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

Bobblehat

luci said:

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.

You could think of it this way .... you're a Nationwide member so applying for their RS is a doddle and its a very reasonable one too at 6.50%! You've probably got the funds to feed the RS in the CA and you can set up a standing order to do the transfer and then forget about it. Of course, if it's likely that you might not want to fund the RS every month then manual transfers as and when will work fine. 

luci

fuzzzzy said:

luci 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.

A very interesting post. I myself had to simplify all my accounts about 10 years ago after a sudden adverse health event. My username refers to my brain not my hair. But I did recover and just slowly made it all more complicated again!

This year I had resolved not to open any more regular savers, but I got sucked back in by a 7% regular saver with up to £1k monthly funding allowed, and a flurry of others followed. As DRS1 said in his post, it is an addiction. I know logically I should be investing more of my money but I keep putting off thinking about investing, which I know little about, and getting side-tracked by moving around cash savings.

I am glad you are managing to spend, that is something I need to work on more.

I am also realising I need to simplify my finances because I want to make use of the gifting from excess income exemption for IHT. I was just thinking about this today before coming online. I move so much money around different accounts so often that it would be very difficult to prove what my actual expenditure is.

I wouldn’t know where to start with investing if I had to do it myself. We went to a local IFA 11 years ago to discuss pensions and he transferred the cash ISAs and PEPs we had into S&S ISAs, which have performed well even during market slumps.

We were also advised to draw down our pensions within the tax free threshold before we start getting the state pension.

We have a considerable amount in S&S ISAs and I still wonder where it all came from. I didn’t think our work and private pensions were that large and neither of us have even earned enough to pay the high rate of income tax.

I don’t pay much attention to their fees, as we are getting a good return after the fees have been deducted.

Spending large amounts was an alien concept to me, after treating every penny as a prisoner. We started with a new car, then a kitchen, bathroom, patio door and window, boiler, bed and 8 holidays, including six 14 nights cruises. It gets easier the more you do it!

We have more than we could ever spend, especially when we have no direct family to leave it to. I’ve run out of things to spend money on, apart from holidays, so we’re ramming them in as much as we can. Travel insurance has become a major issue, as almost all companies decline to quote. I eventually found two specialist medical providers that would cover me after hours of research.

luci

Bobblehat said:

luci said:

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.

You could think of it this way .... you're a Nationwide member so applying for their RS is a doddle and its a very reasonable one too at 6.50%! You've probably got the funds to feed the RS in the CA and you can set up a standing order to do the transfer and then forget about it. Of course, if it's likely that you might not want to fund the RS every month then manual transfers as and when will work fine. 

Thanks. My head is mince and I forgot that I can just set up a SO from the FlexAccount. Might bite the bullet and do that.
Is the N/Wide one a fixed 12 month term, or is it ongoing?

Kim_13

luci said:

Bobblehat said:

luci said:

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.

You could think of it this way .... you're a Nationwide member so applying for their RS is a doddle and its a very reasonable one too at 6.50%! You've probably got the funds to feed the RS in the CA and you can set up a standing order to do the transfer and then forget about it. Of course, if it's likely that you might not want to fund the RS every month then manual transfers as and when will work fine. 

Thanks. My head is mince and I forgot that I can just set up a SO from the FlexAccount. Might bite the bullet and do that.
Is the N/Wide one a fixed 12 month term, or is it ongoing?

12 month term. I would wait until Monday now, as any transactions after a cut off on Saturday are dated as such anyway and will accrue no interest until then. The limit resets on the 1st of the month, so I would do £200 manually when you open it in October and then 12 SOs of the same for the 1st (the RS will accept 13 payments.)

luci

Kim_13 said:

luci said:

Bobblehat said:

luci said:

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.

You could think of it this way .... you're a Nationwide member so applying for their RS is a doddle and its a very reasonable one too at 6.50%! You've probably got the funds to feed the RS in the CA and you can set up a standing order to do the transfer and then forget about it. Of course, if it's likely that you might not want to fund the RS every month then manual transfers as and when will work fine. 

Thanks. My head is mince and I forgot that I can just set up a SO from the FlexAccount. Might bite the bullet and do that.
Is the N/Wide one a fixed 12 month term, or is it ongoing?

12 month term. I would wait until Monday now, as any transactions after a cut off on Saturday are dated as such anyway and will accrue no interest until then. The limit resets on the 1st of the month, so I would do £200 manually when you open it in October and then 12 SOs of the same for the 1st (the RS will accept 13 payments.)

Many thanks, that's really helpful. I've taken note of what you said and will open them on Monday. 

clairec666

Kim_13 said:

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.

I didn't really want/need a new regular saver this month, but those three you mentioned all popped up around the same time, and somehow I've ended up with two of them, and will probably have the other one too if it becomes available online. Can't rely on them being available in a couple of months time so have to grab those rates while I can.

I've got Nationwide maturing soon, and may delay renewing it until there's a nice gap in my maturity dates that it can slot into. I.e. in a quiet month when one of these smaller building societies isn't offering something good. They've consistently offered a regular saver for quite a while now, so I reckon I can rely on it being available in January.... but now that I've said that, they'll probably pull it!

Kim_13

clairec666 said:

Kim_13 said:

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.

I didn't really want/need a new regular saver this month, but those three you mentioned all popped up around the same time, and somehow I've ended up with two of them, and will probably have the other one too if it becomes available online. Can't rely on them being available in a couple of months time so have to grab those rates while I can.

I've got Nationwide maturing soon, and may delay renewing it until there's a nice gap in my maturity dates that it can slot into. I.e. in a quiet month when one of these smaller building societies isn't offering something good. They've consistently offered a regular saver for quite a while now, so I reckon I can rely on it being available in January.... but now that I've said that, they'll probably pull it!

Also my strategy, yet to renew my Nationwide and Skipton. Hoping a Principality Issue 5 appears at a convenient time, as I don't want another 6 month from a maturity in February as that will be August when Monmouthshire 7% is maturing. Darlington is getting very little funding as a result, as they were opened at a similar time.

Bobblehat

luci said:

Bobblehat said:

luci said:

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.

You could think of it this way .... you're a Nationwide member so applying for their RS is a doddle and its a very reasonable one too at 6.50%! You've probably got the funds to feed the RS in the CA and you can set up a standing order to do the transfer and then forget about it. Of course, if it's likely that you might not want to fund the RS every month then manual transfers as and when will work fine. 

Thanks. My head is mince and I forgot that I can just set up a SO from the FlexAccount. Might bite the bullet and do that.
Is the N/Wide one a fixed 12 month term, or is it ongoing?

I was hesitating to suggest going for the NWide RS on Monday with 1st manual payment by internal transfer with a 2nd payment on 1st Nov, but only because it might sound like salesman talk and pushing you a bit too soon!

Anyhow, Kim_13 beat me to it  .... they have worked it all out for you. The two payments, one either side of the month boundary adds an extra ~£9 to the final interest estimated by Nwide and the 13th payment in Oct 2026 adds another £1 in interest. Somewhere in the region of £94

If Nwide let you set up an SO for the 1st Nov (until 1st Oct 2026, 12 payments) on Monday, would the SO go out on the 1st or the 3rd? Maybe you aren't too bothered as you could just fire and forget 

Kim_13

Bobblehat said:

luci said:

Bobblehat said:

luci said:

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.

You could think of it this way .... you're a Nationwide member so applying for their RS is a doddle and its a very reasonable one too at 6.50%! You've probably got the funds to feed the RS in the CA and you can set up a standing order to do the transfer and then forget about it. Of course, if it's likely that you might not want to fund the RS every month then manual transfers as and when will work fine. 

Thanks. My head is mince and I forgot that I can just set up a SO from the FlexAccount. Might bite the bullet and do that.
Is the N/Wide one a fixed 12 month term, or is it ongoing?

I was hesitating to suggest going for the NWide RS on Monday with 1st manual payment by internal transfer with a 2nd payment on 1st Nov, but only because it might sound like salesman talk and pushing you a bit too soon!

Anyhow, Kim_13 beat me to it  .... they have worked it all out for you. The two payments, one either side of the month boundary adds an extra ~£9 to the final interest estimated by Nwide and the 13th payment in Oct 2026 adds another £1 in interest. Somewhere in the region of £94

If Nwide let you set up an SO for the 1st Nov (until 1st Oct 2026, 12 payments) on Monday, would the SO go out on the 1st or the 3rd? Maybe you aren't too bothered as you could just fire and forget 

Probably the 3rd, and were it me I would fund it manually on the 1st in the AM, as that will receive a credited date of the 1st. But given the OPs need to keep things simple for health reasons, I figured the fund manually once and then 12 SOs for the 1st was a reasonable compromise between maximising interest and ease of administration.

Bobblehat

Kim_13 said:

Bobblehat said:

luci said:

Bobblehat said:

luci said:

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.

You could think of it this way .... you're a Nationwide member so applying for their RS is a doddle and its a very reasonable one too at 6.50%! You've probably got the funds to feed the RS in the CA and you can set up a standing order to do the transfer and then forget about it. Of course, if it's likely that you might not want to fund the RS every month then manual transfers as and when will work fine. 

Thanks. My head is mince and I forgot that I can just set up a SO from the FlexAccount. Might bite the bullet and do that.
Is the N/Wide one a fixed 12 month term, or is it ongoing?

I was hesitating to suggest going for the NWide RS on Monday with 1st manual payment by internal transfer with a 2nd payment on 1st Nov, but only because it might sound like salesman talk and pushing you a bit too soon!

Anyhow, Kim_13 beat me to it  .... they have worked it all out for you. The two payments, one either side of the month boundary adds an extra ~£9 to the final interest estimated by Nwide and the 13th payment in Oct 2026 adds another £1 in interest. Somewhere in the region of £94

If Nwide let you set up an SO for the 1st Nov (until 1st Oct 2026, 12 payments) on Monday, would the SO go out on the 1st or the 3rd? Maybe you aren't too bothered as you could just fire and forget 

Probably the 3rd, and were it me I would fund it manually on the 1st in the AM, as that will receive a credited date of the 1st. But given the OPs need to keep things simple for health reasons, I figured the fund manually once and then 12 SOs for the 1st was a reasonable compromise between maximising interest and ease of administration.

Fully understand your reasoning ... either way it gives luci a simple choice of a 2nd manual payment on the 1st or a SO set up in advance on the 1st, but fired off on the 3rd by Nwide.