Lloyds/Bank of Scotland/Halifax regular/monthly saver limits

PowerSavingMode

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Descrabled said:

The technique used is:

1 Empty the regular saver.

2 Renew account to annother type of saver.

3 Bank adds accrued interest.

4 Remove interest and close account.

5 Bank provides closing statement.

6 Open new regular saver if and when required.

Thank you very much for this - is this the technique for just Lloyds and Bank of Scotland? The Halifax RS needs to be closed or renewed to empty it anyway (no withdrawals).

Also, when I opened my Halifax RS, they opened an everyday saver at the same time. Does anyone know, if I'd had an easy access saver already at the time I applied, would they open a new one anyway, or not please? It all seems quite unnecessary given I have a current account with them, but I suppose if someone didn't, it may be the only way to enable them to be able to access their funds

Thank you

This is the technique for Halifax as well. 

I am living proof of the fact that they will open another easy access account as well. I have 3 at the moment because I can't be bothered to close them, I haven't touched any of them since they were opened.

I think the whole point of them opening the easy access account is so that it encourages people to start using Halifax for EA savings at an abysmal rate.

Ah right - thank you for confirming. I actually did a live chat with them today, and they confirmed for the Halifax RS only, you are allowed to open and close and open and close etc. in the same 12 month period.

I’ll get the chat person to close it for me, as it’s (hopefully) easier to do that way than going onto the website. I’ll get them to close the everyday saver at the same time. No point in keeping it if they open a new one each time anyway - feels unlikely it’ll become a top paying easy access and be withdrawn before they announce the increase 😂

And yes - quite possibly. It’s odd as well that they auto-renew into instant access savers, as there seems to be no difference between the two! Only that the everyday changes into instant after 12 months, and the instant stays instant

edit: allowed feels like a poor choice of word - I mean the Ts and Cs don’t forbid it like they do for Lloyds and BoS

Does that mean you forfeit the 4.5% interest rate if you close it?

ForumUser7

DJDools said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Descrabled said:

The technique used is:

1 Empty the regular saver.

2 Renew account to annother type of saver.

3 Bank adds accrued interest.

4 Remove interest and close account.

5 Bank provides closing statement.

6 Open new regular saver if and when required.

Thank you very much for this - is this the technique for just Lloyds and Bank of Scotland? The Halifax RS needs to be closed or renewed to empty it anyway (no withdrawals).

Also, when I opened my Halifax RS, they opened an everyday saver at the same time. Does anyone know, if I'd had an easy access saver already at the time I applied, would they open a new one anyway, or not please? It all seems quite unnecessary given I have a current account with them, but I suppose if someone didn't, it may be the only way to enable them to be able to access their funds

Thank you

This is the technique for Halifax as well. 

I am living proof of the fact that they will open another easy access account as well. I have 3 at the moment because I can't be bothered to close them, I haven't touched any of them since they were opened.

I think the whole point of them opening the easy access account is so that it encourages people to start using Halifax for EA savings at an abysmal rate.

Ah right - thank you for confirming. I actually did a live chat with them today, and they confirmed for the Halifax RS only, you are allowed to open and close and open and close etc. in the same 12 month period.

I’ll get the chat person to close it for me, as it’s (hopefully) easier to do that way than going onto the website. I’ll get them to close the everyday saver at the same time. No point in keeping it if they open a new one each time anyway - feels unlikely it’ll become a top paying easy access and be withdrawn before they announce the increase 😂

And yes - quite possibly. It’s odd as well that they auto-renew into instant access savers, as there seems to be no difference between the two! Only that the everyday changes into instant after 12 months, and the instant stays instant

edit: allowed feels like a poor choice of word - I mean the Ts and Cs don’t forbid it like they do for Lloyds and BoS

Does that mean you forfeit the 4.5% interest rate if you close it?

Do you mean is there an interest penalty for early closure? If that’s what you’re asking, no, there isn’t. You get the interest accrued at 4.5% up to the date of closure/renewal

PowerSavingMode

ForumUser7 said:

Do you mean is there an interest penalty for early closure? If that’s what you’re asking, no, there isn’t. You get the interest accrued at 4.5% up to the date of closure/renewal

Yes, thank you! I'm sure I read though that you have to keep the funds in that a/c sitting there for the full 12 months, so I'm assuming if, say, I closed the RS a/c today (after 3 months), I would 'only' receive interest for the three months, even though the funds will remain in that closed a/c for another 9 months.

PloughmansLunch

DJDools said:

ForumUser7 said:

Do you mean is there an interest penalty for early closure? If that’s what you’re asking, no, there isn’t. You get the interest accrued at 4.5% up to the date of closure/renewal

Yes, thank you! I'm sure I read though that you have to keep the funds in that a/c sitting there for the full 12 months, so I'm assuming if, say, I closed the RS a/c today (after 3 months), I would 'only' receive interest for the three months, even though the funds will remain in that closed a/c for another 9 months.

I closed mine after about 3 months, and am now the proud owner of three pounds and fourteen pence in interest.

ForumUser7

DJDools said:

ForumUser7 said:

Do you mean is there an interest penalty for early closure? If that’s what you’re asking, no, there isn’t. You get the interest accrued at 4.5% up to the date of closure/renewal

Yes, thank you! I'm sure I read though that you have to keep the funds in that a/c sitting there for the full 12 months, so I'm assuming if, say, I closed the RS a/c today (after 3 months), I would 'only' receive interest for the three months, even though the funds will remain in that closed a/c for another 9 months.

I think you've misinterpreted "" 2 on their page.

"We will open an Everyday Saver account as part of this application. After 12 months any money you’ve saved in your Regular Saver plus interest will transfer into your Everyday Saver account. Then your Regular Saver will renew for another 12 months."

I.e. At the end of the account year, your deposits into the RS + Interest accrued will be moved into the everyday saver, and your regular saver renews.

"If you close the Everyday Saver your savings will stay in your Regular Saver and after 12 months we’ll change that to an Everyday Saver. "

I.e. If at the end of the account year you do not hold an everyday saver for your deposits into the RS + interest accrued to be moved into, the regular saver itself will convert into an everyday saver, and if you wished to have another regular saver you would need to open a new one

"You can only access your savings during the 12 months term if you close the Regular Saver account."

I.e. If you close your RS during the 12 month term, you can access the savings and they are not quarantined etc.

You are correct that you would only get the interest for the 3 months that your money was in the account for, but your funds will be accessible, they will not remain in the closed account for another 9 months

Hope this helps clear that up

PowerSavingMode

ForumUser7 said:

I think you've misinterpreted "" 2 on their page.

Yes, I think it's the following that's confusing me — the wording makes me think all funds will stay in the RS until the full 12 months is up:

"If you close the Everyday Saver your savings will stay in your Regular Saver and after 12 months we’ll change that to an Everyday Saver. "

I haven't tried it myself, so wouldn't know if closing and then being able to access and move/withdraw the funds in the-then-closed RS would work.

dcs34

DJDools said:

ForumUser7 said:

I think you've misinterpreted "" 2 on their page.

Yes, I think it's the following that's confusing me — the wording makes me think all funds will stay in the RS until the full 12 months is up:

"If you close the Everyday Saver your savings will stay in your Regular Saver and after 12 months we’ll change that to an Everyday Saver. "

I haven't tried it myself, so wouldn't know if closing and then being able to access and move/withdraw the funds in the-then-closed RS would work.

You can:

• Renew the regular saver into an easy access savings account, which will add the accrued interest and enable you to withdraw the balance.
• Close the easy access savings account
• Close the Everyday Saver

If you try to close the regular saver account as a regular saver account, it will all go wrong...

ForumUser7

dcs34 said:

DJDools said:

ForumUser7 said:

I think you've misinterpreted "" 2 on their page.

Yes, I think it's the following that's confusing me — the wording makes me think all funds will stay in the RS until the full 12 months is up:

"If you close the Everyday Saver your savings will stay in your Regular Saver and after 12 months we’ll change that to an Everyday Saver. "

I haven't tried it myself, so wouldn't know if closing and then being able to access and move/withdraw the funds in the-then-closed RS would work.

You can:

• Renew the regular saver into an easy access savings account, which will add the accrued interest and enable you to withdraw the balance.
• Close the easy access savings account
• Close the Everyday Saver

If you try to close the regular saver account as a regular saver account, it will all go wrong...

It doesn’t actually seem to cause problems for Halifax - I ‘chatted’ with them, and got them to close my RS and move funds into my everyday saver so I could open the new one. They, and the summary boxes, confirm that Halifax don’t appear to have the 12 month rule

adindas

phillw said:

Bridlington1 said:

I am living proof

Dead people have difficulty opening savings accounts.

Rofl, But @Bridlington1 along with other people contributing in this forum are still alive feeding the forums with tricks / infos that you can not get it from the TCs or CS.TBH for some people it saves a lot of your times as it takes time to experiment / try yourself in the first instance.

Section62

adindas said:

phillw said:

Bridlington1 said:

I am living proof

Dead people have difficulty opening savings accounts.

Rofl, But @Bridlington1 along with other people contributing in this forum are still alive feeding the forums with tricks / infos that you can not get it from the TCs or CS.TBH for some people it saves a lot of your times as it takes time to experiment / try yourself in the first instance.

For balance, worth pointing out Bridlington1's thread about having all their LBG accounts closed with effect from 18th May. (no criticism of Bridlington1 intended or implied)

https://forums.moneysavingexpert.com/discussion/6433933/lbg-closing-all-my-accounts-on-18th-may/p1

This amounts to a financial "You're dead to us" decision, and it is clear from the letter that anyone getting the same will have great difficulty opening accounts with LBG in the future.