Regular Savings Accounts: The Best Currently Available List!

polymaff

A fully, just about optimally funded Principality RS20 returned £6,574.40 on 30/12/20, so there doesn't seem to have been any penalty or loss of interest for 13 payments, then, I think.  Hope that that continues...

adindas

Halifax Regular saver

https://www.halifax.co.uk/savings/fixed-term/regular-saver.html
"Can I withdraw money?
No. You can't access your savings unless you’re closing the account. You can close it before the end of 12 months."

Even though it is only paying 1.0% but the main advantage of this AC is that you could access it anytime you need it. Eventhough it is weekend your transfer is still instant, as it is an internal transfer (?) among LBG banking ACs. Also the banking platforms for BOS&HLX and LLoyds bank are seperate, so if one platforms is down you still have an option to access your money instantly from another platform. So, IMO, 4RSs in LBG are good complement of the LBG current account paying 0.6% for instant access.

My Question here regarding Halifax RSA is that If you close it before maturity because you want to withdraw the money, could you reopen a new one on the following day after the cancelation is confirmed or it will need to wait at least one year before you could open another RSA with Halifax? Thanks

Gers

adindas said:

My Question here regarding Halifax RSA is that If you close it before maturity because you want to withdraw the money, could you reopen a new one on the following day after the cancelation is confirmed or it will need to wait at least one year before you could open another RSA with Halifax? Thanks

I got this message from Halifax about my RS maturing in April - though they call it Everyday Saver in the letter, no idea why:

If you renew your Everyday Saver, you will get the interest rate available on the date your renewed account starts, which may be different to your current rate. Preferential interest rates may be available from time to time.

Seems you can renew but not at the current interest rate.

wiseonesomeofthetime

@adindas would not be renewing, as they would have closed the previous one early, they would be taking a brand new product out, at the rate and T&C of that new product.

I see no reason why you could not do what you have proposed.

adindas

Gers said:

Seems you can renew but not at the current interest rate.

wiseonesomeofthetime said:

@adindas would not be renewing, as they would have closed the previous one early, they would be taking a brand new product out, at the rate and T&C of that new product.
I see no reason why you could not do what you have proposed.

I do not mind to apply for a new Halifax RSA with new T&C. Even it is at a lower interst rate as long as it is still reasonably higher than the LBG current AC interest rate. The reason for that because I am using Club Llyds as my main AC and this regular saver good to compliment the LLoyds current ACs. The main advantage of this AC is that you could access it anytime you need. Even is weekend your transfer is still instant, as it is an internal transfer (?) among LBG banking ACs.

I remember in the past you will need to wait one year from the date you close the account to open a new RSA. It seems this condition has ceased to exist. Am I right ??

soulsaver

@adindas It has been previously reported that Halifax won't let you open another reg saver until the 12 month anniversary from inception date of the closed reg saver.
Don't know if it's been tested.

glider3560

soulsaver said:

@adindas It has been previously reported that Halifax won't let you open another reg saver until the 12 month anniversary from inception date of the closed reg saver.
Don't know if it's been tested.

I closed my Halifax Regular Saver a few weeks ago as I wanted access to the money to pay off my Student Loan (it was a lot of work - almost one hour of phone calls to get this done without going to a branch).  It's letting me open a new account now (got past the eligibility stage of the application) despite being within the 12 months of the previous account.

refluxer

Gers said:

I got this message from Halifax about my RS maturing in April - though they call it Everyday Saver in the letter, no idea why:

If you renew your Everyday Saver, you will get the interest rate available on the date your renewed account starts, which may be different to your current rate. Preferential interest rates may be available from time to time.

On maturity, the proceeds of your Regular Saver get automatically paid into an Everyday Saver account by the sounds of it, although referring to it as an Everyday Saver before the RS has matured does seem odd.

"We will open an Everyday Saver account as part of this application. After 12 months any money you’ve saved plus interest will transfer into your Everyday Saver account."

adindas

glider3560 said:

I closed my Halifax Regular Saver a few weeks ago as I wanted access to the money to pay off my Student Loan (it was a lot of work - almost one hour of phone calls to get this done without going to a branch). 

It's letting me open a new account now (got past the eligibility stage of the application) despite being within the 12 months of the previous account.

When you said "I wanted access to the money to pay off my Student Loan, it was a lot of work - almost one hour of phone calls to get this done without going to a branch"

For one hour of phone calls are you refering to your student loan or closing Halifax RSA ?? I know some people on MSE here try to avoid  a phone call with Halifax.

I  just have a look on 

my Halifax RSA and I see this option.

"It’s now possible to renew the interest rate on your existing savings account, or take advantage of a different type of account, without having to change your account details"

"You can renew your account to any of the options shown below. These are accounts that work like the one you already have.
Please note the following important information before starting your account renewal request:

• if you’re renewing your account online you’ll need a valid email address
• your existing sort code and account number will stay the same
• your account renewal will be processed immediately after your confirmation
• any outstanding interest earned may be applied to your new account so your balance could be higher after the renewal is completed."

I did see any option to close the RSA account.

glider3560

adindas said:

glider3560 said:

I closed my Halifax Regular Saver a few weeks ago as I wanted access to the money to pay off my Student Loan (it was a lot of work - almost one hour of phone calls to get this done without going to a branch). 

It's letting me open a new account now (got past the eligibility stage of the application) despite being within the 12 months of the previous account.

When you said "I wanted access to the money to pay off my Student Loan, it was a lot of work - almost one hour of phone calls to get this done without going to a branch"

For one hour of phone calls are you refering to your student loan or closing Halifax RSA ?? I know some people on MSE here try to avoid  a phone call with Halifax.

I  just have a look on 

my Halifax RSA and I see this option.

"It’s now possible to renew the interest rate on your existing savings account, or take advantage of a different type of account, without having to change your account details"

"You can renew your account to any of the options shown below. These are accounts that work like the one you already have.
Please note the following important information before starting your account renewal request:

• if you’re renewing your account online you’ll need a valid email address
• your existing sort code and account number will stay the same
• your account renewal will be processed immediately after your confirmation
• any outstanding interest earned may be applied to your new account so your balance could be higher after the renewal is completed."

I did see any option to close the RSA account.

Halifax.  The student loan side only took a few minutes.

It wouldn't let me renew the account online.  For the Bank of Scotland account, I renewed to a instant access account (to realise the interest due), withdraw all but £1 then closed the account.  This didn't work for Halifax and it also failed for several people on the phone.  In the end, I got put through to some processing centre who were able to do it using the same system as they have in the branches.