Regular Savings Accounts: The Best Currently Available List!

Gers

Speculator said:

dcs34 said:

Snapdragon said:

SFindlay said:

Steve_xx said:

trickydicky14 said:

Can you defo close all these accounts, (Halifax, Lloyds and Bos) without loss and re-apply immediately at the new rates?

If you close the Club Lloyds regular saver, you can't open another until the anniversary date of the first opening. Not sure about the others. 

All, including Club Lloyds, can be closed and reopened immediately.  Account needs to be renewed when closing it. 

How do you RENEW? I went into app and chose my saver account and the 3 dots and there was a close account option in the list but nothing that sounded anything like renewing. Whilst I'd like to get the improved rates, I don't want to risk reasonable rates which are effectively easy access, if I get it wrong. Any help would be appreciated.

In online banking, on the account overview page, left hand menu > Savings and Investements > Renew your savings account > Select regular saver > Select preferred easy access account > Complete

Log out and log back in again. The regular saver will now be an easy access account with any interest at the full regular saver rate paid in. You can then open a new regular saver (might need to wait a day for system to refresh).

I just logged out and logged in again after renewing and BOS let me open their 5.5% Monthly Saver.

Me too - thanks for the guidance. I'll now try with Lloyds and Halifax.

t1redmonkey

Worth noting if you do close them and reopen them, you need to find a new home for the money from the closed accounts since you can only put back in a portion of it (whatever the monthly limit is).

ForumUser7

t1redmonkey said:

Worth noting if you do close them and reopen them, you need to find a new home for the money from the closed accounts since you can only put back in a portion of it (whatever the monthly limit is).

I can't even get it out for a few days - my Bank of Scotland current account (19s) only allows £500 daily payments, and I've just realised after closing the easy access, and BOS/Halifax RSs into the same account... 😑

ChaskhaChaia

Gers said:

Speculator said:

dcs34 said:

Snapdragon said:

SFindlay said:

Steve_xx said:

trickydicky14 said:

Can you defo close all these accounts, (Halifax, Lloyds and Bos) without loss and re-apply immediately at the new rates?

If you close the Club Lloyds regular saver, you can't open another until the anniversary date of the first opening. Not sure about the others. 

All, including Club Lloyds, can be closed and reopened immediately.  Account needs to be renewed when closing it. 

How do you RENEW? I went into app and chose my saver account and the 3 dots and there was a close account option in the list but nothing that sounded anything like renewing. Whilst I'd like to get the improved rates, I don't want to risk reasonable rates which are effectively easy access, if I get it wrong. Any help would be appreciated.

In online banking, on the account overview page, left hand menu > Savings and Investements > Renew your savings account > Select regular saver > Select preferred easy access account > Complete

Log out and log back in again. The regular saver will now be an easy access account with any interest at the full regular saver rate paid in. You can then open a new regular saver (might need to wait a day for system to refresh).

I just logged out and logged in again after renewing and BOS let me open their 5.5% Monthly Saver.

Me too - thanks for the guidance. I'll now try with Lloyds and Halifax.

No point doing so with Halifax as they haven't raised their rates (yet). Their RS is still 4.5%

someone

Thank you @Bridlington1 for posting the update re LBG rates.

Just as a reminder to everyone that there are already other threads discuss specifics of the accounts (e.g. https://forums.moneysavingexpert.com/discussion/6428126/lloyds-bank-of-scotland-halifax-regular-monthly-saver-limits/p1 ) as well as the option to start a new thread on a specific account/topic.  By doing so it will help maintain a manageable "signal to noise" ratio for subscribers of this thread. 

Fingers crossed this message doesn't cause a flurry of new messages. To that end, if you want to express general support of this message please hit the "thanks" button. If anyone strongly objects then please can we direct the conversation to a new netiquette thread for the time been.

Gers

ChaskhaChaia said:

Gers said:

Speculator said:

dcs34 said:

Snapdragon said:

SFindlay said:

Steve_xx said:

trickydicky14 said:

Can you defo close all these accounts, (Halifax, Lloyds and Bos) without loss and re-apply immediately at the new rates?

If you close the Club Lloyds regular saver, you can't open another until the anniversary date of the first opening. Not sure about the others. 

All, including Club Lloyds, can be closed and reopened immediately.  Account needs to be renewed when closing it. 

How do you RENEW? I went into app and chose my saver account and the 3 dots and there was a close account option in the list but nothing that sounded anything like renewing. Whilst I'd like to get the improved rates, I don't want to risk reasonable rates which are effectively easy access, if I get it wrong. Any help would be appreciated.

In online banking, on the account overview page, left hand menu > Savings and Investements > Renew your savings account > Select regular saver > Select preferred easy access account > Complete

Log out and log back in again. The regular saver will now be an easy access account with any interest at the full regular saver rate paid in. You can then open a new regular saver (might need to wait a day for system to refresh).

I just logged out and logged in again after renewing and BOS let me open their 5.5% Monthly Saver.

Me too - thanks for the guidance. I'll now try with Lloyds and Halifax.

No point doing so with Halifax as they haven't raised their rates (yet). Their RS is still 4.5%

Great point - thanks!

phillw

t1redmonkey said:

Worth noting if you do close them and reopen them, you need to find a new home for the money from the closed accounts since you can only put back in a portion of it (whatever the monthly limit is).

Does that mean it's not actually worth doing, as the increase is less than the gap to the easy access accounts? I'm six months in. So I think on the club lloyds account I'm £3 worse off over the original 12 months, if I start again.

It's a tough call as they could raise again.

t1redmonkey

phillw said:

t1redmonkey said:

Worth noting if you do close them and reopen them, you need to find a new home for the money from the closed accounts since you can only put back in a portion of it (whatever the monthly limit is).

Does that mean it's not actually worth doing, as the increase is less than the gap to the easy access accounts? I'm six months in.

Not sure, I haven't done any calculations.  I'm guessing it's probably not worth it that far in (I was also 6 months in and don't think I should've closed it now).

ForumUser7

phillw said:

t1redmonkey said:

Worth noting if you do close them and reopen them, you need to find a new home for the money from the closed accounts since you can only put back in a portion of it (whatever the monthly limit is).

Does that mean it's not actually worth doing, as the increase is less than the gap to the easy access accounts? I'm six months in.

It depends if you have places you can put the funds at 4.50% or above - I do, so it's worth it for me

SFindlay

someone said:

Thank you @Bridlington1 for posting the update re LBG rates.

Just as a reminder to everyone that there are already other threads discuss specifics of the accounts (e.g. https://forums.moneysavingexpert.com/discussion/6428126/lloyds-bank-of-scotland-halifax-regular-monthly-saver-limits/p1 ) as well as the option to start a new thread on a specific account/topic.  By doing so it will help maintain a manageable "signal to noise" ratio for subscribers of this thread. 

Fingers crossed this message doesn't cause a flurry of new messages. To that end, if you want to express general support of this message please hit the "thanks" button. If anyone strongly objects then please can we direct the conversation to a new netiquette thread for the time been.

This has been discussed so many times before, THIS thread is the place to discuss this so not having to search everywhere for the information. Why do some people try to dictate what others can and can't post is beyond me!!