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

luci

masonic said:

luci said:

nigelholl2 said:

luci said:

I am getting it (slowly), but I haven't explained myself very well. It was my cackhanded way of saying that I understood you only get interest on the amount that is in the account at any one time and not for the whole year.

Bobblehat kindly posted a clear explanation which has been very helpful.

I too struggled to get the attraction, but when I started looking at it again this year the lightbulb suddenly came on.
Critics do not take into account the interest that you are making on the feeder account.
When I started my journey down this rabbit hole, I modelled a feeder account & associated RS's
On my current collection, annually
1. if all the monies  was sat in an IA acc, would generate £1319
2. my RS's will generate £1217, in addition the IA acc gives £784 while the money is waiting to be transferred, so total of £2002

A £52% increase or £683 running the same money through the set of RS's
Hopefully that may assist

Many thanks for your detailed explanation which was very helpful. I'm glad someone understands where I was coming from, even if I may not have explained myself very well. I hadn't taken account of interest earned on a feeder account, which obviously makes a difference. Your reply is appreciated.

The ideal situation is where the feeder account is another regular saver. Consider the situation where you open one regular saver per month, each allowing a deposit of up to £250. By the end of the first year, you could have all your savings in high paying regular savings accounts. Each month, one matures and you use that balance to deposit into all the others and open a new one. Then all of your money will be earning regular savings rates. Those of us with a double digit number of regular savers are achieving something similar to this.

Many thanks for your detailed explanation. That makes perfect sense.

Until the last few years, I would have been all over this and sitting on the league table with multiple RS accounts, as I would have learned the benefits from here. I used to open, close, switch multiple bank accounts to take advantage of any benefits. However, ill health has forced me to make my finances much simpler.

Most of our money is in S&S ISAs via an IFA, so I don't need to worry about them or do anything. The rest is in much slimmed down cash accounts. I've had to accept that I am no longer able, nor do I need, to chase every last 0.01% of interest. That’s against my nature as I enjoyed the sport.

Our IFA told us last year to start spending our money. I suddenly realised that I had been so focussed on saving every penny, that I hadn’t thought what I was actually saving for. I took him at his word and have managed to spend £100,000 in the past year.

topyam

Oluci said:

masonic said:

luci said:

nigelholl2 said:

luci said:

I am getting it (slowly), but I haven't explained myself very well. It was my cackhanded way of saying that I understood you only get interest on the amount that is in the account at any one time and not for the whole year.

Bobblehat kindly posted a clear explanation which has been very helpful.

I too struggled to get the attraction, but when I started looking at it again this year the lightbulb suddenly came on.
Critics do not take into account the interest that you are making on the feeder account.
When I started my journey down this rabbit hole, I modelled a feeder account & associated RS's
On my current collection, annually
1. if all the monies  was sat in an IA acc, would generate £1319
2. my RS's will generate £1217, in addition the IA acc gives £784 while the money is waiting to be transferred, so total of £2002

A £52% increase or £683 running the same money through the set of RS's
Hopefully that may assist

Many thanks for your detailed explanation which was very helpful. I'm glad someone understands where I was coming from, even if I may not have explained myself very well. I hadn't taken account of interest earned on a feeder account, which obviously makes a difference. Your reply is appreciated.

The ideal situation is where the feeder account is another regular saver. Consider the situation where you open one regular saver per month, each allowing a deposit of up to £250. By the end of the first year, you could have all your savings in high paying regular savings accounts. Each month, one matures and you use that balance to deposit into all the others and open a new one. Then all of your money will be earning regular savings rates. Those of us with a double digit number of regular savers are achieving something similar to this.

Many thanks for your detailed explanation. That makes perfect sense.

Until the last few years, I would have been all over this and sitting on the league table with multiple RS accounts, as I would have learned the benefits from here. I used to open, close, switch multiple bank accounts to take advantage of any benefits. However, ill health has forced me to make my finances much simpler.

Most of our money is in S&S ISAs via an IFA, so I don't need to worry about them or do anything. The rest is in much slimmed down cash accounts. I've had to accept that I am no longer able, nor do I need, to chase every last 0.01% of interest. That’s against my nature as I enjoyed the sport.

Our IFA told us last year to start spending our money. I suddenly realised that I had been so focussed on saving every penny, that I hadn’t thought what I was actually saving for. I took him at his word and have managed to spend £100,000 in the past year.

Your health is your wealth..

Take care

luci

topyam said:

Oluci said:

masonic said:

luci said:

nigelholl2 said:

luci said:

I am getting it (slowly), but I haven't explained myself very well. It was my cackhanded way of saying that I understood you only get interest on the amount that is in the account at any one time and not for the whole year.

Bobblehat kindly posted a clear explanation which has been very helpful.

I too struggled to get the attraction, but when I started looking at it again this year the lightbulb suddenly came on.
Critics do not take into account the interest that you are making on the feeder account.
When I started my journey down this rabbit hole, I modelled a feeder account & associated RS's
On my current collection, annually
1. if all the monies  was sat in an IA acc, would generate £1319
2. my RS's will generate £1217, in addition the IA acc gives £784 while the money is waiting to be transferred, so total of £2002

A £52% increase or £683 running the same money through the set of RS's
Hopefully that may assist

Many thanks for your detailed explanation which was very helpful. I'm glad someone understands where I was coming from, even if I may not have explained myself very well. I hadn't taken account of interest earned on a feeder account, which obviously makes a difference. Your reply is appreciated.

The ideal situation is where the feeder account is another regular saver. Consider the situation where you open one regular saver per month, each allowing a deposit of up to £250. By the end of the first year, you could have all your savings in high paying regular savings accounts. Each month, one matures and you use that balance to deposit into all the others and open a new one. Then all of your money will be earning regular savings rates. Those of us with a double digit number of regular savers are achieving something similar to this.

Many thanks for your detailed explanation. That makes perfect sense.

Until the last few years, I would have been all over this and sitting on the league table with multiple RS accounts, as I would have learned the benefits from here. I used to open, close, switch multiple bank accounts to take advantage of any benefits. However, ill health has forced me to make my finances much simpler.

Most of our money is in S&S ISAs via an IFA, so I don't need to worry about them or do anything. The rest is in much slimmed down cash accounts. I've had to accept that I am no longer able, nor do I need, to chase every last 0.01% of interest. That’s against my nature as I enjoyed the sport.

Our IFA told us last year to start spending our money. I suddenly realised that I had been so focussed on saving every penny, that I hadn’t thought what I was actually saving for. I took him at his word and have managed to spend £100,000 in the past year.

Your health is your wealth..

Take care

Thank you. The admin involved in servicing multiple accounts is more than I am now able to cope with.

Bobblehat

luci said:

topyam said:

Oluci said:

masonic said:

luci said:

nigelholl2 said:

luci said:

I am getting it (slowly), but I haven't explained myself very well. It was my cackhanded way of saying that I understood you only get interest on the amount that is in the account at any one time and not for the whole year.

Bobblehat kindly posted a clear explanation which has been very helpful.

I too struggled to get the attraction, but when I started looking at it again this year the lightbulb suddenly came on.
Critics do not take into account the interest that you are making on the feeder account.
When I started my journey down this rabbit hole, I modelled a feeder account & associated RS's
On my current collection, annually
1. if all the monies  was sat in an IA acc, would generate £1319
2. my RS's will generate £1217, in addition the IA acc gives £784 while the money is waiting to be transferred, so total of £2002

A £52% increase or £683 running the same money through the set of RS's
Hopefully that may assist

Many thanks for your detailed explanation which was very helpful. I'm glad someone understands where I was coming from, even if I may not have explained myself very well. I hadn't taken account of interest earned on a feeder account, which obviously makes a difference. Your reply is appreciated.

The ideal situation is where the feeder account is another regular saver. Consider the situation where you open one regular saver per month, each allowing a deposit of up to £250. By the end of the first year, you could have all your savings in high paying regular savings accounts. Each month, one matures and you use that balance to deposit into all the others and open a new one. Then all of your money will be earning regular savings rates. Those of us with a double digit number of regular savers are achieving something similar to this.

Many thanks for your detailed explanation. That makes perfect sense.

Until the last few years, I would have been all over this and sitting on the league table with multiple RS accounts, as I would have learned the benefits from here. I used to open, close, switch multiple bank accounts to take advantage of any benefits. However, ill health has forced me to make my finances much simpler.

Most of our money is in S&S ISAs via an IFA, so I don't need to worry about them or do anything. The rest is in much slimmed down cash accounts. I've had to accept that I am no longer able, nor do I need, to chase every last 0.01% of interest. That’s against my nature as I enjoyed the sport.

Our IFA told us last year to start spending our money. I suddenly realised that I had been so focussed on saving every penny, that I hadn’t thought what I was actually saving for. I took him at his word and have managed to spend £100,000 in the past year.

Your health is your wealth..

Take care

Thank you. The admin involved in servicing multiple accounts is more than I am now able to cope with.

Thanks for sharing. A little while back I was asked why I included members with zero RS holdings. It is for inclusivity, as they have taken the time to explain why they hold none. Each one has an equally valid point of view to those that hold many RS's and adds to the richness of the discussion in this thread. 

If I may, I'll add you to the table as holding zero. Your contribution to the thread is refreshingly different 

clairec666

luci said:

topyam said:

Oluci said:

masonic said:

luci said:

nigelholl2 said:

luci said:

I am getting it (slowly), but I haven't explained myself very well. It was my cackhanded way of saying that I understood you only get interest on the amount that is in the account at any one time and not for the whole year.

Bobblehat kindly posted a clear explanation which has been very helpful.

I too struggled to get the attraction, but when I started looking at it again this year the lightbulb suddenly came on.
Critics do not take into account the interest that you are making on the feeder account.
When I started my journey down this rabbit hole, I modelled a feeder account & associated RS's
On my current collection, annually
1. if all the monies  was sat in an IA acc, would generate £1319
2. my RS's will generate £1217, in addition the IA acc gives £784 while the money is waiting to be transferred, so total of £2002

A £52% increase or £683 running the same money through the set of RS's
Hopefully that may assist

Many thanks for your detailed explanation which was very helpful. I'm glad someone understands where I was coming from, even if I may not have explained myself very well. I hadn't taken account of interest earned on a feeder account, which obviously makes a difference. Your reply is appreciated.

The ideal situation is where the feeder account is another regular saver. Consider the situation where you open one regular saver per month, each allowing a deposit of up to £250. By the end of the first year, you could have all your savings in high paying regular savings accounts. Each month, one matures and you use that balance to deposit into all the others and open a new one. Then all of your money will be earning regular savings rates. Those of us with a double digit number of regular savers are achieving something similar to this.

Many thanks for your detailed explanation. That makes perfect sense.

Until the last few years, I would have been all over this and sitting on the league table with multiple RS accounts, as I would have learned the benefits from here. I used to open, close, switch multiple bank accounts to take advantage of any benefits. However, ill health has forced me to make my finances much simpler.

Most of our money is in S&S ISAs via an IFA, so I don't need to worry about them or do anything. The rest is in much slimmed down cash accounts. I've had to accept that I am no longer able, nor do I need, to chase every last 0.01% of interest. That’s against my nature as I enjoyed the sport.

Our IFA told us last year to start spending our money. I suddenly realised that I had been so focussed on saving every penny, that I hadn’t thought what I was actually saving for. I took him at his word and have managed to spend £100,000 in the past year.

Your health is your wealth..

Take care

Thank you. The admin involved in servicing multiple accounts is more than I am now able to cope with.

It can be rather a challenge if you're juggling multiple accounts. A sensible choice for a lot of people is to just have a regular saver with the bank they have their current account with, there are some nice "easy" ones like Nationwide and Cooperative where you don't have to deposit every month and you can make withdrawals if necessary. And Natwest, where you don't even have to worry about it maturing! To name but a few.

luci

Bobblehat said:

luci said:

topyam said:

Oluci said:

masonic said:

luci said:

nigelholl2 said:

luci said:

I am getting it (slowly), but I haven't explained myself very well. It was my cackhanded way of saying that I understood you only get interest on the amount that is in the account at any one time and not for the whole year.

Bobblehat kindly posted a clear explanation which has been very helpful.

I too struggled to get the attraction, but when I started looking at it again this year the lightbulb suddenly came on.
Critics do not take into account the interest that you are making on the feeder account.
When I started my journey down this rabbit hole, I modelled a feeder account & associated RS's
On my current collection, annually
1. if all the monies  was sat in an IA acc, would generate £1319
2. my RS's will generate £1217, in addition the IA acc gives £784 while the money is waiting to be transferred, so total of £2002

A £52% increase or £683 running the same money through the set of RS's
Hopefully that may assist

Many thanks for your detailed explanation which was very helpful. I'm glad someone understands where I was coming from, even if I may not have explained myself very well. I hadn't taken account of interest earned on a feeder account, which obviously makes a difference. Your reply is appreciated.

The ideal situation is where the feeder account is another regular saver. Consider the situation where you open one regular saver per month, each allowing a deposit of up to £250. By the end of the first year, you could have all your savings in high paying regular savings accounts. Each month, one matures and you use that balance to deposit into all the others and open a new one. Then all of your money will be earning regular savings rates. Those of us with a double digit number of regular savers are achieving something similar to this.

Many thanks for your detailed explanation. That makes perfect sense.

Until the last few years, I would have been all over this and sitting on the league table with multiple RS accounts, as I would have learned the benefits from here. I used to open, close, switch multiple bank accounts to take advantage of any benefits. However, ill health has forced me to make my finances much simpler.

Most of our money is in S&S ISAs via an IFA, so I don't need to worry about them or do anything. The rest is in much slimmed down cash accounts. I've had to accept that I am no longer able, nor do I need, to chase every last 0.01% of interest. That’s against my nature as I enjoyed the sport.

Our IFA told us last year to start spending our money. I suddenly realised that I had been so focussed on saving every penny, that I hadn’t thought what I was actually saving for. I took him at his word and have managed to spend £100,000 in the past year.

Your health is your wealth..

Take care

Thank you. The admin involved in servicing multiple accounts is more than I am now able to cope with.

Thanks for sharing. A little while back I was asked why I included members with zero RS holdings. It is for inclusivity, as they have taken the time to explain why they hold none. Each one has an equally valid point of view to those that hold many RS's and adds to the richness of the discussion in this thread. 

If I may, I'll add you to the table as holding zero. Your contribution to the thread is refreshingly different 

Many thanks for your kind reply, it is appreciated.

Yes, you can add me to the table. You never know, I may move up the ranks if I do open a RS! 

Today, I feel like I could open and service one no problem. However, next week may be a different matter. If it was possible to set up a SO from a feeder account, rather than have to transfer the funds manually, I would probably go for it. However, I don’t believe I can do that from any of the accounts I currently hold and I don’t want to open any new current accounts that pay interest.

luci

clairec666 said:

luci said:

topyam said:

Oluci said:

masonic said:

luci said:

nigelholl2 said:

luci said:

I am getting it (slowly), but I haven't explained myself very well. It was my cackhanded way of saying that I understood you only get interest on the amount that is in the account at any one time and not for the whole year.

Bobblehat kindly posted a clear explanation which has been very helpful.

I too struggled to get the attraction, but when I started looking at it again this year the lightbulb suddenly came on.
Critics do not take into account the interest that you are making on the feeder account.
When I started my journey down this rabbit hole, I modelled a feeder account & associated RS's
On my current collection, annually
1. if all the monies  was sat in an IA acc, would generate £1319
2. my RS's will generate £1217, in addition the IA acc gives £784 while the money is waiting to be transferred, so total of £2002

A £52% increase or £683 running the same money through the set of RS's
Hopefully that may assist

Many thanks for your detailed explanation which was very helpful. I'm glad someone understands where I was coming from, even if I may not have explained myself very well. I hadn't taken account of interest earned on a feeder account, which obviously makes a difference. Your reply is appreciated.

The ideal situation is where the feeder account is another regular saver. Consider the situation where you open one regular saver per month, each allowing a deposit of up to £250. By the end of the first year, you could have all your savings in high paying regular savings accounts. Each month, one matures and you use that balance to deposit into all the others and open a new one. Then all of your money will be earning regular savings rates. Those of us with a double digit number of regular savers are achieving something similar to this.

Many thanks for your detailed explanation. That makes perfect sense.

Until the last few years, I would have been all over this and sitting on the league table with multiple RS accounts, as I would have learned the benefits from here. I used to open, close, switch multiple bank accounts to take advantage of any benefits. However, ill health has forced me to make my finances much simpler.

Most of our money is in S&S ISAs via an IFA, so I don't need to worry about them or do anything. The rest is in much slimmed down cash accounts. I've had to accept that I am no longer able, nor do I need, to chase every last 0.01% of interest. That’s against my nature as I enjoyed the sport.

Our IFA told us last year to start spending our money. I suddenly realised that I had been so focussed on saving every penny, that I hadn’t thought what I was actually saving for. I took him at his word and have managed to spend £100,000 in the past year.

Your health is your wealth..

Take care

Thank you. The admin involved in servicing multiple accounts is more than I am now able to cope with.

It can be rather a challenge if you're juggling multiple accounts. A sensible choice for a lot of people is to just have a regular saver with the bank they have their current account with, there are some nice "easy" ones like Nationwide and Cooperative where you don't have to deposit every month and you can make withdrawals if necessary. And Natwest, where you don't even have to worry about it maturing! To name but a few.

Thank you. I already juggle the accounts we have for both myself and the OH and they're just about enough for me at the moment.

Nationwide is the one I would consider opening for both of us, as our main current account with them. I did notice that you don’t need to deposit every month and wondered if that would work for me. I do find their app quick and easy to use, so I would probably be able to make a deposit from there at some time during the month. Unfortunately, it wouldn’t be a true feeder account, as the FlexAccount doesn’t pay interest and I’ve already had their accounts that do pay interest.

I’m definitely coming round to the idea.

Kim_13

I think I’d prefer 15, with 1 maturity per month and keeping the open ended Regular Savers I have. But in practice it is a risky strategy to delay opening the likes of Progressive, Scottish and Hanley who don’t have a consistent track record of offering something table topping. The maturity of a £50 per month Regular Saver means another is needed for that month, since most will have more than £600 worth of allowance to fill.

Having multiple RS on the go with one institution (Principality, Melton) or apps (Hanley, Cambridge, Saffron, Monmouthshire, Coventry) do make managing the various logins easier. I’ll have make sure I can still log in at MHBS ahead of maturity on 30/11 (though as that’s a Sunday, I’m guessing we won’t get the funds until December.)

winkowinko

I've just opened my first one : 

Zopa 7.1%

Bobblehat

winkowinko said:

I've just opened my first one : 

Zopa 7.1%

Wahey! The journey begins! 

You're in the table!