Regular Savings Accounts: The Best Currently Available List!

dealyboy

@ColdIron said:

I opened one this morning as my old one matured today, same place as dealyboy says

The old one (£0 balance) was still there but I couldn't pay into it as my last payment was 01/03/2024 so I 'renewed' it to an Everyday Saver first

Perhaps delete any unused Everyday Savers first?

Halifax RS

 I had one Everyday Saver, renewed to another and one was created when I opened the RS, I now have three, hehe.

... perhaps he needs to phone them.  

ColdIron

Halifax RS

Yes it was a bit odd. The matured RS balance was moved into an Instant Access Saver that was opened with the RS last year

I renewed the residual RS into an Everyday Saver and got 2 of them. Both now closed

ForumUser7

Skipton RS - Thinking about closing the 7.5% before the BOE announcement today, then opening the 7.0% as would extend maturity by ~9 months. Saw some discussion about this previously, but wondering what people think please? Thanks

CuparLad

There are arguments on both sides, but I personally take the view that you deal with current knowns rather than future unknowns. You don't know what Skipton will do with future rates. They might slash the 7% rate but keep the 7.5% rate going to maturity, but they might also cut both by the same amount. Nor do you know what your future financial situation might be (perhaps you might need the money before the 7.5% matures and effectively lost 0.5% for nothing)? Additonally, other Regular Savers may come along that have a better rate or are longer term.

That said, the difference is pretty small (something like 10p per £250 monthly deposit) so either option is viable. I'm personally going to stick with the 7.5% and see what's on offer when it matures.

Bridlington1

CuparLad said:

There are arguments on both sides, but I personally take the view that you deal with current knowns rather than future unknowns. You don't know what Skipton will do with future rates. They might slash the 7% rate but keep the 7.5% rate going to maturity, but they might also cut both by the same amount. Nor do you know what your future financial situation might be (perhaps you might need the money before the 7.5% matures and effectively lost 0.5% for nothing)? Additonally, other Regular Savers may come along that have a better rate or are longer term.

That said, the difference is pretty small (something like 10p per £250 monthly deposit) so either option is viable. I'm personally going to stick with the 7.5% and see what's on offer when it matures.

They won't cut either of them, both accounts pay a fixed rate of interest until they mature. They may stop accepting new applications for the 7% regular saver and/or start offering a new regular saver at a different rate though.

soulsaver

ForumUser7 said:

Skipton RS - Thinking about closing the 7.5% before the BOE announcement today, then opening the 7.0% as would extend maturity by ~9 months. Saw some discussion about this previously, but wondering what people think please? Thanks

Did it already... I haven't got a crystal ball - but it's pretty obvious what the trend is.

soulsaver

CuparLad said:

There are arguments on both sides, but I personally take the view that you deal with current knowns rather than future unknowns. You don't know what Skipton will do with future rates. They might slash the 7% rate?

 Additonally, other Regular Savers may come along that have a better rate or are longer term.

That said, the difference is pretty small (something like 10p per £250 monthly deposit) so either option is viable. I'm personally going to stick with the 7.5% and see what's on offer when it matures.

The 7.00% rate is fixed. 
And if something better comes along - I'll have that as well...
 

allegro120

CuparLad said:

There are arguments on both sides, but I personally take the view that you deal with current knowns rather than future unknowns. You don't know what Skipton will do with future rates. They might slash the 7% rate but keep the 7.5% rate going to maturity, but they might also cut both by the same amount. Nor do you know what your future financial situation might be (perhaps you might need the money before the 7.5% matures and effectively lost 0.5% for nothing)? Additonally, other Regular Savers may come along that have a better rate or are longer term.

That said, the difference is pretty small (something like 10p per £250 monthly deposit) so either option is viable. I'm personally going to stick with the 7.5% and see what's on offer when it matures.

They can't slash 7% rate because it is fixed.
If one needs the money before maturity the account can be closed.
I really doubt that we will see any new RS products paying better rates in foreseen future.

I wasn't eligible for 7.5% so don't have this dilemma, but if I was I would probably hold it until maturity and see what's available then.

Kim_13

Giving this more consideration than I was before as I could do with some of the funds next month, and obviously the only way to access the cash is to close. Can you close and re-open on the same day or is there some faff involved? (I would want to internal transfer the proceeds to an EA with them and then go from there.)

Bridlington1

ForumUser7 said:

Skipton RS - Thinking about closing the 7.5% before the BOE announcement today, then opening the 7.0% as would extend maturity by ~9 months. Saw some discussion about this previously, but wondering what people think please? Thanks

A lot depends on how fast and by how much you think savings rates will drop and what you think Skipton will do going forwards.

Regular savers are typically the most profitable in their later months due to the larger balance of the regular saver and if regular saver rates do come down there's a good chance they could come down incrementally.

If you do decide to close the 7.5% RS now and open the 7% one, who's to say that during the summer Skipton won't decide to pull the 7% one and replace it with one at a lower rate, say 6.5%, in which case you'd have the same dilemma again when those who'd stuck with the 7.5% version will secure 6.5% for the next year without needing to think. If this comes to pass would you then close the 7% one to secure 6.5% until summer 2025? What if something similar happens in the new year? If so you could find yourself repeatedly closing regular savers in order to secure lower paying ones and leaving yourself worse off overall.

Personally I'd be inclined to stick with 7.5% to be honest.