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

allegro120

Bobblehat said:

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 

That's compulsory for SA, otherwise I wouldn't bother with this. I'm more interested in the process of maximising the returns.  I do an audit every six months - I go through all my accounts and record the total value, this is all I need to know

The only thing I calculate monthly is my RS distribution, this is just for reassurance that I have enough funds in my EA to facilitate my planned deposits.  

Bobblehat

allegro120 said:

Bobblehat said:

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 

That's compulsory for SA, otherwise I wouldn't bother with this. I'm more interested in the process of maximising the returns.  I do an audit every six months - I go through all my accounts and record the total value, this is all I need to know

The only thing I calculate monthly is my RS distribution, this is just for reassurance that I have enough funds in my EA to facilitate my planned deposits.  

Or avoiding SA if your potential taxable interest could be a tad over £10K, by shifting maybe just one account to mature in the following tax year and using the following year's ISA allowance to lower that years taxable interest. It's a bit of a balancing act, but I agree that maximising returns is the higher priority 

 

topyam

Having a rethink atm of whether I should open more lower interest rate RS, given the reduction in interest rates (and likely further reductions coming).

clairec666

topyam said:

Having a rethink atm of whether I should open more lower interest rate RS, given the reduction in interest rates (and likely further reductions coming).

Might be worth grabbing some of the lower fixed rate accounts. I usually wouldn't consider anything at 5%, but that might be towards the higher end of the scale in a year's time.

Bobblehat

topyam said:

Having a rethink atm of whether I should open more lower interest rate RS, given the reduction in interest rates (and likely further reductions coming).

clairec666 said:

topyam said:

Having a rethink atm of whether I should open more lower interest rate RS, given the reduction in interest rates (and likely further reductions coming).

Might be worth grabbing some of the lower fixed rate accounts. I usually wouldn't consider anything at 5%, but that might be towards the higher end of the scale in a year's time.

Yes! My 5.5% lower limit RSs are either, bagged, about to be bagged or it's likely that 5.25% and then 5% are a more realistic RS target to look at .... specially if Fixed! In fact, some of the higher still available non-RS Fixes are looking tempting if there is anticipation of further BOE rate cuts!

allegro120

Bobblehat said:

allegro120 said:

Bobblehat said:

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 

That's compulsory for SA, otherwise I wouldn't bother with this. I'm more interested in the process of maximising the returns.  I do an audit every six months - I go through all my accounts and record the total value, this is all I need to know

The only thing I calculate monthly is my RS distribution, this is just for reassurance that I have enough funds in my EA to facilitate my planned deposits.  

Or avoiding SA if your potential taxable interest could be a tad over £10K, by shifting maybe just one account to mature in the following tax year and using the following year's ISA allowance to lower that years taxable interest. It's a bit of a balancing act, but I agree that maximising returns is the higher priority 

 

My taxable interest is below £10k, but I still have to do SA to declare my other income (pension and royalties) which is above the threshold.  I regret I signed up for SA, but I don't think I can get out of it now.  The only option would be to pretend that I don't have any passive income and let HMRC work out my tax from my pension and the interest figures supplied by banks/BS, but that will be a fraud.  In my understanding l'm trapped like in 'Royston Vasey', can't see how I can get out of SA. 

Bobblehat

allegro120 said:

Bobblehat said:

allegro120 said:

Bobblehat said:

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 

That's compulsory for SA, otherwise I wouldn't bother with this. I'm more interested in the process of maximising the returns.  I do an audit every six months - I go through all my accounts and record the total value, this is all I need to know

The only thing I calculate monthly is my RS distribution, this is just for reassurance that I have enough funds in my EA to facilitate my planned deposits.  

Or avoiding SA if your potential taxable interest could be a tad over £10K, by shifting maybe just one account to mature in the following tax year and using the following year's ISA allowance to lower that years taxable interest. It's a bit of a balancing act, but I agree that maximising returns is the higher priority 

 

My taxable interest is below £10k, but I still have to do SA to declare my other income (pension and royalties) which is above the threshold.  I regret I signed up for SA, but I don't think I can get out of it now.  The only option would be to pretend that I don't have any passive income and let HMRC work out my tax from my pension and the interest figures supplied by banks/BS, but that will be a fraud.  In my understanding l'm trapped like in 'Royston Vasey', can't see how I can get out of SA. 

Interesting to hear your viewpoint about SA. I know some folks on here say no big deal. I was in a position last tax year of having to make a decision to shift some interest into this tax year or fill in SA if my calculations proved to be correct. I chickened out and shifted some EA money into a 1 Year Fix. I'm glad I did as it proved to be slightly beneficial in pure financial terms (over the two years) and did avoid SA because of the under £10K rule (just). 

Isa Allowance this year (and following years?), plus falling rates should stop me having to make that decision again 

subjecttocontract

I'm down to 13 now as I've closed & cashed in quite a few.
Plus I have a few with zero balance, standing order cancelled, awaiting interest payments .....don't know if they would be included. I'm hoping to close the lot by 1st quarter 2026. Regular savers, at one time, accounted for  around 8% of my annual savings income, so it's not a big loss.

allegro120

Bobblehat said:

allegro120 said:

Bobblehat said:

allegro120 said:

Bobblehat said:

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 

That's compulsory for SA, otherwise I wouldn't bother with this. I'm more interested in the process of maximising the returns.  I do an audit every six months - I go through all my accounts and record the total value, this is all I need to know

The only thing I calculate monthly is my RS distribution, this is just for reassurance that I have enough funds in my EA to facilitate my planned deposits.  

Or avoiding SA if your potential taxable interest could be a tad over £10K, by shifting maybe just one account to mature in the following tax year and using the following year's ISA allowance to lower that years taxable interest. It's a bit of a balancing act, but I agree that maximising returns is the higher priority 

 

My taxable interest is below £10k, but I still have to do SA to declare my other income (pension and royalties) which is above the threshold.  I regret I signed up for SA, but I don't think I can get out of it now.  The only option would be to pretend that I don't have any passive income and let HMRC work out my tax from my pension and the interest figures supplied by banks/BS, but that will be a fraud.  In my understanding l'm trapped like in 'Royston Vasey', can't see how I can get out of SA. 

Interesting to hear your viewpoint about SA. I know some folks on here say no big deal. I was in a position last tax year of having to make a decision to shift some interest into this tax year or fill in SA if my calculations proved to be correct. I chickened out and shifted some EA money into a 1 Year Fix. I'm glad I did as it proved to be slightly beneficial in pure financial terms (over the two years) and did avoid SA because of the under £10K rule (just). 

Isa Allowance this year (and following years?), plus falling rates should stop me having to make that decision again 

It's not a big deal for me to input my figures, i't the the rest of the form full of pages and questions I don't understand so have to google them up and in 12 months time I don't remember the answers so have to google them again.  Most of SA form content is completely irrelevant to my circumstances.  I'm not questioning or criticising the form, I understand it has to cater for all eventualities but it's a chore that I'd rather avoid if I could. 

Another thing about SA.  I don't understand what's the point of me submitting my own interest figures if HMRC getting this info from providers anyway?  What would happen if I put zero in that box, will HMRS adjust it to their records or will I be in trouble?  

subjecttocontract

I don't quite understand how anybody who receives savings interest would want to rely on someone else, especially the Government, to calculate their tax liability without having the opportunity to check it's accuracy. There seems to be a few people who don't keep their own records and are happy to let HMRC do the work for them.......It's a mystery to me. I like to be in control, have a handle on the numbers, complete a SA knowing the figures are accurate and that my tax bill is correct. Doing it any other way just wouldn't work for me.