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

Bobblehat

https://forums.moneysavingexpert.com/discussion/comment/81867522#Comment_81867522

A downside of being top of the League … but a very good point to make 😀

Bobblehat

There seems to be enough interest in adding a "Weighted Average %" column …. of course, like any of the other columns, declaring your figure is completely voluntary! Bear in mind that the figure would be a "snapshot" that may move with changes to monthly contributions, maturities and additions to your collection of RSs.

Thanks goes to @SH88SH88 for the suggestion and @masonic for defining the calculation method (repeated below) and for showing us a working example.

Weighted average (%) = the sum of (current balance x rate) all divided by total balance.

I'll add the column in today and start populating it with figures from those that have contributed to the discussion.

As usual, feel free to update any figure, at any time, and I'll show the results in the next update. I update approximately monthly, but sooner if there has been a flurry of updates 😀

Kim_13

6.35% weighted average today (unchanged now until next week I suspect.)

With the addition of Mansfield which requires a payment every month, funding shall be £2,150+. Value of the 26 £24,305.

surreysaver

I suppose you could also add higher paying easy access accounts to your weighted average, and cash ISAs, as they're all part of the game too. Or perhaps split the figure to show just regular savers and the total of everything. It would probably start getting too complicated, though, to then work out the figures after tax!

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81867301#Comment_81867301

Thank you! I followed your instructions and got this result 0.06101560058. I guess it means 6.1%. Instead of balances I used my January contributions for simplicity (I don't record balances for each account, only monthly deposits), so this calculation doesn't include NatWest/RBS because they are already full. Although they are regular savers, I threat them as EAs like Santander Edge and similar accounts.

Bobblehat

https://forums.moneysavingexpert.com/discussion/comment/81867993#Comment_81867993

If you are using a spreadsheet to calculate the 0.061…… figure, just use the number format facility to change it to a percentage 😀 …..

I had thought that contributors could possibly submit their figure as a decimal number, but I'd have entered it as a percentage anyway, so no problem.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81867981#Comment_81867981

On my own spreadsheet, the Santander Edge Saver is grouped with the regular savers, because its interest rate is up there with the best regular savers. But I've left it out of my calculations for our league table as it's not strictly a regular saver.

I haven't got round to calculating my weighted average over all my accounts (and as you say, adjusting for tax would complicate things) but I would guess that it's around 5.5%. Not too bad, considering a lot of people I know have most of their money sitting in a current account earning no interest.

Hal17

Thank you clairec666 for your last post.

Sitting in front of the screen on a wet windy day, I thought I would see what our weighted average was over all our cash assets. These include Regular savers, Santander Edge Saver, Cash ISA's both fixed and flexible and finally Premium Bond winnings.

I have not made any calculation for the tax due on the regular saving interest. Our figure came out at 4.4% which considering Premium Bond winnings are an unknown, I was quite happy with current interest return.

SH88SH88

https://forums.moneysavingexpert.com/discussion/comment/81867981#Comment_81867981

I have one spreadsheet that is 'split' into two (blank rows being the method of splitting !) .. it contains a section for RS accounts, and a section for EA accounts. I then calculate the RS weighted average and the EA weighted average. I could do a third 'blended' figure but I'm not sure it would be meaningful (currently).

BTW.. whilst the calculation @masonic detailed is correct, if you prefer fewer columns, it is possible to let the formula calculation do more of the heavy lifting. I use a single blank cell which contains a formula along the lines of

=SUMPRODUCT(D1:D50,E1:E50)/SUM(D1:D50)

where 'D' is the column containing all your Total Balances, and 'E' is the column containing all your Actual Interest Rates ... e.g your 2 month old First Direct RS would have (maybe) 600 in D1 and 7 in E1. Hope this helps.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81868037#Comment_81868037

I agree. But it's similar to the NatWest and RBS Regular Savers, as once they're full up, they're like the Santander and Cahoot easy access savers from our point of view (except you wouldn't withdraw money from them unless you didn't intend paying it back)