Can you rinse and repeat on the decent reg savers?
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ratechaser
Posts: 1,674 Forumite
Hi all - bit of a lazy question from me, but as I'm sure many of you have done or tried to do this already, I thought I'd try and get a quick answer before I dive into individual T&Cs.
So, question - with the main decent RS's that are tied to bank accounts (Nationwide, Lloyds, M&S, HSBC, First Direct), once they mature, can you immediately open a new one and start again, assuming you continue to meet the tied account conditions? Or are there any that only let you do it once?
Much obliged
RC
So, question - with the main decent RS's that are tied to bank accounts (Nationwide, Lloyds, M&S, HSBC, First Direct), once they mature, can you immediately open a new one and start again, assuming you continue to meet the tied account conditions? Or are there any that only let you do it once?
Much obliged
RC
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Comments
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You can usually open a new one on the same day that the old one matures.0
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Normally as soon as the regular saver has been changed to the respective savings account/or transfer to one you already have then you can open a new one.
I have had HSBC/FD/TSB all more then once.
I have Nationwide and Santander for the first time, and I have opened up two no end regular savers, Nationwide is due to mature in December and Santander in March, so I don't know how they work yet, but I will be opening them again if they offer a competitive interest rate.I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
Normally as soon as the regular saver has been changed to the respective savings account/or transfer to one you already have then you can open a new one.
I have had HSBC/FD/TSB all more then once.
I have Nationwide and Santander for the first time, and I have opened up two no end regular savers, Nationwide is due to mature in December and Santander in March, so I don't know how they work yet, but I will be opening them again if they offer a competitive interest rate.
When the previous version of the Flexclusive RS ended last year, Nationwide reduced the max amount by which you can increase your balance from £1k to £500. So they have several options: reduce the interest rate, reduce the max pay in, or both:(0
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