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Regular Savings Accounts: The Best Currently Available List!
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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).0
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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?
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.
savings rates (halifax.co.uk)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 I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read.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.1 -
ForumUser7 said: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?
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.
savings rates (halifax.co.uk)1 -
ForumUser7 said: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.
As an aside this also works for getting the balances to update correctly if you receive a faster payment whilst logged into online banking. Just make a 1p transfer from your current account into a savings account or vice versa and bingo.7 -
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.3
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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.4 -
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.
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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.2 -
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.3 -
ForumUser7 said: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
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