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

Bobblehat

Thanks for the kind comments.

I have a hybrid system which relies on 1st & 2nd payment being manual if I open the RS at the end of a month and fund the 2nd payment on the 1st of the next month. After that it's SO until maturity. Sometimes I have to vary this because the T&C's don't allow my usual routine!

dont_use_vistaprint

I don’t have any. I always thought the rewards were just too small for all the effort of opening, managing and moving money

For example, if you had £100,000 sat earning 4.6% in a 95-day access, with the maximum effort and number of regular savers , schedules transactions etc what  would be the  increase you could get in one year 

I totally disagree with those who say the effort is minimal the process of opening and administering all those accounts is huge, and all the extra mail emails text messages cards and pin numbers, it can easily consume hours of your time, that  you could be using to make money

Bobblehat

Martico said:

OK, pop-pickers, I'm straight into the charts at number 60 (I think) this week, with two. I've had a fair few mature recently, much of which was destined for elsewhere, so I'm kind of starting again. It'd be nice to grow to one maturing per month, but that's not an immediate prospect.

So, for now, I just have two: FD and Co-op. Contributing 550 per month, current value = 850

Thanks for the fun posting 

You are currently actually Joint 40th in the chart as I sort the entries with equal counts by A-Z on their member name, (I have to pick something after the count of RS's). I regard all participants with equal RS counts as being in a "Joint" position, even if one person appears below another person in the table 

Kim_13

clairec666 said:

Appreciating all your hard work Bobblehat

No need to add this to the spreadsheet, but would be interesting to know who else manually funds all their accounts each month, and who sets up standing orders and just lets everything run itself.
For a mid-table regular saver like myself, doing everything manually each month isn't too strenuous.

I added a neat little bit of code to my banking spreadsheet which kind of "automates" any future transactions (on the spreadsheet only, of course) so I can fast-forward in time and see what my finances will look like in a few months' time. Useful for knowing how to spread my funding around each month.
I can fast forward all the way to August next year, just before my Monmouthshire accounts mature, and it looks like my total regular saver holdings will have jumped to £37000. Natwest and RBS will have dwindled to £0 around April then will start building back up again.

This little system also makes it easy to count how many individual transactions I'll be doing over the next year... and it's rather made me realise how much time I spend on this, and that switching back to standing orders might be a wise idea.

Mind you, I spent 3 hours this morning coding this, and I don't consider that to be time wasted

Manually. If I automated everything that would be a day’s interest gone, as I don’t have favourable overdraft terms to be able to afford for a SO to go earlier in the day than the funds land. Many accounts receive differing funding each month, or are funded from different accounts where terms allow based on the current accounts that are short of their minimum funding.

Recently there seems to have been an increase in forumites having valid payments returned because SOs went before the receiving institution had reset the monthly limit. 

I’ve only ever messed up three times: missing one payment into Stafford, but thankfully they don’t downgrade the account unless three are missed in a society year; accidental overfunding of a Principality account (sent £140 when the max was £125) and accidental overfunding of a Skipton account because I sent it to the already funded RS rather than the Member Bonus Saver that was my holding account at that time.

Bobblehat

dont_use_vistaprint said:

I don’t have any. I always thought the rewards were just too small for all the effort of opening, managing and moving money

For example, if you had £100,000 sat earning 4.6% in a 95-day access, with the maximum effort and number of regular savers , schedules transactions etc what  would be the  increase you could get in one year 

I totally disagree with those who say the effort is minimal the process of opening and administering all those accounts is huge, and all the extra mail emails text messages cards and pin numbers, it can easily consume hours of your time, that  you could be using to make money

Now, that's a great question for all the spreadsheet fans out there! Watch this space 

UKX69

Martico said:

OK, pop-pickers, I'm straight into the charts at number 60 (I think) this week, with two. I've had a fair few mature recently, much of which was destined for elsewhere, so I'm kind of starting again. It'd be nice to grow to one maturing per month, but that's not an immediate prospect.

So, for now, I just have two: FD and Co-op. Contributing 550 per month, current value = 850

Reading Martico’s post has reminded me that I too would like a RS maturing each month. Perhaps I’ll rethink my strategy and instead of aiming max investment I’ll open one per month! Mmmm. 🤔

clairec666

UKX69 said:

Martico said:

OK, pop-pickers, I'm straight into the charts at number 60 (I think) this week, with two. I've had a fair few mature recently, much of which was destined for elsewhere, so I'm kind of starting again. It'd be nice to grow to one maturing per month, but that's not an immediate prospect.

So, for now, I just have two: FD and Co-op. Contributing 550 per month, current value = 850

Reading Martico’s post has reminded me that I too would like a RS maturing each month. Perhaps I’ll rethink my strategy and instead of aiming max investment I’ll open one per month! Mmmm. 🤔

That was my original aim, but somehow I never seem to achieve it!

topyam

clairec666 said:

UKX69 said:

Martico said:

OK, pop-pickers, I'm straight into the charts at number 60 (I think) this week, with two. I've had a fair few mature recently, much of which was destined for elsewhere, so I'm kind of starting again. It'd be nice to grow to one maturing per month, but that's not an immediate prospect.

So, for now, I just have two: FD and Co-op. Contributing 550 per month, current value = 850

Reading Martico’s post has reminded me that I too would like a RS maturing each month. Perhaps I’ll rethink my strategy and instead of aiming max investment I’ll open one per month! Mmmm. 🤔

That was my original aim, but somehow I never seem to achieve it!

This is ideal situation... but some RS are only available for a certain time, and it's about grabbing the offer when it's available.
Been quiet since the Principality Xmas RS launched..

RosieRooBear

clairec666 said:

Appreciating all your hard work Bobblehat

No need to add this to the spreadsheet, but would be interesting to know who else manually funds all their accounts each month, and who sets up standing orders and just lets everything run itself.
For a mid-table regular saver like myself, doing everything manually each month isn't too strenuous.

I added a neat little bit of code to my banking spreadsheet which kind of "automates" any future transactions (on the spreadsheet only, of course) so I can fast-forward in time and see what my finances will look like in a few months' time. Useful for knowing how to spread my funding around each month.
I can fast forward all the way to August next year, just before my Monmouthshire accounts mature, and it looks like my total regular saver holdings will have jumped to £37000. Natwest and RBS will have dwindled to £0 around April then will start building back up again.

This little system also makes it easy to count how many individual transactions I'll be doing over the next year... and it's rather made me realise how much time I spend on this, and that switching back to standing orders might be a wise idea.

Mind you, I spent 3 hours this morning coding this, and I don't consider that to be time wasted

@Bobblehat, updated R.S. number for me & hubby is now at 80 (I do like a nice even number 😂) after that flurry of new regular savers that I couldn’t resist opening for both of us. Didn’t even get reduced by our Principality accounts as we both had 3 each recently maturing and luckily they all matured into 6 month issue 4’s.

@clairc666, I actually maintain them all by manually funding. Thank heavens spreadsheets were invented, which I print off every month and as soon as I fund the account it gets crossed off, haven’t made a mistake yet 🤞. Probably takes a couple of hours once a month to make sure it’s done properly, as long as I have peace and quiet. I look at it I’d have to update my spreadsheet with the amounts anyway so prefer to do it this way so as soon as I fund one it gets updated straight away.

What it’s worth in monetary terms instead of keeping it in a single account is probably worth around an extra £2000 a year as I/we have so many. That’s easy extra money as far as I’m concerned with minimal effort.

Newly_retired

I have never managed to do spreadsheets but I keep meticulous records.unfortunately I do not have a RS maturing each month, so I have to do a fair bit of moving money around. I had a conversation with my son yesterday, telling him that if I die suddenly, they will all get frozen and he can take his time to sort my many accounts, but if I have a stroke or am suddenly incapacitated, he will struggle to get to grips with them and I will probably go overdrawn on 1st of the month! So I am not planning on opening any more, by restricting myself to not doing postal applications. Maybe I will reduce by sticking to a lower interest rate too.