Regular Savings Accounts: The Best Currently Available List!

Emily_Joy

allegro120 said:

jameseonline said:

Bank holidays, weekends etc all play a part with First Direct (amongst others) as they aren't banking days so things take longer to mature, close etc.

However you'll still earn interest while it's taking the extra time.

I find it strange.  At least in major banks all these processes are automated, can't imagine a member of FD staff sitting there closing and opening accounts for everyone.

You definitely don't earn interest on £300 sitting in current account waiting for new account to be opened.  I don't have to do this because I have £500 overdraft free of charge (FD gave it to me years ago without me even asking for it), but for those who don't it is a loss of interest for as many days as it takes for account to be opened.

I think you are missing the point. The system (in the case of FD, for instance) is specifically designed/programmed so that the processes don't take place on non-banking days. Full stop.

hjghg5

Having read this I went to open a first direct regular saver yesterday and it was open and funded within a couple of hours 

Bridlington1

Loughborough BS One Year Fixed Rate Monthly Saver Issue 2 to be launched tomorrow at 5.05%, replacing issue 1 at 5%.

Withdrawals/early closure are not permitted during the account term.
Deposit of between £1 and £500/mth is required.
Branch/post only.

Fingerbobs

Silly question about Halifax Regular Saver rollover. 

My Halifax RS matures towards the end of next month. Assuming the 13th payment is allowed on 1st, after the funds have moved across to the Everyday Saver account and the RS has auto-renewed towards the end of the month, can I make the first deposit into the newly-renewed account, even though I have already paid into the pre-renewal account during the same month? 

ColdIron

It wouldn't let me do it as the account number was the same so it would be 2 payments in a calender month

I used the 'renew' process to a Everyday Saver and opened a new RS, then I could deposit my £250. Then I closed the Everyday Saver

You might find yet another Everyday Saver created when opening the new RS, I did and closed that as well

Fingerbobs

ColdIron said:

It wouldn't let me do it as the account number was the same so it would be 2 payments in a calender month

I used the 'renew' process to a Everyday Saver and opened a new RS, then I could deposit my £250. Then I closed the Everyday Saver

You might find yet another Everyday Saver created when opening the new RS, I did and closed that as well

That's a good idea, thanks. I'll probably do that. 

I kept the automatically-opened Everyday Saver, so I assume my funds will move over into that, leaving the original RS account in place but with zero balance, and I then need to close the original RS account manually before it will let me open a new one. 

masonic

hjghg5 said:

Having read this I went to open a first direct regular saver yesterday and it was open and funded within a couple of hours 

...and for those renewing, if my experience last year is anything to go by, if you time it right you can apply for a new one when the account first disappears, before it returns with interest added, allowing the usual maturity waiting game to be short-circuited.

Fingerbobs

masonic said:

hjghg5 said:

Having read this I went to open a first direct regular saver yesterday and it was open and funded within a couple of hours 

...and for those renewing, if my experience last year is anything to go by, if you time it right you can apply for a new one when the account first disappears, before it returns with interest added, allowing the usual maturity waiting game to be short-circuited.

I can corroborate this. Several years running I've been able to open a new account as soon as the old one disappears from online banking. 

ColdIron

Fingerbobs said:

ColdIron said:

It wouldn't let me do it as the account number was the same so it would be 2 payments in a calender month

I used the 'renew' process to a Everyday Saver and opened a new RS, then I could deposit my £250. Then I closed the Everyday Saver

You might find yet another Everyday Saver created when opening the new RS, I did and closed that as well

That's a good idea, thanks. I'll probably do that. 

I kept the automatically-opened Everyday Saver, so I assume my funds will move over into that, leaving the original RS account in place but with zero balance, and I then need to close the original RS account manually before it will let me open a new one. 

When I opened my RS 21/03/2023 it created an Instant Saver (not an Everyday Saver) and the interest moved into that 21/03/2024

Lloyds and BoS state that that you can only open a new RS if you've not had one in the previous 12 months and closing the RS could stop you opening a new one. So with an abundance of caution I didn't close the Halifax RS and used the renew process to make it an Everyday Saver and closed that

It's a shame that you can't make a new deposit in the same month so what I intend to do is close my original Instant Saver so the balance and interest doesn't move to that, instead it turns into an Everyday Saver leaving no RS. Then I can just open one without all this renewing and closing double declutching

Fingerbobs

ColdIron said:

Fingerbobs said:

ColdIron said:

It wouldn't let me do it as the account number was the same so it would be 2 payments in a calender month

I used the 'renew' process to a Everyday Saver and opened a new RS, then I could deposit my £250. Then I closed the Everyday Saver

You might find yet another Everyday Saver created when opening the new RS, I did and closed that as well

That's a good idea, thanks. I'll probably do that. 

I kept the automatically-opened Everyday Saver, so I assume my funds will move over into that, leaving the original RS account in place but with zero balance, and I then need to close the original RS account manually before it will let me open a new one. 

When I opened my RS 21/03/2023 it created an Instant Saver (not an Everyday Saver) and the interest moved into that 21/03/2024

Lloyds and BoS state that that you can only open a new RS if you've not had one in the previous 12 months and closing the RS could stop you opening a new one. So with an abundance of caution I didn't close the Halifax RS and used the renew process to make it an Everyday Saver and closed that

It's a shame that you can't make a new deposit in the same month so what I intend to do is close my original Instant Saver so the balance and interest doesn't move to that, instead it turns into an Everyday Saver leaving no RS. Then I can just open one without all this renewing and closing double declutching

Yes, it's a shame. I was planning to just leave the Standing Order running for the 1st, and just make one additional manual deposit after the renewal. 

Halifax don't seem to have the same lockout clause as Lloyds and BoS, but I agree your method minimises risk (although you could probably argue the point).