Regular Savings Accounts: The Best Currently Available List!

aaj123

Duh. Saffron closed the Members regular saver account I had opened due to a manual review that found I was not an existing member. Well okay, gained about a quid of interest that's been included in the refund.

Nevergonnaretire

I foolishly messaged Halifax when the new Regular saver was announced to see if I could renew but was told I couldn't and if I closed the existing one I'd lose any interest.

Of course this was before I saw this thread so I've just 'renewed' my existing to an everyday saver, moved out the money (including small amount of interest which was there immediately) and opened the new one. Took 5 mins max! Thanks to all you knowledgeable types on here who are far more helpful than Halifax staff it would seem

ForumUser7

Nevergonnaretire said:

I foolishly messaged Halifax when the new Regular saver was announced to see if I could renew but was told I couldn't and if I closed the existing one I'd lose any interest.

Of course this was before I saw this thread so I've just 'renewed' my existing to an everyday saver, moved out the money (including small amount of interest which was there immediately) and opened the new one. Took 5 mins max! Thanks to all you knowledgeable types on here who are far more helpful than Halifax staff it would seem

I also messaged Halifax, and they said it was not possible. I asked them where in the ts and cs it said that, and then another agent came on the chat and apologised saying I was misinformed before, and that it was possible. Halifax allows closure and reopening - the ts and cs do not prevent it like they do for Lloyds and Bank of Scotland. The agent then closed it for me, and interest was paid in full. I then opened the new one online.

I think perhaps chat employees serve all 3 brands, so get mixed up from time to time

Newly_retired

I hav just had a letter from Lloyds Bank inviting me to apply for a Club Lloyds RS! I closed one a few months ago, so this contradicts their own T & C that you cannot open a CLRS if you have had one in the previous 12 m.

ForumUser7

Newly_retired said:

I hav just had a letter from Lloyds Bank inviting me to apply for a Club Lloyds RS! I closed one a few months ago, so this contradicts their own T & C that you cannot open a CLRS if you have had one in the previous 12 m.

It depends when you opened it - the rule is that if you open a CLRS, you can close it, but cannot open a new one until 12 months have passed since you opened the original one - the rule doesn't mean it affects you if you held one at all.

I.e. open on 25th August 2021, matured on 25th August 2022, you could certainly open another one now, despite being a CLRS holder less than a year ago, as you opened it more than 12 months ago.
open on 25th August 2022, closed on 23rd March 2023, the rules state you could not open another one now, as you opened one less than a year ago

There is a loophole, which you may have seen

allegro120

Newly_retired said:

I hav just had a letter from Lloyds Bank inviting me to apply for a Club Lloyds RS! I closed one a few months ago, so this contradicts their own T & C that you cannot open a CLRS if you have had one in the previous 12 m.

The same happened to me few months ago. I thought the invitation e-mail was a mistake, but it wasn't, I've opened new Club RS.

ChewyyBacca

nomorekids said:

Principality Issue 32 is up now

1 Year Regular Saver Bond (principality.co.uk)

For the above mentioned product
The Tariff document states: Telegraphic Transfer fee: £8

Pardon my ignorance, Is it the same as the electronic transfer fee?

ForumUser7

ChewyyBacca said:

nomorekids said:

Principality Issue 32 is up now

1 Year Regular Saver Bond (principality.co.uk)

For the above mentioned product
The Tariff document states: Telegraphic Transfer fee: £8

Pardon my ignorance, Is it the same as the electronic transfer fee?

I think that's CHAPS. I can confirm though I have closed previous issues, and principality transferred funds to my current account by faster payment free of charge. I do now usually get them to transfer into my web saver though, so I can see it is all actioned in real time.

ChewyyBacca

ForumUser7 said:

ChewyyBacca said:

nomorekids said:

Principality Issue 32 is up now

1 Year Regular Saver Bond (principality.co.uk)

For the above mentioned product
The Tariff document states: Telegraphic Transfer fee: £8

Pardon my ignorance, Is it the same as the electronic transfer fee?

I think that's CHAPS. I can confirm though I have closed previous issues, and principality transferred funds to my current account by faster payment free of charge. I do now usually get them to transfer into my web saver though, so I can see it is all actioned in real time.

If its CHAPS fee, its very low. When HSBC, FD are charging £17, Virgin Money £25 & Llyods bank £30; Principality £8 must be the lowest of them all

How does having a web saver helps? The interest rate is not at all exciting
Incidentally, for web saver too, The Tariff document states: Telegraphic Transfer fee: £8

Did you close the previous issues after July 2019?
Thanks

ForumUser7

ChewyyBacca said:

ForumUser7 said:

ChewyyBacca said:

nomorekids said:

Principality Issue 32 is up now

1 Year Regular Saver Bond (principality.co.uk)

For the above mentioned product
The Tariff document states: Telegraphic Transfer fee: £8

Pardon my ignorance, Is it the same as the electronic transfer fee?

I think that's CHAPS. I can confirm though I have closed previous issues, and principality transferred funds to my current account by faster payment free of charge. I do now usually get them to transfer into my web saver though, so I can see it is all actioned in real time.

If its CHAPS fee, its very low. When HSBC, FD are charging £17, Virgin Money £25 & Llyods bank £30; Principality £8 must be the lowest of them all

How does having a web saver helps? The interest rate is not at all exciting
Incidentally, for web saver too, The Tariff document states: Telegraphic Transfer fee: £8

Did you close the previous issues after July 2019?
Thanks

A telegraphic transfer (TT) is an electronic method of transferring funds utilized primarily for overseas wire transactions. These transfers are used most commonly in reference to Clearing House Automated Payment System (CHAPS) transfers in the U.K. banking system ~ https://www.investopedia.com/terms/t/telegraphic-transfer.asp N.B I don’t know if it is the same thing, I was just going off this

It isn’t a good rate - the reason I have it is so I can avoid having to add new payees all the time. All PBS deposits go into there, and then I request the transfers internally. All PBS maturities/withdrawals go into there, and I then request the transfers. This means that if the agent says ‘your closing balance is this, interest is this’ etc., I can check I’ve received the right amount as it reflects immediately in the web saver, but would take a few hours to show on the current account. I keep it with a balance of £1.

The web saver allows you to move funds to your ‘linked account’ by faster payment yourself, online.

I have - I closed several issues in 2022