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Regular Savings Accounts: The Best Currently Available List!
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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.2
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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.7
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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
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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.
And if something better comes along - I'll have that as well...
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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.
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.2 -
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.)1
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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
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.
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Kim_13 said: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.)1
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I stick with it, especially because it matures in the new tax year and because there are more rather good reg savers out there than I have funds to distribute. Anything new I will open or fund (Coop) will be 6th of April onwards.3
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Opened up a slew of regular savers at the start of March. Waiting now for the 1st of the month to open the next lot. I presume its better to start then. Finally got hold of a First Direct current account, hopefully they dont drop the 7% rate until I open it! Also going to open the co-op one on the 1st.
With the RBS/NatWest digital savers are you allowed one at each brand, so therefore two in total or is it one only across all their brands?
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