Regular Savings Accounts: The Best Currently Available List!

flaneurs_lobster

easyasonetwothree said:

twadds123 said:

Lloyds, BOS, Halifax regular savers.

I have all these due to end in a few months time,  just wondering if any one feels it is worth using the "renew" trick to start them again now to lock in the interest rate for another 12 months?

With the base rate coming down just wondering if they will drop their rates in the coming months?

For Lloyds at least they say you can't open another regular Saver until the 12 month anniversary anyway. So I don't think the renew trick works with them?

It does. However the consideration might be what to do with the money removed from the (say) Lloyds Club RS currently earning 6.25%. 

PRAISETHESUN

Bridlington1 said:

twadds123 said:

Lloyds, BOS, Halifax regular savers.

I have all these due to end in a few months time,  just wondering if any one feels it is worth using the "renew" trick to start them again now to lock in the interest rate for another 12 months?

With the base rate coming down just wondering if they will drop their rates in the coming months?

One other angle to consider though is that regular savers are at their most profitable towards the end of their terms. If you refresh now, who's to say that in a 6 months time they won't reduce the rates again, and leave you pondering the question of whether to refresh again to lock in the new rate to prevent being lumbered with a lower rate later on. If you do that a few months later they could reduce again, then where would you be?

If this happens you could find yourself stuck in a loop of refreshing to get lower rates without having much in the accounts and may find you'd've been better off just letting your regular savers run to maturity and opening whatever rate is available at the time.

FWIW I'd probably be inclined to let them run to maturity, though it would depend on their rates in comparison to my other accounts (if they were close to being emptied to feed other regular savers I'd probably be more inclined to refresh at the end of the month, if they were well worth the funding I'd be more likely to hold out till maturity)

Without a crystal ball I can't say for sure though, but I'd lean against refreshing now to be honest.

I recall a discussion from a while back where someone was pondering a similar issue, although I think this was when rates were on the way up. The rough break even point from what I remember (based on the numbers at the time) was that it was better to do nothing and let accounts run to maturity if they had less than 5-6 months left to go, given that by breaking the RS early the bulk of the money ends up going into lower rate account

twadds123

Bridlington1 said:

twadds123 said:

Lloyds, BOS, Halifax regular savers.

I have all these due to end in a few months time,  just wondering if any one feels it is worth using the "renew" trick to start them again now to lock in the interest rate for another 12 months?

With the base rate coming down just wondering if they will drop their rates in the coming months?

One other angle to consider though is that regular savers are at their most profitable towards the end of their terms. If you refresh now, who's to say that in a 6 months time they won't reduce the rates again, and leave you pondering the question of whether to refresh again to lock in the new rate to prevent being lumbered with a lower rate later on. If you do that a few months later they could reduce again, then where would you be?

If this happens you could find yourself stuck in a loop of refreshing to get lower rates without having much in the accounts and may find you'd've been better off just letting your regular savers run to maturity and opening whatever rate is available at the time.

FWIW I'd probably be inclined to let them run to maturity, though it would depend on their rates in comparison to my other accounts (if they were close to being emptied to feed other regular savers I'd probably be more inclined to refresh at the end of the month, if they were well worth the funding I'd be more likely to hold out till maturity)

Without a crystal ball I can't say for sure though, but I'd lean against refreshing now to be honest.

thank you, thats a massively useful post and clarified my thinking.

Bridlington1

Stafford Railway BS have announced some of their savings rates will reduce on 1/9/24.

Of note is that their Regular Saver – Issue 1 is not included in this so will remain at 5.15% for the time being.

pecunianonolet

twadds123 said:

Bridlington1 said:

twadds123 said:

Lloyds, BOS, Halifax regular savers.

I have all these due to end in a few months time,  just wondering if any one feels it is worth using the "renew" trick to start them again now to lock in the interest rate for another 12 months?

With the base rate coming down just wondering if they will drop their rates in the coming months?

One other angle to consider though is that regular savers are at their most profitable towards the end of their terms. If you refresh now, who's to say that in a 6 months time they won't reduce the rates again, and leave you pondering the question of whether to refresh again to lock in the new rate to prevent being lumbered with a lower rate later on. If you do that a few months later they could reduce again, then where would you be?

If this happens you could find yourself stuck in a loop of refreshing to get lower rates without having much in the accounts and may find you'd've been better off just letting your regular savers run to maturity and opening whatever rate is available at the time.

FWIW I'd probably be inclined to let them run to maturity, though it would depend on their rates in comparison to my other accounts (if they were close to being emptied to feed other regular savers I'd probably be more inclined to refresh at the end of the month, if they were well worth the funding I'd be more likely to hold out till maturity)

Without a crystal ball I can't say for sure though, but I'd lean against refreshing now to be honest.

thank you, thats a massively useful post and clarified my thinking.

Alternatively, also consider your tax situation. I stopped feeding some regular savers, even the high 7 and 8% Monmouthshire ones as the interest falls within this tax year and I get taxed 40% on it. I instead started to open some lower paid ones, which mature next tax year so even if the % rate is lower my total return is higher due to tax.

Also, I haven't maxed out my ISA allowance yet for this year and operate with the Chip Easy Access ISA and melt down from there for my various stoozing repayments I've got this year so whenever I can I replace previously withdrawn funds from my ISA as I don't have to worry about tax vs. having to monitor potential returns for next tax year already. 

t1redmonkey

Principality 1 year Triple Access Regular Saver reducing from 6% to 5.75% from 12th September.

jameseonline

t1redmonkey said:

Principality 1 year Triple Access Regular Saver reducing from 6% to 5.75% from 12th September.

Did you get an email or is this like a new issue or something?

Bridlington1

jameseonline said:

t1redmonkey said:

Principality 1 year Triple Access Regular Saver reducing from 6% to 5.75% from 12th September.

Did you get an email or is this like a new issue or something?

States on the product page:

Hattie627

t1redmonkey said:

Principality 1 year Triple Access Regular Saver reducing from 6% to 5.75% from 12th September.

Of the 5 different Principality BS Regular Savers which I currently have, this is the only one which doesn't have a fixed rate. 

Money_Grabber13579

flaneurs_lobster said:

easyasonetwothree said:

twadds123 said:

Lloyds, BOS, Halifax regular savers.

I have all these due to end in a few months time,  just wondering if any one feels it is worth using the "renew" trick to start them again now to lock in the interest rate for another 12 months?

With the base rate coming down just wondering if they will drop their rates in the coming months?

For Lloyds at least they say you can't open another regular Saver until the 12 month anniversary anyway. So I don't think the renew trick works with them?

It does. However the consideration might be what to do with the money removed from the (say) Lloyds Club RS currently earning 6.25%. 

For those raising complaints with Mon BS as a matter of principle to get them to stick to their own rules, are they also going to complain to Lloyds to get them to stick to their rules too? Thought not.