Regular Savings Accounts: The Best Currently Available List!

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). 

ColdIron

Fingerbobs said:

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

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). 

That's right, but my middle name is cautious

kaMelo

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.

allegro120

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.

For me it was a matter of an extra 0.3% for 16 days so I've decided to keep the existing account and fund it on the 1st of next month as usual.  I normally try to maximise the return whenever possible, but on occasions like this I just let it flow.

Wheres_My_Cashback

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 £.

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