Tell me what I’m missing please - maximising savings.

deepsea_diver

Hi All,

I have plans for this cash in around 5 years, maybe a year either side which is why it’s in savings rather than investments.
Please poke holes in anything I’m messing up, I’d really like to push on and max my routine this year for savings.

Monthly routine -

Main sum is in Zopa easy access @ 4.45%, £300 into 7.5% saver maturing Feb 26.
£200 into a Principality 6 month regular saver @ 7.5% eternally rotating from Zopa easy access upon maturity.
From Zopa I bounce £1800 to Chase, leaving £100 for fuel cashback.
£1700 to Nationwide leaving £100 for cashback, £200 into regular saver @ 6.5% maturing Feb 26.
Intentions are to keep this alive after maturing with monthly bounce in/out transactions for Fairer Sharer payments.
£1400 into Holt’s, £150 into regular saver @ 5.5% (two years until maxed).
After 24 hours £1250 back to Zopa easy access.
There’s also £3000 sitting in a Cahoot Sunny Day Saver @ 5%, I swipe the interest off monthly and dump in a Monzo investment account to play with.

Initial plans are to replace Zopa 7.5% with First Direct RS and Nationwide 6.5% with Co-op RS when they mature in February.

I have around 4-5 unused regular accounts I keep £10 each in just to use for switches as they arise or in the hope of decent regular savers appearing.

What am I not doing that I should, or what I am doing that could be bettered?

Albermarle

Considering many people leave their money in current accounts, or in very low interest accounts, you seem to be well ahead of the game.

SH88SH88

Santander Edge Saver ...6% (currently) .. maybe you could find £4k spare to park in there ....

masonic

You could look into stoozing. Put your monthly spending on a 0% credit card, put the money you'd normally use for that expenditure into a new regular saver. Always ensure you have the money to pay off the card at the end of the promotional period (although a balance transfer to another 0% card is an option if available at the time).

DRS1

Read some of the regular saver threads.  There is some commentary on there about getting multiple Principality regular savers by doing something with the maturity options.

There is also a being nosey thread which will show you that you are about 80 regular savers short of being no 1 on the league table.  So plenty to aspire to!

Bridlington1

DRS1 said:

Read some of the regular saver threads.  There is some commentary on there about getting multiple Principality regular savers by doing something with the maturity options.

It's worth noting that Principality seem to've had a crackdown on duplicate accounts of late so it would seem this ship has largely sailed.

For a list of the top regular savers, see:
The Top Regular Savers Discussion Thread

Another thread worth looking at is The Cashback for Bank or Investment Accounts Discussion Thread, which now has a list of savings/investment offers maintained by @OwnedByACat.

Vortigern

deepsea_diver said:

Initial plans are to replace Zopa 7.5% with First Direct RS and Nationwide 6.5% with Co-op RS when they mature in February.

You could start new RSs with Zopa and Nationwide as soon as the existing ones  mature.