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

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)

Dizzycap

fabsaver said:

The latest count tells me I currently have 62 

It's addictive.

      Awesome!    I presently have 48 and just applied for another. Yes, it's definately addictive   

@ PixelPound - Obviously, it goes without saying that the 12 month RS where you can park larger monthly deposits with a 6-7% interest rate are more lucrative, but are now becoming far between. However, holding all of those that were available with larger amounts with 6-7% interest rates that haven't had a reduction in interest rate and then working down the tree of 12 month RS with the odd Principality 6 month RS & smaller deposit 12 monthly RS with 8% interest rates which get used to compound interest from RSs that mature each month, works out well for those who have funds available to load up on the 'standard' RS they hold. 

Bobblehat

Dizzycap said:

fabsaver said:

The latest count tells me I currently have 62 

It's addictive.

      Awesome!    I've presently got 48 and just applied for another. Yes, it's definately addictive   

You got me scratching my head on this comment! I currently have fabsaver at 68 (2nd in the league) and wondered if I'd missed a recent post from them declaring a drop to 62.

After a little bit of searching I found that 62 was from a post back in October! Phew! Sanity restored! 

Dizzycap ... thanks for your post, I take it you have no objection to adding your 48 (49 soon?) to the League Table?

clairec666

Minor update on my accounts - I'm now up to 22. Definitely a one-in-one-out policy from now on.... mind you I think I said that when I had 15.

fabsaver

Bobblehat said:

Dizzycap said:

fabsaver said:

The latest count tells me I currently have 62 

It's addictive.

      Awesome!    I've presently got 48 and just applied for another. Yes, it's definately addictive   

You got me scratching my head on this comment! I currently have fabsaver at 68 (2nd in the league) and wondered if I'd missed a recent post from them declaring a drop to 62.

After a little bit of searching I found that 62 was from a post back in October! Phew! Sanity restored! 

Dizzycap ... thanks for your post, I take it you have no objection to adding your 48 (49 soon?) to the League Table?

  It was a brief achievement and as I suspected Principality scuppered my plans. I'm currently right back where I was at the last update - 65. 

Kim_13

Update

25 Regular Savers, value £23,150, monthly £2,145+, min to open 5% fixed, 6.5% variable. 

I would like to move to a one in one out (at least) policy but will need to open a few more at the right time first. It would also be silly to pass up any 6%+ fixed offerings that come along, irrespective of timing. Hopefully won’t go any higher than 30!

In an ideal world I would go down to 15: one maturing per month and keeping open ended NatWest, Melton and Stafford.

masonic

My updated figures:

25 RSs (no net change); £7,650 per month (no net change); Value £54,100; Annual return based on current balances: £3,363 (weighted average rate: 6.2%); Min accepted rate: 5.25%

Several renewed/refreshed, but very little change.

Made the schoolboy error of refreshing my Lloyds and Halifax RS at the weekend as they mature during Feb, forgetting LBG post transactions on the next weekday, so cannot make my second payment today!

Bobblehat

masonic wrote……. Made the schoolboy error of refreshing my Lloyds and Halifax RS at the weekend as they mature during Feb, forgetting LBG post transactions on the next weekday, so cannot make my second payment today!

That's one to store in the memory bank! Thanks!

allegro120

My January figures. 57 RSs, £15550 deposits, 5.1% min accepted rate.