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

UKX69

Hi Bobblehat,

Can you delete my details from the list, please. 

Thanks, UKX69

Bobblehat

UKX69 said:

Hi Bobblehat,

Can you delete my details from the list, please. 

Thanks, UKX69

They will disappear from the table in Post #1 at the next update. Thanks for taking part in the past.

PixelPound

@Bobblehat

I have 10 RS  (though 2 mature in Jan and unsure if renewing unless a good offer comes in)

Min percentage to open is 6.25% (might change once BoE cut affects new offerings)

Average rate of return is 6.6% (or 6.3% if including the 3 not funded for last 3 months), I know you don't have that but does seem better comparison than £ amounts.

To me it shows that RS are a good option for funds you might need, like emergency funds (so whether they allow withdrawal without closing or if do by closing is there a penalty) or saving for something specific (the xmas savers are good to give a nice lump sum without relying totally on last couple of pay packets).

CeliaSeas

I've been lurking and learning for a while, recently decided to get started and I now have five regular savers 😄

clairec666

My funding threshold will probably change, but I'm waiting to see how things shake out with the rate cuts. NatWest/RBS dropping to 5.25% changes things a bit. Time to play with my spreadsheet I reckon.

Kim_13

Thought I would be reporting a fall in the number of RS, but with the launch of Dudley Festive, expect to stay at 21 until opening another in late January (to fill a gap in my funding ladder.) Per month figure £2,085+ (but may change with rate changes.) Total value shall be updated in January, as £1K+ from Principality is about to end up in a holding account until then.

PixelPound

MaxiRobriguez said:

1 regular saver.

Almost all of my spare money goes into pension.

I have since chosen to underpay my mortgage and use the additional cash saved from that into the regular saver.

At the end of the year, that pot goes into an ISA, and I'll start a new regular saver.

I'm no better or worse off for doing this, but the benefit of reducing mortgage contributions means I've got more accessible cash if I need it (as the pension contributions are out of scope for me for another 17 years). 

I suppose it depends on people's reasons, age etc. For me my RS covers emergency fund, planned big purchases in the next year, and some "dry powder" to push into S&S after a big market crash. It's why my RS are a mixture of those that don't allow partial withdrawals and those that do.

Hope you have an emergency fund in addition to piling everything into the pension.

Bobblehat

PixelPound said:

The min% is interesting. Mine used to be 5.50% but since opening Monmouthshire accounts (the 6%, £500pm and then the members 7% £1000 pm) this has jumped to 6.25%, though even then it's looking at other factors like withdrawal options and duration.
I am not currently funding the 3 RS below 6%, I have 2 at 5.50% one maturing start of Jan and the other the end, and probably won't renew those (especially if the renewal options are lower) and instead revisit mid year since I've a gap where nothing is maturing.

On my spreadsheet I note which has fixed rate and which variable. Not seen any notification of reductions since the BoE cut, but if they do then does the minimum percentage drop or maybe whether it's fixed becomes a factor depending on how many cuts are expected in 2026.

Does anyone consider what their average percentage is? Looking at those still funding, the average percentage (using SUM(each RS monthly deposit * percentage) / SUM(RS monthly deposits) ) is 6.6%, though that would be lower if included the ones I'm not funding.

I must say I don't actually work out what my average % is! The reason is that I try to use the "open late in the month and fund as close to the last day as possible, and then as early in the next month as possible" strategy. This increases the final interest figure compared to what either the Bank/BS estimates or even the figure the MSE RS Calculator estimates. Along with holding the funds in different feeder accounts throughout the year, I'll admit to being a bit lazy trying to figure out a meaningful formula to calculate the true average percentage! The figures I am most interested in are the annual gross/net interest totals over all taxable interest accounts and tax-free interest accounts.

As an aside, I'm still trying to shift unforeseen inheritance money into ISAs and out of taxable interest accounts as quickly as possible, while trying to keep a grip of managing an expanding RS collection (where the RSs pay more after tax than the best ISAs!). Nice problem to have 

Bobblehat

CeliaSeas said:

I've been lurking and learning for a while, recently decided to get started and I now have five regular savers 😄

Nice to see your first post is to this thread    .... Welcome to the wonderful world of Regular Savers 

I've added your 5 into the table and they will appear on page 1 after the next update.

allegro120

PixelPound said:

@Bobblehat

I have 10 RS  (though 2 mature in Jan and unsure if renewing unless a good offer comes in)

Min percentage to open is 6.25% (might change once BoE cut affects new offerings)

Average rate of return is 6.6% (or 6.3% if including the 3 not funded for last 3 months), I know you don't have that but does seem better comparison than £ amounts.

To me it shows that RS are a good option for funds you might need, like emergency funds (so whether they allow withdrawal without closing or if do by closing is there a penalty) or saving for something specific (the xmas savers are good to give a nice lump sum without relying totally on last couple of pay packets).

How do you calculate the average rate of return?