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

OwnedByACat

              

s71hj

kermchem said:

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. 

But what is it?
Only joking! I'm eternally grateful to all the Krytens on this and the other thread 

Bobblehat

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"! 

Stasis Leak .... Red Dwarf .... bet OwnedByACat would like that one!

TheQuaker

Relative newbie, been in the game 3 months or so and now have 12. Toying with playing the bank switching game via an additional chase account to get some free cash plus access to the First Direct 7% RS. I currently have 3x monmouth, Nationwide, coop, Manchester, 2× principality, Scottish, darlo, virgin, progressive. Feeding from a 4.75% Chase account. Quite addictive I must say!

Bobblehat

OwnedByACat said:

              

Alternatively, in Terminator two when Arnie asks (referring to the Police turning up), "How many"? Young John Connor answers "All of them, I think"!

Middle_of_the_Road

Middle_of_the_Road 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 

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.

Make that 20......just applied for the Monmouthshire 6% 😂

s71hj

Bobblehat said:

OwnedByACat said:

              

Alternatively, in Terminator two when Arnie asks (referring to the Police turning up), "How many"? Young John Connor answers "All of them, I think"!

My days are punctuated with Red Dwarf and Father Ted analogies 

Bobblehat

s71hj said:

Bobblehat said:

OwnedByACat said:

              

Alternatively, in Terminator two when Arnie asks (referring to the Police turning up), "How many"? Young John Connor answers "All of them, I think"!

My days are punctuated with Red Dwarf and Father Ted analogies 

"You're right there, Ted"!

"Is there anything to be said for having another RS, Father"?

Bobblehat

Bridlington1 said:

Bobblehat said:

s71hj said:

Bobblehat said:

OwnedByACat said:

              

Alternatively, in Terminator two when Arnie asks (referring to the Police turning up), "How many"? Young John Connor answers "All of them, I think"!

My days are punctuated with Red Dwarf and Father Ted analogies 

"You're right there, Ted"!

"Is there anything to be said for having another RS, Father"?

Well now, are you sure you wouldn't like a nice hot cup of tea instead?

"Drink, Drink"! Now where's my bottle of Jameson's.

s71hj

Bobblehat said:

Bridlington1 said:

Bobblehat said:

s71hj said:

Bobblehat said:

OwnedByACat said:

              

Alternatively, in Terminator two when Arnie asks (referring to the Police turning up), "How many"? Young John Connor answers "All of them, I think"!

My days are punctuated with Red Dwarf and Father Ted analogies 

"You're right there, Ted"!

"Is there anything to be said for having another RS, Father"?

Well now, are you sure you wouldn't like a nice hot cup of tea instead?

"Drink, Drink"! Now where's my bottle of Jameson's.

The money was only resting in my regular saver accounts