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Regular Savings Accounts: The Best Currently Available List!

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  • MDMD
    MDMD Posts: 1,554 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    SFindlay said:
    phillw 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
    ForumUser7 Posts: 2,453 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Gers said:
    dcs34 said:
    SFindlay said:
    Steve_xx 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
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • Gers said:
    dcs34 said:
    SFindlay said:
    Steve_xx 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
    Exactly, how difficult is it to get basic information correct. If this was a retail outlet they would have to honour the more favourable price/terms.
  • Bridlington1
    Bridlington1 Posts: 3,723 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    It looks like Monmouthshire's Christmas saver incident still haunts them to this day. I received a letter from them today dated 1st March returning my bank statement as proof of my nominated account. I sent it to them originally in November.
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    For those still wondering whether to do anything about the new Lloyds / BOS (and may be Halifax) rates, there's a very good spreadsheet here: https://forums.moneysavingexpert.com/discussion/comment/79890852/#Comment_79890852

    It made me change my mind, I won't jump onto the new rates now but take a chance that I get at least the new rates once my current LBG RSs have matured.
  • Bridlington1
    Bridlington1 Posts: 3,723 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    I would be thinking the same way but things are complicated slightly in my case. I am also approaching the point now where I will probably have all my EA savings in regular savers by about April/May so the interest rate on the funds held outside the monthly saver will likely increase from then.

    Moreover I currently have a 90 day notice account paying 4%, which tracks the BOE base rate thrown into the mix, which I could empty the regular savers into.

    These two factors then shift the balance more towards closing the accounts. Oh decisions, decisions. It's fair to say I'll be doing a bit of number crunching over the next day or so.
  • kaMelo
    kaMelo Posts: 2,856 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    edited 2 March 2023 at 11:49PM
    I'm in virtually the same situation as you @Bridlington1, I can cover April and May, my FD regular saver matures end of May so would cover some of June but not all of them. But I've already bust this years PSA and have no ISA allowance left either so I'm loathed to do anything before April which would bring more interest into this tax year.
    The flip side of that being next tax year, with the rate increases over the last few months it becomes an even bigger (although nice one to have) problem. For example, my Cumberland regular saver will bust my PSA on it's own, never mind all the other accounts.  I'm also reluctant to use much ISA allowance in savings accounts rather than S&S.
    I know I shouldn't let the tax tail wag the dog but my whole strategy may need a rethink to work out what is the most efficient.
  • ForumUser7
    ForumUser7 Posts: 2,453 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    For those of us that are hoping for a Coventry BS app, to manage our RS (and easy access) accounts with them:

    Coventry BS has confirmed on page 56 of their annual report they are working on implementing Confirmation of Payee services, and a mobile app. 'Further developments are underway, including Confirmation of Payee services and a mobile App'. They haven't given a timeframe, but on page 10 it states they 'are in the final stages of developing [their] mobile savings app'



    https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/financial-results/2022/annual-report-and-accounts-2022.pdf
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • For those of us that are hoping for a Coventry BS app, to manage our RS (and easy access) accounts with them:

    Coventry BS has confirmed on page 56 of their annual report they are working on implementing Confirmation of Payee services, and a mobile app. 'Further developments are underway, including Confirmation of Payee services and a mobile App'. They haven't given a timeframe, but on page 10 it states they 'are in the final stages of developing [their] mobile savings app'



    https://www.coventrybuildingsociety.co.uk/content/dam/cbs/member/pdfs/financial-results/2022/annual-report-and-accounts-2022.pdf
    Reading their member forum, it appears they've been talking about this for three years. :/

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