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

s71hj

Bobblehat said:

Exodi said:

Usually 1 or 2.

While I'm a big advocate of Regular Savers, there are several things that hinder my ability to go crazy like other forumites.

Firstly is opportunity cost. If I have surplus cash and I don't need the money in the short-medium term, I'd likely be better off investing the money instead. My current (tax-free) XIRR on investments is around double the rate you can get from Regular Savers.

It's also worth remembering that all Regular Savers are taxable. A higher rate tax payer for example, could exceed their PSA with no previous savings, by just contributing the maximum to ~4 RS accounts over a year. This would effectively turn a 7% First Direct Regular Saver into 4.2%. While still not bad, it's certainly not as exciting as it might first appear.

I appreciate that everyone's situation is different, but it's hard to imagine people with double digit numbers of Regular Saver accounts are not paying tax on the interest, unless they're just making minimum contributions (to which you'd wonder what the point was). For some, if they have some of their ISA allowance available to them, they might be better off putting the money in there than another Regular Saver.

Of course there's also those that have more money than they know what to do with. Those that have maxed out theirs and their partners ISA allowances in April, don't want (or it is impractical, e.g. due to stage in life) to invest and accept they will pay tax on interest.

Thanks Exodi. I could add you into the table as 1.5 if you like  ... or 1 or 2 if you prefer ... it's all a bit of fun!

Some good comments in your post for readers to mull over.

What's an XIRR! 

OrangeBlueGreen

Will someone beat exel1966's 76 Regular Savers this week? 

Kim_13

Bobblehat said:

Exodi said:

Usually 1 or 2.

While I'm a big advocate of Regular Savers, there are several things that hinder my ability to go crazy like other forumites.

Firstly is opportunity cost. If I have surplus cash and I don't need the money in the short-medium term, I'd likely be better off investing the money instead. My current (tax-free) XIRR on investments is around double the rate you can get from Regular Savers.

It's also worth remembering that all Regular Savers are taxable. A higher rate tax payer for example, could exceed their PSA with no previous savings, by just contributing the maximum to ~4 RS accounts over a year. This would effectively turn a 7% First Direct Regular Saver into 4.2%. While still not bad, it's certainly not as exciting as it might first appear.

I appreciate that everyone's situation is different, but it's hard to imagine people with double digit numbers of Regular Saver accounts are not paying tax on the interest, unless they're just making minimum contributions (to which you'd wonder what the point was). For some, if they have some of their ISA allowance available to them, they might be better off putting the money in there than another Regular Saver.

Of course there's also those that have more money than they know what to do with. Those that have maxed out theirs and their partners ISA allowances in April, don't want (or it is impractical, e.g. due to stage in life) to invest and accept they will pay tax on interest.

Thanks Exodi. I could add you into the table as 1.5 if you like  ... or 1 or 2 if you prefer ... it's all a bit of fun!

Some good comments in your post for readers to mull over.

Indeed. A 7% RS becomes a 5.6% after basic rate tax, making it harder to beat with an ISA. Fiscal drag will therefore also reduce contributions to this thread, as more MSErs become higher rate taxpayers and the game is no longer worthwhile.

Middle_of_the_Road

Bobblehat said:

I wonder if there are any closet RS enthusiasts browsing this forum that are too shy to contribute?

Unfortunately, I'm not expert enough with the forum's search facility to know how to search for them, but I'd never add in their past admissions anyway without their say so, as they can easily do it themselves here if they wished to play 

Have 19 at this time. Not worked out monthly funding total or amount deposited.  I could have applied for more, but trying not to open accounts with any more providers, as feel it could become too burdensome. 
The whole savings mindset I find, can become an obsession, and distract one from enjoying other important aspects of life that I feel are pleasureable.

clairec666

Bobblehat said:

I wonder if there are any closet RS enthusiasts browsing this forum that are too shy to contribute?

Unfortunately, I'm not expert enough with the forum's search facility to know how to search for them, but I'd never add in their past admissions anyway without their say so, as they can easily do it themselves here if they wished to play 

I've also wondered, among us regular saver lovers, how many of us invest in stocks and shares? I wonder if some of us are drawn to regular savers because we like the predictability and the reliable rate of return, and also because we can work out the best mathematical strategy? I've only got about 20% of my savings in S&S ISA, and despite having a decent percentage return on my money so far, I find it much less satisfying than my regular saver haul, mostly because it is not due to any "expertise" on my part but seems to be completely down to luck.

OrangeBlueGreen

I knew I'd upload the wrong version!  I think I've taken this too far!

Bobblehat

s71hj said:

Bobblehat said:

Exodi said:

Usually 1 or 2.

While I'm a big advocate of Regular Savers, there are several things that hinder my ability to go crazy like other forumites.

Firstly is opportunity cost. If I have surplus cash and I don't need the money in the short-medium term, I'd likely be better off investing the money instead. My current (tax-free) XIRR on investments is around double the rate you can get from Regular Savers.

It's also worth remembering that all Regular Savers are taxable. A higher rate tax payer for example, could exceed their PSA with no previous savings, by just contributing the maximum to ~4 RS accounts over a year. This would effectively turn a 7% First Direct Regular Saver into 4.2%. While still not bad, it's certainly not as exciting as it might first appear.

I appreciate that everyone's situation is different, but it's hard to imagine people with double digit numbers of Regular Saver accounts are not paying tax on the interest, unless they're just making minimum contributions (to which you'd wonder what the point was). For some, if they have some of their ISA allowance available to them, they might be better off putting the money in there than another Regular Saver.

Of course there's also those that have more money than they know what to do with. Those that have maxed out theirs and their partners ISA allowances in April, don't want (or it is impractical, e.g. due to stage in life) to invest and accept they will pay tax on interest.

Thanks Exodi. I could add you into the table as 1.5 if you like  ... or 1 or 2 if you prefer ... it's all a bit of fun!

Some good comments in your post for readers to mull over.

What's an XIRR! 

I bet Exodi could explain it better than I could 

Middle_of_the_Road

clairec666 said:

Bobblehat said:

I wonder if there are any closet RS enthusiasts browsing this forum that are too shy to contribute?

Unfortunately, I'm not expert enough with the forum's search facility to know how to search for them, but I'd never add in their past admissions anyway without their say so, as they can easily do it themselves here if they wished to play 

I've also wondered, among us regular saver lovers, how many of us invest in stocks and shares? I wonder if some of us are drawn to regular savers because we like the predictability and the reliable rate of return, and also because we can work out the best mathematical strategy? I've only got about 20% of my savings in S&S ISA, and despite having a decent percentage return on my money so far, I find it much less satisfying than my regular saver haul, mostly because it is not due to any "expertise" on my part but seems to be completely down to luck.

I would think not so many. Also I would guess us Reggers are generally more advanced in years, whilst those funding regular investments are comparitivley younger.
Being around this site, I've become more comfortable about investing, and have a proportion of my capital invested in SIPP

s71hj

Bobblehat said:

s71hj said:

Bobblehat said:

Exodi said:

Usually 1 or 2.

While I'm a big advocate of Regular Savers, there are several things that hinder my ability to go crazy like other forumites.

Firstly is opportunity cost. If I have surplus cash and I don't need the money in the short-medium term, I'd likely be better off investing the money instead. My current (tax-free) XIRR on investments is around double the rate you can get from Regular Savers.

It's also worth remembering that all Regular Savers are taxable. A higher rate tax payer for example, could exceed their PSA with no previous savings, by just contributing the maximum to ~4 RS accounts over a year. This would effectively turn a 7% First Direct Regular Saver into 4.2%. While still not bad, it's certainly not as exciting as it might first appear.

I appreciate that everyone's situation is different, but it's hard to imagine people with double digit numbers of Regular Saver accounts are not paying tax on the interest, unless they're just making minimum contributions (to which you'd wonder what the point was). For some, if they have some of their ISA allowance available to them, they might be better off putting the money in there than another Regular Saver.

Of course there's also those that have more money than they know what to do with. Those that have maxed out theirs and their partners ISA allowances in April, don't want (or it is impractical, e.g. due to stage in life) to invest and accept they will pay tax on interest.

Thanks Exodi. I could add you into the table as 1.5 if you like  ... or 1 or 2 if you prefer ... it's all a bit of fun!

Some good comments in your post for readers to mull over.

What's an XIRR! 

I bet Exodi could explain it better than I could 

Reminds me of a moment (probably misremembered) in Red Dwarf where Cat says to Kryten about some galactic phenomenon " what is it" and at the end of Kryten's explanation Cat says  "Yeh, but what is it"! 

kermchem

s71hj said:

Bobblehat said:

s71hj said:

Bobblehat said:

Exodi said:

Usually 1 or 2.

While I'm a big advocate of Regular Savers, there are several things that hinder my ability to go crazy like other forumites.

Firstly is opportunity cost. If I have surplus cash and I don't need the money in the short-medium term, I'd likely be better off investing the money instead. My current (tax-free) XIRR on investments is around double the rate you can get from Regular Savers.

It's also worth remembering that all Regular Savers are taxable. A higher rate tax payer for example, could exceed their PSA with no previous savings, by just contributing the maximum to ~4 RS accounts over a year. This would effectively turn a 7% First Direct Regular Saver into 4.2%. While still not bad, it's certainly not as exciting as it might first appear.

I appreciate that everyone's situation is different, but it's hard to imagine people with double digit numbers of Regular Saver accounts are not paying tax on the interest, unless they're just making minimum contributions (to which you'd wonder what the point was). For some, if they have some of their ISA allowance available to them, they might be better off putting the money in there than another Regular Saver.

Of course there's also those that have more money than they know what to do with. Those that have maxed out theirs and their partners ISA allowances in April, don't want (or it is impractical, e.g. due to stage in life) to invest and accept they will pay tax on interest.

Thanks Exodi. I could add you into the table as 1.5 if you like  ... or 1 or 2 if you prefer ... it's all a bit of fun!

Some good comments in your post for readers to mull over.

What's an XIRR! 

I bet Exodi could explain it better than I could 

Reminds me of a moment (probably misremembered) in Red Dwarf where Cat says to Kryten about some galactic phenomenon " what is it" and at the end of Kryten's explanation Cat says  "Yeh, but what is it"! 

So its the annual rate of return on a stocks and shares ISA or a constellation of (ir)regular savers where the amount saved each month is different.