Regular Savings Accounts: The Best Currently Available List!

Stargunner

Wheres_My_Cashback said:

kaMelo said:

If you're planning on keeping funding a new regular saver with Halifax it really isn't worth making life complicated by making a thirteenth payment.

The difference between keeping it in an easy access @5% and putting it in the Halifax RS @5.5% is one penny extra for every three days it's in there.

I know this is a money saving site but that is taking things to extremes.

Why 3 days? It could be an extra 30 days and a couple of £.

KaMelo was just giving an example of how small a difference it makes. Even if you managed to get it to work out to an extra 30 days when opening a new RS it would not be a couple of £, as 10 x 3p is 30p.

kaMelo

Wheres_My_Cashback said:

kaMelo said:

If you're planning on keeping funding a new regular saver with Halifax it really isn't worth making life complicated by making a thirteenth payment.

The difference between keeping it in an easy access @5% and putting it in the Halifax RS @5.5% is one penny extra for every three days it's in there.

I know this is a money saving site but that is taking things to extremes.

Why 3 days? It could be an extra 30 days and a couple of £.

Because it takes three days of having the £250 in the Halifax regular saver before there is any extra interest over leaving the money in a 5% easy access, one penny extra every three days or a maximum of ten pence for thirty days. I picked 5% as it's a round number and there are plenty of accounts available paying it, most people here however will have accounts paying more such as Santander or Cahoot @ 5.2% meaning you gain one penny every five days, so six pence for thirty days.

To be fair the Halifax process of renewing, closing and then opening a new regular saver is pretty slick and I do like to squeeze what I can out of what I have. But I also like an easy life, I like how the Halifax auto renews as it means zero intervention from me, the standing order to the same account number just carries on. All I have to do is move the money when it's matured from the instant access account. 

If it was a few pounds extra then just maybe.

Bridlington1

Usual drill:
Leeds BS Regular Saver Issue 52 at 5.25% to replace Issue 51 at the same rate but with a new maturity date of 6/5/26.

Johnny-Cage

Does the Club Lloyds auto renew or will I need to manually start a new one 
Once the current RS switches to a normal saver and I withdraw the money 
can I close that account or just leave it open for the next RS 

WillPS

Johnny-Cage said:

Does the Club Lloyds auto renew or will I need to manually start a new one 
Once the current RS switches to a normal saver and I withdraw the money 
can I close that account or just leave it open for the next RS 

The Club Lloyds Regular Saver transitions to a Standard Saver immediately upon maturity. A new one will only be created if you apply for one, but if you do then it'll be open and ready for your first deposit immediately (you might need to log off and log back on to see it).

Johnny-Cage

WillPS said:

Johnny-Cage said:

Does the Club Lloyds auto renew or will I need to manually start a new one 
Once the current RS switches to a normal saver and I withdraw the money 
can I close that account or just leave it open for the next RS 

The Club Lloyds Regular Saver transitions to a Standard Saver immediately upon maturity. A new one will only be created if you apply for one, but if you do then it'll be open and ready for your first deposit immediately (you might need to log off and log back on to see it).

Thank you still undecided if it’s worth starting another RS. I am saving up for an extension so I doubt if I start another RS it would mature. I was just thinking use the best easy saver available 

WillPS

Johnny-Cage said:

WillPS said:

Johnny-Cage said:

Does the Club Lloyds auto renew or will I need to manually start a new one 
Once the current RS switches to a normal saver and I withdraw the money 
can I close that account or just leave it open for the next RS 

The Club Lloyds Regular Saver transitions to a Standard Saver immediately upon maturity. A new one will only be created if you apply for one, but if you do then it'll be open and ready for your first deposit immediately (you might need to log off and log back on to see it).

Thank you still undecided if it’s worth starting another RS. I am saving up for an extension so I doubt if I start another RS it would mature. I was just thinking use the best easy saver available 

Up to you entirely of course - worth considering that:

• the interest rate is fixed @ 6.25%
• you can access your money penalty free whenever you need it
  
• there is no requirement to deposit each month
  
• it's possible to close your account on demand (and get whatever interest you've accrued + start a new regular saver again)

I personally opened a new one last month just before the tax year ended, so it's there as an option for me later in the year if my other saving rates collapse.

kaMelo

The discussion was specifically around the thirteenth payment and what benefit it gave, not the account as a whole.

ForumUser7

Does the HSBC Regular Saver still get opened straight away please?

gt94sss2

ForumUser7 said:

Does the HSBC Regular Saver still get opened straight away please?

Yes, it is opened instantly