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

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 

GringoGoesToVagas

topyam said:

Starting to find this is addictive!
I have five now..

How many does everybody else on here have?

Non! because saving money is a mugs game

subjecttocontract

Middle_of_the_Road said:

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% 😂

Are you aware that there are a couple of Monmouth 7% reg savers available ?

Bobblehat

GringoGoesToVagas said:

topyam said:

Starting to find this is addictive!
I have five now..

How many does everybody else on here have?

Non! because saving money is a mugs game

Err ... you may have stumbled into the wrong forum!

Kim_13

subjecttocontract said:

Middle_of_the_Road said:

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% 😂

Are you aware that there are a couple of Monmouth 7% reg savers available ?

There were, now NLA. Existing customers only too… did those who opened them without having been members on the specified date ever have Mon BS close the accounts?

Middle_of_the_Road

subjecttocontract said:

Middle_of_the_Road said:

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% 😂

Are you aware that there are a couple of Monmouth 7% reg savers available ?

Did see mention of them, but never looked into them that closely as my only easy access funds were in a CMC ISA at a good rate at the time.

LZC

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.

What I think you are missing is that you should not be investing all your cash. The advice is generally to keep around 6 months’ income as cash/cash equivalent for emergencies. So even those maxing their stocks and shares ISAs should hold some cash. 

Regular Savers generally offer the best return for that cash, outperforming the average return on Premium Bonds even after tax. To maximise your return on the 6 months of income held as cash would likely require a double digit number of Regular Savers (whilst avoiding those like First Direct which don’t allow penalty free access) spread out across the year. 

clairec666

LZC 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.

What I think you are missing is that you should not be investing all your cash. The advice is generally to keep around 6 months’ income as cash/cash equivalent for emergencies. So even those maxing their stocks and shares ISAs should hold some cash. 

Regular Savers generally offer the best return for that cash, outperforming the average return on Premium Bonds even after tax. To maximise your return on the 6 months of income held as cash would likely require a double digit number of Regular Savers (whilst avoiding those like First Direct which don’t allow penalty free access) spread out across the year. 

There are plenty of regular savers which allow unlimited withdrawals or closure without penalty, so are a useful home for your emergency funds.

Bridlington1

s71hj said:

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 

You went to Las Vegas, whilst that poor child was supposed to be in Lourdes!