Regular Savings Accounts: The Best Currently Available List!

Fingerbobs

surreysaver said:

I think I recall a term saying if you close the Regular Saver you cannot open a new one for a year

I seem to remember reading that somewhere too, but I can't find it in the documents. I think it's unlikely I'll want another one within a year anyway. 

where_are_we

mhoc said:

Coventry have finally caught up with my OH - is he one of the last ones with multiple accounts?
Graciously they are giving 2 months notice before closing the extra accounts up to 19th October 2021.
They say its the 1st account opened after 18th October 2020 that will be allowed to stay open. 
But OHs regular saver 3  (1.55%) matures on 16th October, just then leaving issue 4 and 5 open. 
Issue 4 matures was opened in November 2020 so thats the one that will stay open at least for the final month before it matures.
Issue 5 will be the excess account they will close.
But then I will reopen it again in November - that is if issue 5 still exists then

Are they imposing a penalty such as loss of interest?

Eco_Miser

surreysaver said:

Close the associated easy access saver - that way the Regular Saver becomes an easy access the following day.
I think I recall a term saying if you close the Regular Saver you cannot open a new one for a year

I believe that's a year from the date the Regular Saver was opened, i.e. you can't open a new RS before the old one would have matured.

skycatcher

Special_Saver2 said:

Hi Everybody,

I have done this weekend's update.

The only thing that has changed is updating the Nationwide BS Start to Save account to show that they have added another prize draw, so the prize draws go up to 24th January 2022.

I will do the next update next weekend.

SS2

---

For those new to this thread, the first few posts are constantly updated and are on the first page
https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1Leek United BS Flexible Saver Account

Anyone know v why in the small print it says it's only available for England Scotland and Wales and not NI?

someone

skycatcher said:

Anyone know v why in the small print it says it's only available for England Scotland and Wales and not NI?

Northern Ireland's gambling laws I believe is the reason.

Fingerbobs

Eco_Miser said:

surreysaver said:

Close the associated easy access saver - that way the Regular Saver becomes an easy access the following day.
I think I recall a term saying if you close the Regular Saver you cannot open a new one for a year

I believe that's a year from the date the Regular Saver was opened, i.e. you can't open a new RS before the old one would have matured.

The implication being, if I wait for the existing one to roll over before closing it, I'd have to wait almost a year before opening a new one. That said, I can't find this clause in the documentation. 

Eco_Miser

Fingerbobs said:

My Halifax Regular Saver matures this month - Is there an option to tell them to just close the account at maturity, rather than roll it over for another year? (The rate for new accounts isn't interesting to me.) 
The maturity letter just said it will roll over, with no other options offered, and I can't see any way to select alternative maturity options on the web site. 

I've just found my anniversary letter (from May), and it offers the option of phoning them or visiting a branch and closing the account.

There's an implication you're closing the old RS, not the hypothetical unused rolled over one, so no problem in opening a new one if the rate goes up (if that one year block did exist).

skycatcher

someone said:

skycatcher said:

Anyone know v why in the small print it says it's only available for England Scotland and Wales and not NI?

Northern Ireland's gambling laws I believe is the reason.

Yeah thought it might be something like that - do you if we can still use the sccount and just not be in the draw?

---just found the answer on another thread!

mhoc

where_are_we said:

mhoc said:

Coventry have finally caught up with my OH - is he one of the last ones with multiple accounts?
Graciously they are giving 2 months notice before closing the extra accounts up to 19th October 2021.
They say its the 1st account opened after 18th October 2020 that will be allowed to stay open. 
But OHs regular saver 3  (1.55%) matures on 16th October, just then leaving issue 4 and 5 open. 
Issue 4 matures was opened in November 2020 so thats the one that will stay open at least for the final month before it matures.
Issue 5 will be the excess account they will close.
But then I will reopen it again in November - that is if issue 5 still exists then

Are they imposing a penalty such as loss of interest?

No penalty - they say "if a regular saver is closed before the 12 month period ends we usually charge an amount equal to 30 days calendar interest. However in this case were going to waiver the charge and transfer the savings you hold along with all of the interest you've earned up to the date they're closed to your named bank account.  

ctdctd

Nat West Digital Regular saver has a 10 x £1,000 prize draw for accounts opened in August and deposits made Sept, Oct and Nov. It's a 3% RS but with max contributions only £50 a month.

https://personal.natwest.com/personal/savings/digital-regular-saver.html

I'm thinking of closing mine (only 3 months old) and re-opening to get into the draw.

Anyone see why not?