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

Kim_13

Excluding any RS that is awaiting maturity and will not be funded again before then, I have 3 x Principality, 3 x Melton, 2 x Monmouthshire, Saffron, Darlington, Dudley, Cambridge, Market Harborough, NatWest, Halifax, Loughborough, Stafford (£25 minimum to keep as open ended) and Coventry (£10 per month for a prize draw entry.)

So I make that 18, with a further 4 of those to mature before Christmas. MHBS looks as though it won’t be replaceable, so I’m looking to add the new Scottish BS account later this month with a view to the proceeds being used for November 2026 funding. Almost at 1 maturity per month which is what I’m aiming for.

clairec666

trickydicky14 said:

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.

True, yes... I've met "the brigade" before, and I know how hard they are to convince.

What I was trying (not very well) to explain was, if you manage to space your maturity dates well throughout the year, then each time an account matures then you can spread it around all your regular savers straight away; it'll never be sitting around in a lower paying account and will always be earning the best interest possible.

Archerychick

Think I have about 10 at the moment which I fund using £3k per month.  I’m pretty much just moving money from lower accounts into the RS accounts to maximise returns. In the next 4 months I expect to have emptied the RBS/Natwest RS to other RS accounts at a higher rate as there isn’t any more money to move around and still meet monthly outgoings

nigelholl2

Hattie627 said:

Current account switching can be very lucrative (and tax-free). Done with care, organisation and persistence it can net you more than a basketful of RS's. Unfortunately it doesn't last forever and you will sooner or later run out of switches for which you qualify. Definitely worth doing while it lasts, though.  I've more or less done them all, started with a switch of a RBS current account to Clydesdale Bank around 2014. I don't often qualify now but ever hopeful.

The organisation & management of RSs through spreadsheets if fun to me, so will be doing the same with the 'Switching' project, and plan it out before pulling the trigger.
Not really a hobby you discuss in pubic though, even OH isn't really interested, but she appreciates what financial planning gives her.
Need to find the MSE threads on 'Switching', as a leaning portal, no doubt another highly used thread.

poolboy

I have 30+ regular savers with a pot of c60k, my lowest is 5% so a few get culled.  It's really a question of optimisation, HEB out and find another. I try and open 1 a month so I ve always got 1 maturing.

I reckon 60k at 6% is 1.5% premium to feeder (4.5), so 900 quid for doing v little.

Some are on the naughty step as they are just below 5% but have free withdrawals.

Bridlington1

I've got a grand total of 61 at present and shall hopefully be adding number 62 to my collection soon (Suffolk BS).

I'll add a caveat though, not all of these get funded though as I keep running out of funds to put in them due to other accounts consuming a lot of funds. Some of those unfunded are kept for membership purposes, others are kept speculatively.

masonic

I'm hovering around the 20 mark. This is mainly due to some recent offers that were too good to refuse.

clairec666

BikingBud said:

At the moment none as I am abusing the best regular saver, Sal sac into pension.

But I have a small window between retiring and SPA where I will be looking to draw down set up my own "Whirlpool" or is the best collective noun a "Constellation"?

I like the idea of "Whirlpool" for a collection of regular savers

fuzzzzy

I have around 10. I had decided not to bother with any more but got sucked back in with the Monmouthshire 7% £1000 per month, and a few others since.

Hal17

I'm looking after 42 at the moment, split 50/50 with the wife. She has no interest at all but is happy that I have another hobby that keeps me out of trouble.