Regular Savings Accounts: The Best Currently Available List!

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.

CricketLady

Might I ask the same question about Lloyds 6.25%?  Mine's due to mature on 18th December, I've £4800 in it at the moment and was going to make my final payment on 1st December.  I can't imagine it'll still be 6.25% on 18th December though.

Thanks in advance - any advice gratefully received!

surreysaver

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.

About the only bit of their IT that does work!

Hattie627

CricketLady said:

Might I ask the same question about Lloyds 6.25%?  Mine's due to mature on 18th December, I've £4800 in it at the moment and was going to make my final payment on 1st December.  I can't imagine it'll still be 6.25% on 18th December though.

Thanks in advance - any advice gratefully received!

I early closed my Club Lloyds RS (6.25% fixed) last week by renewing it to an Easy Saver and moving the money out immediately. I then opened a new RS and deposited the first £400. All done in 10 minutes 

CricketLady

Thanks Hattie627, that's interesting - do you mind me asking what happened to the interest on your "old" regular saver-turned-easy-access, did the interest get added on straight away?

Stargunner

CricketLady said:

Thanks Hattie627, that's interesting - do you mind me asking what happened to the interest on your "old" regular saver-turned-easy-access, did the interest get added on straight away?

I did the same last week and the interest got added straight away.

rob37uk

t1redmonkey said:

Aldermore - looks like you can apply for the issue 2 now, but you're not permitted to hold it in addition to issue 1: https://www.aldermore.co.uk/savings-accounts/personal-savings-accounts/regular-saver-account/regular-saver-account/

The Aldermore systems are allowing an issue 2 to be opened in addition to the issue 1. There is a paragraph on both the issue's terms and conditions that says "You can only open one Regular Saver Issue 1 and this must be in your sole name". I think they forgot to update that clause with issue 2. Only 5% but it is £300/month with unlimited access and a Freepost address if ever needed. 

mattojgb

surreysaver said:

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 

In a falling rate environment, the best time to renew the account would be the day before the account gets pulled (or immediately on maturity of your existing account if the account is still available). You potentially lose out otherwise - but probably by less than if you miss out on renewing the account by not doing it before it gets pulled. Each day you delay you're getting an extra day's interest on a substantial balance - and providing you renew in time you get all the interest on the renewed account. I renewed my account this week following the BoE rate reduction.

happybagger

qbadger said:

Vernon Building Society

Does anyone know if Vernon credit bank transfers and calculate interest on same calendar day received or business day for their regular saver account? Had a quick look through their savings terms but this doesn't seem to be specified in there.
Thanks!

Just checked my Vernon OLB and it is credited the same day as it leaves my current account.
They pay interest on the day of deposit, but not on the day of withdrawal.