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schiff

Principality
My 6-Month RS is full at £1200 and is due to mature on 20/12. It appears to make sense to close it now (it's permitted) and reopen. Does that work? TIA

PowerSavingMode

schiff said:

Principality
My 6-Month RS is full at £1200 and is due to mature on 20/12. It appears to make sense to close it now (it's permitted) and reopen. Does that work? TIA

Yes, but you do risk the product being pulled before you have a chance to reopen it. 

Speculator

schiff said:

Principality
My 6-Month RS is full at £1200 and is due to mature on 20/12. It appears to make sense to close it now (it's permitted) and reopen. Does that work? TIA

Did it last week. Did the closure online at 2am, received message to say closure processed and funds sent 11.10am, able to open new 6 month regular about 12pm and received funds 4.20pm.

Dizzycap

Thomas_Crown said:

Speculator said:

jaypers said:

Based on the rates dropping I might just grab a Halifax RS at 5.5% while it’s still there. 

I’ve opened a few regular savers with a fixed rate of 5% (with penalty free and notice free access) or higher since BOE lowered the base rate and wife has done the same.

Halifax 5.5%, Lloyds 5.25%, Santander 5%.  

Will open the Principality 5.15% later today.

Shame I can’t renew my BOS 5.5%

My Principality Maturity Regular Saver Bond at 6.25% matures this Wednesday. I opened a Christmas 2025 Regular Saver Bond at 7%, on the 1st November. I know that it's a maximum of £125.00 pm but I think 5.15% is too low at the moment.

I agree......

masonic

ThePirates said:

Do you have to pay £25 into the Halifax RS every month or just when opening it?

Neither.  

jaypers

schiff said:

Principality
My 6-Month RS is full at £1200 and is due to mature on 20/12. It appears to make sense to close it now (it's permitted) and reopen. Does that work? TIA

How much do you lose doing this? Mine matures on 23/12. 

surreysaver

jaypers said:

schiff said:

Principality
My 6-Month RS is full at £1200 and is due to mature on 20/12. It appears to make sense to close it now (it's permitted) and reopen. Does that work? TIA

How much do you lose doing this? Mine matures on 23/12. 

You shouldn't lose anything - because in four and a half months time, you'll be in the same place you are now, with one and a half months still to go.
As long as you open a new one, you'll gain.
In fact, it'll give you some extra cashflow now to put in an easy access account earning about 5%, which you'll be unlikely to be earning in four months 

Hal17

Does anyone know if TSB keep to their T&C's if you close their Monthly Saver early? It says you can close an account but cannot open a new regular saver until the anniversary date of the account you have closed. Many thanks.

t1redmonkey

Hal17 said:

Does anyone know if TSB keep to their T&C's if you close their Monthly Saver early? It says you can close an account but cannot open a new regular saver until the anniversary date of the account you have closed. Many thanks.

Yes, their application process will detect if you've had one in the last 12 months and prevent you from opening a new one.

flaneurs_lobster

t1redmonkey said:

Hal17 said:

Does anyone know if TSB keep to their T&C's if you close their Monthly Saver early? It says you can close an account but cannot open a new regular saver until the anniversary date of the account you have closed. Many thanks.

Yes, their application process will detect if you've had one in the last 12 months and prevent you from opening a new one.

....and I recall it doesn't reject the application until you are some considerable way into the process, for extra niggle.