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

subjecttocontract

None what so ever. I'm sold on simplification without any reg savers, but I will still have premium bonds, ISAs, easy access a/c's, current a/c's, fixed rate bonds etc. I'm also not renewing my fixed rate bonds as they mature. I'm putting all of them into NS&I. My savings income will go down by a few 000's a year but I'm still left with more than I need. 

topyam

I have 14 RS. Putting in £4060 / month. 

Interest rates range from 4.85 - 7.5%.

Fixed rate RS have become more appealing recently. High deposit limits appeal to me too. And I online have online RS.

happybagger

First time I've revisited this. I'm at 44 ct, will open the ESBS and MHBS in Feb taking it to 46.
6 are just 'ticking over' as membership maintaining. About 14k pm, near 15k from Feb.
Keeping an eye out for Progressive, thought one might have materialised by now.

Rob_Wills

It is not the number of accounts but the amount that matters. 
I can't find any single account with a fixed interest rate of 6.25% above £400 per month.  
There are plenty with rates in excess of 6%, variable and fixed, up to 7.5%, allowing £100+ monthly.

Bobblehat

Rob_Wills said:

It is not the number of accounts but the amount that matters. 
I can't find any single account with a fixed interest rate of 6.25% above £400 per month.  
There are plenty with rates in excess of 6%, variable and fixed, up to 7.5%, allowing £100+ monthly.

Tell us your figures so that others can compare your strategy with those that have already contributed to the League Table. Quite a variety in the way folks do RSs on here! 

Mrs_Trellis_of_North_Wales

I recently passed by Manchester Building Society's King Street branch and went in to open their Festive RS. They are very nice and friendly there. It brings me up to 37 regular savers (and a leap up the league table I hope).

Hattie627

I've been carrying out a January review of my Regular Savers. The current count is 61, all of which are currently being funded each month except for one (Coventry BS First Home Saver Issue 2). A couple are being minimally funded each month (Stafford BS Regular Saver @ £25 per month and Hinckley and Rugby BS 30 day notice RS Issue 2 @ £10 per month). Total deposits due on 1st or 2nd Feb are £15,850. 

Edited to add:- I don't apply a minimum threshold before opening a new RS (or starting/continuing to fund an existing one). I consider each account (new or already open) based on the currently prevailing interest rates, the terms and conditions of the account (for example, fixed or variable rate, access conditions etc) and practical considerations (ease of opening/managing/closing).

Bobblehat

Greetings pop-pickers .....

M_T_o_N_W moves up 2 places from 16th to 14th and Hattie627 nudges up 1 place to 4th, and is the current leader in terms of (declared) Monthly contributions 

Not 'arf!

PixelPound

Rob_Wills said:

It is not the number of accounts but the amount that matters. 
I can't find any single account with a fixed interest rate of 6.25% above £400 per month.  
There are plenty with rates in excess of 6%, variable and fixed, up to 7.5%, allowing £100+ monthly.

I get that, when Monmouthshire 7% RS with it's £1000pm came out, it could be seen as a better option than Principality 7.5%, partly because of it's per month amount, and also because it's a full year rather than 6m. Compounding meant even if you could only fund it fully for first few months it was still better than sticking £200 in the 6m one and reopening it on maturity.

Are you surprised with the lack? The larger the monthly deposit, the more it costs them in interest when often RS can be about the rates for promotion - saying you have "saving rates up to XX%" looks good, can get you to the top of tables. They also might get people into the saving habit committing £100pm and knowing it gets 7%, and that's probably their target rather than those wanting somewhere to stick £1000's every month at high interest.

We had 4 basis cuts last year and most likely to be 2 or more this year, soon that 6% offering might look nostalgic.

PixelPound

Mrs_Trellis_of_North_Wales said:

I recently passed by Manchester Building Society's King Street branch and went in to open their Festive RS. They are very nice and friendly there. It brings me up to 37 regular savers (and a leap up the league table I hope).

Yup, so far resisting the urge to open 20-30 more RS that I don't need nor fund more than a minimum just to get up that table 

I probably can see the need to open more if new offerings are smaller amounts (My 2 Monmouthshire accounts is £1500pm, if they don't have renewal options and I was limited to those just accepting £100-£200 I'd need several more)