Re-New Regular Savings Account

Doubleshotdamo

Hi, I have several regular savings accounts where money is drip fed from another account. The savings accounts are nearing the end of the 12 months higher interest rate. My question is, when they come to an end, can I open another one at the same higher rate?
I have HSBC, First Direst and Santander. Thanks.

eskbanker

When you say "the same higher rate", higher than what?

The norm is that you have access to exactly the same rates that are available to everyone else opening an account on any given day, rather than having any preferential ones by virtue of having accounts previously if that's what you hoping....

juststuff123

Hi Doubleshotdamo

Yes you can. You need to make sure the original regular savings account is fully closed first. Sometimes this can take a couple of days after you receive your interest. But other than that there are no problems opening new reg savers. I've had HSBC & 1st direct for years, just opening a new reg saver each year.

Also Santander is only 2.5% now. M&S are offering 5% but there are Ts&Cs so check you can meet them.

Doubleshotdamo

eskbanker wrote: »

When you say "the same higher rate", higher than what?

The norm is that you have access to exactly the same rates that are available to everyone else opening an account on any given day, rather than having any preferential ones by virtue of having accounts previously if that's what you hoping....

Higher than the rate it reverts to after twelve months.

Doubleshotdamo

juststuff123 wrote: »

Hi Doubleshotdamo

Yes you can. You need to make sure the original regular savings account is fully closed first. Sometimes this can take a couple of days after you receive your interest. But other than that there are no problems opening new reg savers. I've had HSBC & 1st direct for years, just opening a new reg saver each year.

Also Santander is only 2.5% now. M&S are offering 5% but there are Ts&Cs so check you can meet them.

Thanks for that. My Santander is 3%, 2.5% if I apply again. I will open FD and HSBC when the rate expires. Thanks for your help.

bubieyehyeh

Santander RS auto-renews if you have a standing order with no end date.