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  • FIRST POST
    • ratechaser
    • By ratechaser 11th Oct 16, 2:21 PM
    • 441Posts
    • 346Thanks
    ratechaser
    Can you rinse and repeat on the decent reg savers?
    • #1
    • 11th Oct 16, 2:21 PM
    Can you rinse and repeat on the decent reg savers? 11th Oct 16 at 2:21 PM
    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
Page 1
    • Vortigern
    • By Vortigern 11th Oct 16, 2:23 PM
    • 2,172 Posts
    • 1,397 Thanks
    Vortigern
    • #2
    • 11th Oct 16, 2:23 PM
    • #2
    • 11th Oct 16, 2:23 PM
    You can usually open a new one on the same day that the old one matures.
    • Westie983
    • By Westie983 11th Oct 16, 6:14 PM
    • 3,562 Posts
    • 13,452 Thanks
    Westie983
    • #3
    • 11th Oct 16, 6:14 PM
    • #3
    • 11th Oct 16, 6:14 PM
    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.
    Save 12k in 2017 #16 Total £9475/£12000 78.95%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£158/£500 = 82.00% ( x 10)
    Xmas 2017 £1 a Day #6 Total £140/£365 = 38.35%
    Virtual Sealed Pot #1 Total £600/£1000 = 60.00%
    £2 Savers Club 2017 #3 Total (£1450)+£50/£2000 = 75.00%
    Total £12125.00/£15865 = 76.42%


    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • badger09
    • By badger09 12th Oct 16, 12:34 PM
    • 4,710 Posts
    • 3,895 Thanks
    badger09
    • #4
    • 12th Oct 16, 12:34 PM
    • #4
    • 12th Oct 16, 12:34 PM
    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.
    Originally posted by Westie983
    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
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