Regular Savings Accounts: The Best Currently Available List!

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!! 

SFindlay

t1redmonkey said:

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).

Everybody has to decide if its right in their particular circumstances but one thing to consider is tax implications with new financial year coming up. With rates so low for a large percentage of the year many people won't be near the £1000 tax free limit however next year is a different matter with so many RS paying around 5% and many easy access over 3% that £1000 limit can quite easily be reached. My intention was always to close any I can without penalty this month to have the interest included this year so this increase just makes it a bonus for opening the new accounts. 

arsenalboy

LEEDS B SOC

I have opened a Leeds Reg saver when I saw Special Saver 2's update on 26th Feb.

This stated rate would increase to 4.2% wef 28th Feb. However, it is still showing as 3.7% as at 2nd March.

Does anybody have any info on this please?

LZC

arsenalboy said:

LEEDS B SOC

I have opened a Leeds Reg saver when I saw Special Saver 2's update on 26th Feb.

This stated rate would increase to 4.2% wef 28th Feb. However, it is still showing as 3.7% as at 2nd March.

Does anybody have any info on this please?

I believe the rates increase from 28th March and not 28th February. 

Frogletina

SFindlay said:

t1redmonkey said:

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).

Everybody has to decide if its right in their particular circumstances but one thing to consider is tax implications with new financial year coming up. With rates so low for a large percentage of the year many people won't be near the £1000 tax free limit however next year is a different matter with so many RS paying around 5% and many easy access over 3% that £1000 limit can quite easily be reached. My intention was always to close any I can without penalty this month to have the interest included this year so this increase just makes it a bonus for opening the new accounts. 

I've just gone over my PSA allowance so I won't be closing mine until after the new tax year. This also has the advantage that any that I re-open after April will not count towards next year's PSA, but the year after that.

Growingold

I closed my Lloyds Regular Saver by renewing it into an easy access account but they didn't add any accrued interest just kept the account number the same.  Do I now need to withdraw the bulk of the money and then close it to get the interest owing?  Thanks for your help.

ForumUser7

Growingold said:

I closed my Lloyds Regular Saver by renewing it into an easy access account but they didn't add any accrued interest just kept the account number the same.  Do I now need to withdraw the bulk of the money and then close it to get the interest owing?  Thanks for your help.

If you log out and back in, it may now show correctly - it did for me after I did that

Middle_of_the_Road

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%

We understand, that the Halifax reg. saver is a fixed rate account, but on the interest rate pdf they quote rates as variable?

savings rates (halifax.co.uk)

MDMD

Frogletina said:

SFindlay said:

t1redmonkey said:

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).

Everybody has to decide if its right in their particular circumstances but one thing to consider is tax implications with new financial year coming up. With rates so low for a large percentage of the year many people won't be near the £1000 tax free limit however next year is a different matter with so many RS paying around 5% and many easy access over 3% that £1000 limit can quite easily be reached. My intention was always to close any I can without penalty this month to have the interest included this year so this increase just makes it a bonus for opening the new accounts. 

I've just gone over my PSA allowance so I won't be closing mine until after the new tax year. This also has the advantage that any that I re-open after April will not count towards next year's PSA, but the year after that.

I’m doing the same  - this does assume that the new rates are still available then. 

ForumUser7

Middle_of_the_Road said:

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%

We understand, that the Halifax reg. saver is a fixed rate account, but on the interest rate pdf they quote rates as variable?

savings rates (halifax.co.uk)

Yes, yet the product page on the website says fixed. You would've thought with the increasing margins they could hire a proof reader