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

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.

elsien

I have one. Guess that means I’m about to be drummed out of MSE. 🤣

clairec666

elsien said:

I have one. Guess that means I’m about to be drummed out of MSE. 🤣

Nah, it means we're going to hook you in and make you open more

jaypers

Down to 13 currently with £3410 of funding each month. 

trickydicky14

clairec666 said:

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.

Be careful when using comments like, "The money would be earning, say, 6%+ for the whole year" you will have the " Well I only got half of that interest rate, it's a big con" brigade after you. Don't get me wrong, I'm a big fan of RS's and have lots to be going on with.

Hattie627

I have roughly 56 at the moment, well spread out over the year.

The following 11 mature in October/November:-

TSB  14/10
Principality BS Xmas 2025 (no 1) 24/10
Newcastle BS RS  24/10
Cambridge BS Extra Reward RS  30/10
Yorkshire BS Xmas RS 2025    31/10
Gatehouse Bank RS 4/11
Principality BS 6 month RS Issue 3 (no 2)  8/11
Aldermore Bank RS 12/11
Chorley BS RS  (30/11)
Principality BS 6 month RS Issue 3 (no 3) 30/11
Market Harborough BS Fixed Term RS 30/11

mon3ysav3r

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. 

I have 48 RS, almost all I fund on the first of the month (except Zopa and Coventry). I also use the RS funding as an opportunity to move money around several current accounts to avoid monthly charges and get some perks (Disney+), and I fund some RS via credit card for other rewards, sometimes like this month I move money into accounts to qualify for prize draws (I won 1000 pounds recently).

Effort hours, it took me almost 2 hours yesterday, but I did get locked out of one of my accounts which slowed me down. I would say a couple of hours a month max.

Extra, I average 5.52%APR on all the RS at the moment, compared with around 4.50%APR on my other savings accounts (although that normal savings APR is falling month on month as good rates end).

Is the extra 1% worth 2 hours a month?, well it is for me, I get around a thousand pounds a year before tax over what I would get in a standard savings account.

kermchem

I have 15, plus one in the post. I consider myself a beginner. I could save £4275 a month if I had the income, but in reality I have about £9K circulating, and adding £300 to £600 per month.

More importantly I am earning 6.71% interest per year across the lot. Can't get that in an easy access saver, and if someone tries to sell you one then you know it is a scam.

Most of the work is an hour on a couple of days per month, but more could be automated with standing orders.

fabsaver

The latest count tells me I currently have 62 

It's addictive.

FishInGlass

21 for me. Kept the two NatWest and RBS but the former now at max. Of the rest all bar 2 fully funded with rates at >=6%. The remaining two at 5.5% are not being funded at present but with the rates declining on my easy access cash ISAs that situation could easily change.

I spend more time on this forum than I do managing the accounts.