Regular saver , what's the point?

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81928098#Comment_81928098

It's up to each person to decide but it's just a savings account. Usually takes a few minutes.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81928164#Comment_81928164

It doesn't last forever though, the day will come when the rate drops and you'll have the 'hassle' of moving it to an account with a better rate. Zopa's giving me 4.45% variable but this expires in October.

kermchem

https://forums.moneysavingexpert.com/discussion/comment/81928164#Comment_81928164

I appreciate that the post I was responding to did not say mythical or fixed rate. Chase appears to offer an account tied to having their current account (I could cope with that) but it is also 2.25% variable plus 2.25% 12 month bonus. I can do a better fixed %age with Principality BS 6 month and Christmas accounts, and a Club Lloyds monthly saver.

If regular savers are a hassle then moving to new account with a bonus every 12 months is equally so.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/81927833#Comment_81927833

Regular Savers tend to see rate reductions less often than Easy Access accounts, so I don't see it as only gaining the difference between an Easy Access and the Regular Saver. For those who wish to do so, Standing Orders can be set to take most of the management out of it while Easy Access accounts often need to be changed and mean large sums going into and out of a current account - potentially leading to blocked payments and questions from the bank.

Fixed Regular Savers offer benefits over fixed rate accounts in that some allow early closure and that if you need money, you can stop paying in. You're not committing to a defined sum at the start and having to leave it until the term's up.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81927833#Comment_81927833

I don’t consider making some extra money a hassle.

Appreciate though that some people do. I suspect that many of those people will end up with their savings in accounts with mediocre interest rates as they are unlikely to monitor the variable rates they get in their supposedly hassle-free accounts, and to move their cash to better paying accounts. It’s a bit sad that proponents of the “hassle free” approach to savings come on this forum to encourage people not to make extra money.

apf666

wow, certainly some debate going on around this one

i am all for extra money going into people's pockets

it is however all about choice, if people are aware of choices, then up to them to decide next steps

some will think too much hassle and stay as is, others will think worth swapping around and will often do so whether in relative terms, gains are big or small

lead horse to water springs to mind

everyone different and will look at things depending on what circumstances are, some will remain ignorantly bliss also

subjecttocontract

I shouldn't think there are many contributors to this forum who have most of their cash earning ~2%.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81928481#Comment_81928481

We should be thankful to those people😀 I doubt we would see many products offering the rates above BoE if everyone was chasing the top rates for their spare cash.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81928164#Comment_81928164

For a limited period only, and only for new / selected customers

friolento

https://forums.moneysavingexpert.com/discussion/comment/81928682#Comment_81928682

Good point 🤣