The Top Regular Savers Discussion Thread

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81971925#Comment_81971925

Good point about us all starting out as novices. Not so long ago I hadn't realised that you could fund (most) accounts on the 1st of each month, irrespective of when you opened the account…. so I had money sitting around in current accounts earning no interest while waiting for the standing order date. Now I've got everything running smoothly and money is circulating between several multiple savers.

For me, the extra interest is worth the effort, but others might not feel the same.

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/81971925#Comment_81971925

It was the ’lot of work just to earn £60’ comment which triggered my response. I’d be interested to know if #NebulaNova has found an easier way to make a better return. Maybe if First Direct said ‘ would you like an extra £60, we’ll setup the account, and the standing order, and the cash is yours’ which is what they actually do anyway. Would that be worth the effort of opening an account?
Posts declaring regular saving accounts aren’t worth the effort, usually get the response of don’t bother then. Maybe £60 means so little to them, but no need to decry those on here who value the results of such ‘work’, I just find it irritating, sorry.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81972045#Comment_81972045

I personally find the effort to do a current account switch is much greater than running multiple regular savers. Perhaps the switching bonus is more appealing to people because it is just handed to you as a lump sum and feels like "free money" in comparison to regular saver interest.

(Both are worth the effort, in my opinion.)

Catplan

https://forums.moneysavingexpert.com/discussion/comment/81972064#Comment_81972064

Totally agree my last switch needed a downgrade then apply but it also gave access to the 6.25 regular saver plus £250 so well worth the effort.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81971961#Comment_81971961

If you don't have an FD current account, you can quickly open one. If you play your cards right, you can get a switch bonus on top of the cashback. £175 kerching. Mind you, it involves some work…….

Dizzycap

At the end of the day, any switching / saving / RS accounts takes maintenance time whether it's applying for an account, setting up SO's, or manually sending money to an account(s). There are plenty of people who don't get the best rate on their savings as they've never taken the time to bother or go for ease of leaving well alone, but that's their choice. If an extra £60 isn't worth their time or effort; and all soon adds up, then so be it.

Personally, I've found the effort to be beneficial, short of day trips to open branch only accounts, but only because I'm so squeezed for time and usually open & set-up accounts at night. Each to their own and everyone has their personal financial goal Vs effort.

qbadger

Well I’m not getting out of bed for anything under six figures.
Wake me when a £250k-a-month regular saver finally shows up.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81972245#Comment_81972245

Brumbleshire BS is scheduling to launch £250k-a-month RS (branch only) in December 2103. Put it in your diary😀

qbadger

That's good to know. Though given how inflation’s been lately, that could be standard by 2103

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81972166#Comment_81972166

For me personally, the most maintenance thirsty is my ISA pot. In the past year, about 90% of my phone-calling time was spent on solving transfer issues. I found running 50 RSs is way easier than 5 variable ISAs. As a result most of my ISA pot is now fixed, less things to worry about.

Switching is great. Switching DDs is a faff but definitely worth it. I probably made 2 or more grand over the time (I don't have a proper record for incentives), but it doesn't last forever. The last one (Oct last year) I was eligible for Nationwide's joint account allowance, the one before was to Co-op in June 2023. I was able to get 2 from Halifax and 2 or 3 from Santander and 2 from TSB, the rest of them don't allow more than one shot.