the thread and a post will be made to the latest page to announce an update. 

Please send your data as usual and it will appear in the next update when it's published. 

Thanks,

Bob.

FYI - The original post that kicked all this off...

Starting to find this is addictive!
I have five now..
How many does everybody else on here have?

la531983

Thanks for telling us what RS stands for....

JGB1955

la531983 said:

Thanks for telling us what RS stands for....

Regular Savings accounts

clairec666

I currently have 18, although two of them I haven't funded for a couple of months.

18 months ago I only had 5, so watch out @topyam your collection will probably keep growing!

18 feels like a lot to me, but I know others here have many, many more.
I don't earn anywhere near enough to fund all my accounts each month - most of them are funded from previous years' accounts maturing.

topyam

Most of my five are the top ones, and I'm finding myself wondering what to set my criteria for opening at in terms of the minimum interest rate that I would consider. Though learning that the amount you can deposit each month is important too.
So have a RS at 6% with a £500 limit each month, but the majority are 7% and over with lower limits. 

It's hard too to know what way things will go, and if things will get better or worse. 

Been looking at the Scottish BS offering and wondering whether to consider 6.5% but it isn't the simplest account atm. So potential ease of opening and use is a consideration i guess too. 

surreysaver

I've got 54, although some of them I only fund with the minimum that the T&Cs allow as they aren't as competitive as when I opened them

subjecttocontract

The number of reg savers varies regularly as some mature and new ones are added. Currently I have 23, they require almost £6000 a month to service and the total value is almost £40K.

Tree_pipe99

I might consider doing this but I'm not sure how much effort (hours) it would take, and potentially how much extra I could make compared to 1 standard savings account?

I guess I'm asking if this is more of a hobby and I'd effectively be working for minimum wage. 

subjecttocontract

My 23 reg saver have a projected annual return of around £2500. I just pay them all by standing order so it doesn't take up much of my time.

arthurdick

Up until around 2.5 years ago, I only had 2 bank accounts, the Halifax and Chelsea, now thanks to some savvy savers on the top RS thread, I now have around  25 bank or BS accounts, and roughly 36 RS's.  I have learned a lot from Bridlington, soulsaver and surrey saver,  they are the 3 I remember off the top of my head.  Not all fully funded but  keeping and opening accounts just in case they launch good rate offers in the future.  I am with a few banks, that, if not from the top RS thread and Moneyfacts , I would have never known about.

clairec666

Tree_pipe99 said:

I might consider doing this but I'm not sure how much effort (hours) it would take, and potentially how much extra I could make compared to 1 standard savings account?

I guess I'm asking if this is more of a hobby and I'd effectively be working for minimum wage. 

With a little bit of effort, you can manage to get £25000 circulating round in regular saver accounts, so that they mature at fairly regular intervals and you can use the proceeds to fund the other accounts. The money would be earning, say, 6%+ for the whole year, without sitting around in lower paying accounts.

As a rough calculation, your £25000 averaging 6% would earn £1500 interest over the year. Sticking the whole lot in an account at 4% for the year would earn you £1000. So a £500 gain, although tax may come into play.

How much time does it take, and is it worth the £500? It would take 40 hours at minimum wage to earn that much (again, ignoring tax for now). Feasibly you only need to spend half an hour or less each month making it work. With standing orders there's minimal time and effort involved. The majority of the effort is spent setting up the accounts in the first place. And it takes a bit of time (and thought) to build up your accounts so that they're maturing at regular intervals in the scenario I described.

Personal choice really, but I think it's worth it.