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

DRS1

luci said:

Can someone explain the attraction of RS’s? From my understanding, a 6.5% RS actually yields around 3.25% over the year. I’m clearly missing something obvious here, especially when I read that someone was funding theirs from an ISA account.

I practically lived on the MSE forums for years and kept myself well informed. Unfortunately, ill health has kept me away from the forums for the past few years, but I’m trying to get back into it.

Thanks.

Who can explain why people get addicted to anything.  Clearly RSs can become addictive.  Sure signs you are an addict include opening accounts which

mature in 6 months time or

only allow you to save £50 per month or

require you to open a current account that you otherwise did not need or want.

I seem to have got myself on the list by admitting to having a very old RS paying 2.45% (I thought that would shock the RS regulars who wouldn't look at anything paying less than 6.5%).

I actually have another paying 5% which auto renews so survives only because I have done nothing about it.

But the worrying thing is that I have now opened a new RS at Manchester BSoc.

So in the spirit of Halloween you will see me Zombie walking up the table.

Monthly amount is £1200.

20122013

Apologise if this has already been mentioned,  I was wondering how much will be needed  to fund the maximum allowed to all the RS which can be opened online (exclude the ones in Ireland, or need to be open at a branch / via post )? would it be about £10,000pcm or more?  (Not looking for an exact figure as the product changes)

Kim_13

20122013 said:

Apologise if this has already been mentioned,  I was wondering how much will be needed  to fund the maximum allowed to all the RS which can be opened online (exclude the ones in Ireland, or need to be open at a branch / via post )? would it be about £10,000pcm or more?  (Not looking for an exact figure as the product changes)

7%+ - £1,350
6.5% - £900
6.25% - £400
6% - £500

So £3,150 for every account paying 6% or more, if I’ve counted them correctly. These would also require current accounts with Co-Op, Zopa, First Direct, Virgin Money, Nationwide and Lloyds (Club.)

Depends what your threshold is.

clairec666

20122013 said:

Apologise if this has already been mentioned,  I was wondering how much will be needed  to fund the maximum allowed to all the RS which can be opened online (exclude the ones in Ireland, or need to be open at a branch / via post )? would it be about £10,000pcm or more?  (Not looking for an exact figure as the product changes)

Doing a rough calculation, going through moneyfactscompare's list from the top, you can get to £10000 with all the online-opening regular savers paying over 4% interest.

kermchem

20122013 said:

Apologise if this has already been mentioned,  I was wondering how much will be needed  to fund the maximum allowed to all the RS which can be opened online (exclude the ones in Ireland, or need to be open at a branch / via post )? would it be about £10,000pcm or more?  (Not looking for an exact figure as the product changes)

Earlier in this thread I said that my modest collection of 16 RSs could take £4275 per month. Those with larger collections could easily exceed £10k. You could not start from zero and save that much this month.

Bridlington1

clairec666 said:

20122013 said:

Apologise if this has already been mentioned,  I was wondering how much will be needed  to fund the maximum allowed to all the RS which can be opened online (exclude the ones in Ireland, or need to be open at a branch / via post )? would it be about £10,000pcm or more?  (Not looking for an exact figure as the product changes)

Doing a rough calculation, going through moneyfactscompare's list from the top, you can get to £10000 with all the online-opening regular savers paying over 4% interest.

I've just done a quick calculation of the accounts currently on p1 of the main regular savers thread as there's some accounts missing from moneyfacts.

Using an assumed mean, these are the totals I came to:

Open to all:

£11,850 if you exclude SRBS (can be opened online but withdrawals/closure are branch/post).

In addition there's £7,150 in accounts that didn't meet the criteria specified by @20122013, due to branch/post opening.

I don't know how you'd wish to categorise SRBS as it can be opened online but withdrawals/closure are branch/post, but that's another £1k.

Local/loyal/beta/new customer only:

£4,550- Note it's impossible to hold all of these accounts due to eligibility criteria of the individual accounts.

There's then another £500 in children's accounts.

Thus if you include children's accounts and assume my calculations are correct (they may not be, I've done then quite quickly) there's enough regular savers to absorb £25,050/mth though in practice it's impossible to hold all of them simultaneously.

Bobblehat

While King Bridlington1 was number bashing, I was also giving it a go too and came up with this using the King B's currently available page 1 listings 

Roughly agreeing with Kim_13's results ...


I didn't need to go into the "Local/loyal/beta/new customer only" category as I hit the £10,000 with the open to all section. It's interesting to see that you can throw £5,950pm at the currently available greater than 5.00% RS's, which will beat most current unlimited Easy Access accounts.

Zekko

I've opened a Principality Christmas 2026 Regular Saver, so now on 8 total, with a monthly funding of £1,950.

clairec666

Bobblehat said:

While King Bridlington1 was number bashing, I was also giving it a go too and came up with this using the King B's currently available page 1 listings 

Roughly agreeing with Kim_13's results ...


I didn't need to go into the "Local/loyal/beta/new customer only" category as I hit the £10,000 with the open to all section. It's interesting to see that you can throw £5,950pm at the currently available greater than 5.00% RS's, which will beat most current unlimited Easy Access accounts.

Worth mentioning that a lot of people in the league table will have Monmouthshire's 7% account, so we've got an extra £1000 going in at 7%. Hence why some people's monthly totals may seem rather high.

And of course other NLA accounts.

trickydicky14

20122013 said:

Apologise if this has already been mentioned,  I was wondering how much will be needed  to fund the maximum allowed to all the RS which can be opened online (exclude the ones in Ireland, or need to be open at a branch / via post )? would it be about £10,000pcm or more?  (Not looking for an exact figure as the product changes)

I think you will find it's a lot more, I have around 44 RS now and pay in about 10k a month. Some folks have many more than that. A good handful allow you to put £500 to a £1000 in so 10k soon gets used up.