Regular Savings Accounts: The Best Currently Available List!

Rheumatoid

ChewyyBacca said:

Been with Coventry since Feb 2023, darn it!

And yes i tried, but the system is designed to check eligibility too. Well, I tried!

They must have tightened up. My application went through and my first a/c with them was March 23

PloughmansLunch

pecunianonolet said:

allegro120 said:

MarkFromCornwall said:

jameseonline said:

TSB Monthly Saver is only available for a year to my knowledge, so not sure what you mean by pay in for another year.

I based my comment on this line in my Halifax Regular Saver maturity letter:  "Your Regular Saver will reach its anniversary on 13th March 2024...  Your Regular Saver will automatically renew for another year and you can continue to make monthly payments into it."

jameseonline said:

Poster said it changed to an Easy Access because of maturity. 

Or perhaps the Regular Saver remained open and an additional Instant Saver account was opened and the funds from the Regular Saver's first year were moved into this Instant Saver account.

TSB and Halifax Monthly'Regular Savers are different products with different terms and conditions.  Halifax will automatically renew your account for another year, TSB won't so you have open a new one.

Are you saying that without intervention Halifax renews the reg saver automatically locking it again for a year if no action is taken? 

My Halifax RS matured a couple of days ago, and has since stayed open while the funds were automatically moved into a low rate easy access account. Because I’d made a 13th payment on the 1st March it now won’t let me pay anymore into the renewed RS account this month which is sitting at £0. I think a workaround should be to log in to online banking and close it. 

SnowMan

Nick_C said:

Seems perfectly clear to me
..........
With many of our accounts, you can close or switch your account whenever you like. However, if there are normally restrictions on your account you can close your account without notice, charge or loss of interest in these situations:

Situation - We’re making a change to the interest rate which is a disadvantage to you.

When you can close - Anytime within the 30 days after we notify you about the change."

Thanks. I missed that clarification in the table. I agree that it is clear and changes in interest are definitely covered

dealyboy

@JamesRobinson48 said:

@pecunianonolet said:

Are you saying that without intervention Halifax renews the reg saver automatically locking it again for a year if no action is taken? 

The Halifax RS works in the manner specified in the account T&Cs. When you first open a Halifax RS account, they automatically open an accompanying Everyday Saver account. On maturity after one year, Halifax transfers the entire RS balance (including interest) to the Everyday Saver. The RS account itself continues (same account number, same RS interest rate) but at this point has a zero balance. If you want to continue saving in the RS account, you fund it in the usual way. (At the end of year 2, the process repeats). If you don't want to continue saving in the RS account, then don't fund it.

Thanks James, just to add ... my Halifax RS is due to mature on 25th March and the letter I received recently informs that the default option is as you've outlined, but with two other options ... (1) to move the money to a different account, (2) to close the account by visiting a branch, with an invitation to contact them to discuss the options..

I intend to renew and my circumstances are the same as @PloughmansLunch (3 posts above) so we'll see if I will also need to wait to fund it until 1st April, fool as I am. I think the RS is just considered as the account that opened a year before and continues on the previous terms, but at the interest rate on the renewal date, so my having funded it on the 1st March is it for the calendar month of March. I don't think I'll bother closing it and opening a new one.

friolento

dealyboy said:

@JamesRobinson48 said:

@pecunianonolet said:

Are you saying that without intervention Halifax renews the reg saver automatically locking it again for a year if no action is taken? 

The Halifax RS works in the manner specified in the account T&Cs. When you first open a Halifax RS account, they automatically open an accompanying Everyday Saver account. On maturity after one year, Halifax transfers the entire RS balance (including interest) to the Everyday Saver. The RS account itself continues (same account number, same RS interest rate) but at this point has a zero balance. If you want to continue saving in the RS account, you fund it in the usual way. (At the end of year 2, the process repeats). If you don't want to continue saving in the RS account, then don't fund it.

Thanks James, just to add ... my Halifax RS is due to mature on 25th March and the letter I received recently informs that the default option is as you've outlined, but with two other options ... (1) to move the money to a different account, (2) to close the account by visiting a branch, with an invitation to contact them to discuss the options..

I intend to renew and my circumstances are the same as @PloughmansLunch (3 posts above) so we'll see if I will also need to wait to fund it until 1st April, fool as I am. I think the RS is just considered as the account that opened a year before and continues on the previous terms, but at the interest rate on the renewal date, so my having funded it on the 1st March is it for the calendar month of March. I don't think I'll bother closing it and opening a new one.

I am pretty sure you can close the RS by renewing it into an easy access account. Then immediately open and fund  a new RS if you want to continue with the Halifax RS.

dealyboy

@friolento said:

dealyboy said:

@JamesRobinson48 said:

@pecunianonolet said:

Are you saying that without intervention Halifax renews the reg saver automatically locking it again for a year if no action is taken? 

The Halifax RS works in the manner specified in the account T&Cs. When you first open a Halifax RS account, they automatically open an accompanying Everyday Saver account. On maturity after one year, Halifax transfers the entire RS balance (including interest) to the Everyday Saver. The RS account itself continues (same account number, same RS interest rate) but at this point has a zero balance. If you want to continue saving in the RS account, you fund it in the usual way. (At the end of year 2, the process repeats). If you don't want to continue saving in the RS account, then don't fund it.

Thanks James, just to add ... my Halifax RS is due to mature on 25th March and the letter I received recently informs that the default option is as you've outlined, but with two other options ... (1) to move the money to a different account, (2) to close the account by visiting a branch, with an invitation to contact them to discuss the options..

I intend to renew and my circumstances are the same as @PloughmansLunch (3 posts above) so we'll see if I will also need to wait to fund it until 1st April, fool as I am. I think the RS is just considered as the account that opened a year before and continues on the previous terms, but at the interest rate on the renewal date, so my having funded it on the 1st March is it for the calendar month of March. I don't think I'll bother closing it and opening a new one.

I am pretty sure you can close the RS by renewing it into an easy access account. Then immediately open and fund  a new RS if you want to continue with the Halifax RS.

Halifax RS

I think you're right and thanks for the tip.

pecunianonolet

Thanks all for clarification, it matures in a few days and I don't want to open another one before 6th of April. PSA for next tax year already used up so trying to push into the following tax year.

allegro120

friolento said:

dealyboy said:

@JamesRobinson48 said:

@pecunianonolet said:

Are you saying that without intervention Halifax renews the reg saver automatically locking it again for a year if no action is taken? 

The Halifax RS works in the manner specified in the account T&Cs. When you first open a Halifax RS account, they automatically open an accompanying Everyday Saver account. On maturity after one year, Halifax transfers the entire RS balance (including interest) to the Everyday Saver. The RS account itself continues (same account number, same RS interest rate) but at this point has a zero balance. If you want to continue saving in the RS account, you fund it in the usual way. (At the end of year 2, the process repeats). If you don't want to continue saving in the RS account, then don't fund it.

Thanks James, just to add ... my Halifax RS is due to mature on 25th March and the letter I received recently informs that the default option is as you've outlined, but with two other options ... (1) to move the money to a different account, (2) to close the account by visiting a branch, with an invitation to contact them to discuss the options..

I intend to renew and my circumstances are the same as @PloughmansLunch (3 posts above) so we'll see if I will also need to wait to fund it until 1st April, fool as I am. I think the RS is just considered as the account that opened a year before and continues on the previous terms, but at the interest rate on the renewal date, so my having funded it on the 1st March is it for the calendar month of March. I don't think I'll bother closing it and opening a new one.

I am pretty sure you can close the RS by renewing it into an easy access account. Then immediately open and fund  a new RS if you want to continue with the Halifax RS.

I don't think you need to "renew".  When the rate increased from 4.5% to 5.5% about this time last year, I closed my old one half way through the term and opened a new one straight away.  Didn't need to "renew". You have to "renew" with Lloyds and BoS, if you want to start from scratch before the 12 month term ends.

friolento

allegro120 said:

friolento said:

dealyboy said:

@JamesRobinson48 said:

@pecunianonolet said:

Are you saying that without intervention Halifax renews the reg saver automatically locking it again for a year if no action is taken? 

The Halifax RS works in the manner specified in the account T&Cs. When you first open a Halifax RS account, they automatically open an accompanying Everyday Saver account. On maturity after one year, Halifax transfers the entire RS balance (including interest) to the Everyday Saver. The RS account itself continues (same account number, same RS interest rate) but at this point has a zero balance. If you want to continue saving in the RS account, you fund it in the usual way. (At the end of year 2, the process repeats). If you don't want to continue saving in the RS account, then don't fund it.

Thanks James, just to add ... my Halifax RS is due to mature on 25th March and the letter I received recently informs that the default option is as you've outlined, but with two other options ... (1) to move the money to a different account, (2) to close the account by visiting a branch, with an invitation to contact them to discuss the options..

I intend to renew and my circumstances are the same as @PloughmansLunch (3 posts above) so we'll see if I will also need to wait to fund it until 1st April, fool as I am. I think the RS is just considered as the account that opened a year before and continues on the previous terms, but at the interest rate on the renewal date, so my having funded it on the 1st March is it for the calendar month of March. I don't think I'll bother closing it and opening a new one.

I am pretty sure you can close the RS by renewing it into an easy access account. Then immediately open and fund  a new RS if you want to continue with the Halifax RS.

I don't think you need to "renew".  When the rate increased from 4.5% to 5.5% about this time last year, I closed my old one half way through the term and opened a new one straight away.  Didn't need to "renew". You have to "renew" with Lloyds and BoS, if you want to start from scratch before the 12 month term ends.

Yeah, you can use Chat to close a Halifax RS, or go into a Branch. By far the fastest way to close it is to 'renew' it.

soulsaver

Yep there is a 'close account' in the BoS RS online under 'More Actions' as well as Renew... but not on Hfax where only 'Renew' option comes up.

May be different again in the app.