The Top Regular Savers Discussion Thread

mon3ysav3r

https://forums.moneysavingexpert.com/discussion/comment/81971573#Comment_81971573

By coincidence I have just come off the phone from Dudley about this Regular Saver 1225 because I haven't received the passbook that the joining letter said I would.

I opened it a month ago with zero balance, and then funded with a bank transfer, and I can see it all fine online. Seems there was some breakdown in process as they wait until the account is funded before posting a passbook, but that didn't get triggered for my account for some reason. They answered the phone quickly, were very nice, and are going to post me a passbook now!

I sent the forms in by post because I didn't know they would accept a scanned/printed form via email, useful to know if I open another "postal" account with them.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81971747#Comment_81971747

It seems like a lot of work just to earn £60 over a whole year though.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81971782#Comment_81971782

It takes about 2 minutes to complete the application form and from there everything is done for you*. Works out to an hourly rate of £1,800 on that basis. There aren't many other ways to make £60 for 2 mins work.

* Yes, you'd need to ensure the current account has enough money in it to cover the standing order - not a problem if you otherwise use this account.

MisterMotivated

https://forums.moneysavingexpert.com/discussion/comment/81971782#Comment_81971782

They're designed mostly for people to put away some money from their wages each month without thinking about it. How people on here use regular savers is somewhat different to the majority of the population

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81971721#Comment_81971721

You're doing your sums wrong

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81971782#Comment_81971782

Don't do it, then. You'll do less work and be £60 worse off.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81971721#Comment_81971721

@ NebulaNova - By drip feeding money from your EA lump sum of £3600 @ 4.2% to a FD RS £300pm @7%

Drip-feeding the regular saver

After drip-feeding the cash for 12 months, you'd have earned...

£205 in interest
£135 from the regular saver + £70 from the normal savings account

Leaving it in normal savings

If you'd kept the cash in normal savings without drip-feeding it, you'd have earned...

£149 in interest

shirley999

https://forums.moneysavingexpert.com/discussion/comment/81971782#Comment_81971782

I worked harder answering your question…

Zippy29

https://forums.moneysavingexpert.com/discussion/comment/81971782#Comment_81971782

Maybe 15 minutes "work" in total over a year to earn £60. Not a lot of jobs paying £240 per hour.

NebulaNova

https://forums.moneysavingexpert.com/discussion/comment/81971813#Comment_81971813

I understand the process, but it seems a lot to have to drip feed savings into somewhere else for less than £60 credited to you in a years time. I guess it would be more beneficial to do it with multiple accounts at least.