Regular Savings Accounts: The Best Currently Available List!

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.

allegro120

friolento said:

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.

May be it changed now, but on 15th March 2023 I closed my account online (no Chat, no Branch) and immediately opened new RS.  I used "renew" loophole for Lloyds and BoS, but not Halifax because Halifax doesn't have 12-month 'curfew'. 

TheBanker

I have a question about the First Direct regular saver.

It says that if you haven't paid in the maximum £300 per month, you can make up the missed payments. But how do you actually do this, there's no option to make an ad-hoc transfer. I reduced my SO to £25 in January as I was a bit short. The SO is now back to £300 but I would like to pay in the missed £550 (Jan and Feb underpayments of £275 each). But can't see how to do this?

Bigwheels1111

TheBanker said:

I have a question about the First Direct regular saver.

It says that if you haven't paid in the maximum £300 per month, you can make up the missed payments. But how do you actually do this, there's no option to make an ad-hoc transfer. I reduced my SO to £25 in January as I was a bit short. The SO is now back to £300 but I would like to pay in the missed £550 (Jan and Feb underpayments of £275 each). But can't see how to do this?

First, from memory you can only top up the £275 you missed this month. ie the month you are in.
Second, call them, they will tell you how or do it for you.
Simple.
Plus tell you if you can make up last month.

E_zroda

Bigwheels1111 said:

TheBanker said:

I have a question about the First Direct regular saver.

It says that if you haven't paid in the maximum £300 per month, you can make up the missed payments. But how do you actually do this, there's no option to make an ad-hoc transfer. I reduced my SO to £25 in January as I was a bit short. The SO is now back to £300 but I would like to pay in the missed £550 (Jan and Feb underpayments of £275 each). But can't see how to do this?

First, from memory you can only top up the £275 you missed this month. ie the month you are in.
Second, call them, they will tell you how or do it for you.
Simple.
Plus tell you if you can make up last month.

Then let us know