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

silvercar

trickydicky14 said:

Expotter said:

t1redmonkey said:

I just closed one of my accounts with Lloyds and reopened a new one, but then I suddenly realised...I can't put the money I had in the previous regular saver into the new one, only the monthly limit

Exactly, in mine the 6th month payment has just gone in, so I'm not sure whether I'd be better off or not swapping them for the new ones when the full balance will be placed at 3.25% until it's paid back into them again. Anybody done any calculations yet?

ME TOO! Anyone good at maths.

So, if I closed my club Lloyds R.S @ 5.25% which has £2400 saved, then opened a new R.S at 6. 25% with £400 and put the remainder into my Chase 3% easy access account and feed it back into Lloyds over time. Would I actually be better off in the long run?

Obviously £2000 of my cash will have a reduced rate now until it’s found its way back into the R.S

I have the same dilemma with my other Lloyds and BOS regular savers.

My brain hurts.

Initially losing 2.25% on the £2000, gaining 1% on £400 = -41 (/12)
month 2, losing 2.25% on £1600 gaining 1% on £800 = -28 (/12)
month 3, losing 2.25% on £1200 gaining 1% on £1200 = -15 (/12)
month 4, losing 2.25% on £800 gaining 1% on £1600 = -2 (/12)
month 5, losing 2.25% on £400 gaining 1% on £2000 = +11 (/12)
month 6, gaining 1% on £2400 = +24 (/12)

net effect = -51 (/12) = -£4.25

Then what happens? You keep adding £400 of new money? 

month 7, gain 1% on £2800 = +28 (/12)
month 8, gain 1% on £3200 = +32(/12)

This in break even point when you have gained 75p.


  

trickydicky14

silvercar said:

trickydicky14 said:

Expotter said:

t1redmonkey said:

I just closed one of my accounts with Lloyds and reopened a new one, but then I suddenly realised...I can't put the money I had in the previous regular saver into the new one, only the monthly limit

Exactly, in mine the 6th month payment has just gone in, so I'm not sure whether I'd be better off or not swapping them for the new ones when the full balance will be placed at 3.25% until it's paid back into them again. Anybody done any calculations yet?

ME TOO! Anyone good at maths.

So, if I closed my club Lloyds R.S @ 5.25% which has £2400 saved, then opened a new R.S at 6. 25% with £400 and put the remainder into my Chase 3% easy access account and feed it back into Lloyds over time. Would I actually be better off in the long run?

Obviously £2000 of my cash will have a reduced rate now until it’s found its way back into the R.S

I have the same dilemma with my other Lloyds and BOS regular savers.

My brain hurts.

Initially losing 2.25% on the £2000, gaining 1% on £400 = -41 (/12)
month 2, losing 2.25% on £1600 gaining 1% on £800 = -28 (/12)
month 3, losing 2.25% on £1200 gaining 1% on £1200 = -15 (/12)
month 4, losing 2.25% on £800 gaining 1% on £1600 = -2 (/12)
month 5, losing 2.25% on £400 gaining 1% on £2000 = +11 (/12)
month 6, gaining 1% on £2400 = +24 (/12)

net effect = -51 (/12) = -£4.25

Then what happens? You keep adding £400 of new money? 

month 7, gain 1% on £2800 = +28 (/12)
month 8, gain 1% on £3200 = +32(/12)

This in break even point when you have gained 75p.


  

Thanks silvercar, looks like I'll just sit this one out until the end of term!

AmityNeon

The below assumes gross interest, continuing to fund £400 per month in both scenarios, and six deposits (£2,400) at 5.25% whilst leaving the excess £2,000 from month 6 onwards in accounts no higher than 3.25%.

guli

AmityNeon said:

The below assumes gross interest, continuing to fund £400 per month in both scenarios, and six deposits (£2,400) at 5.25% whilst leaving the excess £2,000 from month 6 onwards in accounts no higher than 3.25%.

That settles it then

AmityNeon

guli said:

AmityNeon said:

The below assumes gross interest, continuing to fund £400 per month in both scenarios, and six deposits (£2,400) at 5.25% whilst leaving the excess £2,000 from month 6 onwards in accounts no higher than 3.25%.

That settles it then

Note that if you won't have to pay tax this year, but will next year, it tips the scales further towards to closing/renewing at the higher rate now. There's also the matter of guaranteeing the fixed rate of 6.25% for 12 months, whereas we don't know what rates will be like on 18th October 2023.

ConsistentlyLost

I've got the monthly saver with Bos and the regular saver with Halifax but I only have a bank account with Halifax so I've been operating them through my Halifax login. I've looked at how to transfer money from both into another savings account (I guess the everyday saver that halifax opened in conjunction with my reg saver) but ironically it only gives me the option to empty my Bos saver and not the Halifax. Would I have to wait for the Halifax reg saver to mature or is there a way to close it?

TiA

Bridlington1

ConsistentlyLost said:

I've got the monthly saver with Bos and the regular saver with Halifax but I only have a bank account with Halifax so I've been operating them through my Halifax login. I've looked at how to transfer money from both into another savings account (I guess the everyday saver that halifax opened in conjunction with my reg saver) but ironically it only gives me the option to empty my Bos saver and not the Halifax. Would I have to wait for the Halifax reg saver to mature or is there a way to close it?

TiA

Unless I'm going crackers I can't tell from your post whether you can't close the BOS account or the Halifax account.

Try opening a BOS access saver if it's the former. See:
https://www.bankofscotland.co.uk/savings/accounts/access-saver.html

Or open a Halifax everyday saver if it's the latter. See:
https://www.halifax.co.uk/savings/easy-access/everyday-saver.html

You should be able to set up online banking with that and thus be able to renew & close the monthly saver from there.

EDIT:
Upon re-reading your post I think I know what the issue is. You have to renew the Halifax regular saver into an everyday saver before you can withdraw funds. This can be done in your Halifax online banking.

ConsistentlyLost

Bridlington1 said:

ConsistentlyLost said:

I've got the monthly saver with Bos and the regular saver with Halifax but I only have a bank account with Halifax so I've been operating them through my Halifax login. I've looked at how to transfer money from both into another savings account (I guess the everyday saver that halifax opened in conjunction with my reg saver) but ironically it only gives me the option to empty my Bos saver and not the Halifax. Would I have to wait for the Halifax reg saver to mature or is there a way to close it?

TiA

Unless I'm going crackers I can't tell from your post whether you can't close the BOS account or the Halifax account.

Try opening a BOS access saver if it's the former. See:
https://www.bankofscotland.co.uk/savings/accounts/access-saver.html

Or open a Halifax everyday saver if it's the latter. See:
https://www.halifax.co.uk/savings/easy-access/everyday-saver.html

You should be able to set up online banking with that and thus be able to renew & close the monthly saver from there.

EDIT:
Upon re-reading your post I think I know what the issue is. You have to renew the Halifax regular saver into an everyday saver before you can withdraw funds. This can be done in your Halifax online banking.

I went ahead and renewed the Halifax regular saver and that became an everyday saver with the accrued interest so that went okay. I then went to empty the funds from the Bos monthly saver as suggested by someone further back in this thread and had that transferred into the same everyday saver where the Halifax reg saver was renewed to but when attempting to renew the Bos monthly saver, I was met with an error message. I tried a few times with the same result so I'm not sure if that means I need to do this via my Bos login of which I've forgotten my login details so I think they're sending me a code (even though I reset my password) so it won't let me login there. I guess I won't receive the accrued interest from this account until I have renewed/closed it?

Thanks

Bridlington1

ConsistentlyLost said:

Bridlington1 said:

ConsistentlyLost said:

I've got the monthly saver with Bos and the regular saver with Halifax but I only have a bank account with Halifax so I've been operating them through my Halifax login. I've looked at how to transfer money from both into another savings account (I guess the everyday saver that halifax opened in conjunction with my reg saver) but ironically it only gives me the option to empty my Bos saver and not the Halifax. Would I have to wait for the Halifax reg saver to mature or is there a way to close it?

TiA

Unless I'm going crackers I can't tell from your post whether you can't close the BOS account or the Halifax account.

Try opening a BOS access saver if it's the former. See:
https://www.bankofscotland.co.uk/savings/accounts/access-saver.html

Or open a Halifax everyday saver if it's the latter. See:
https://www.halifax.co.uk/savings/easy-access/everyday-saver.html

You should be able to set up online banking with that and thus be able to renew & close the monthly saver from there.

EDIT:
Upon re-reading your post I think I know what the issue is. You have to renew the Halifax regular saver into an everyday saver before you can withdraw funds. This can be done in your Halifax online banking.

I went ahead and renewed the Halifax regular saver and that became an everyday saver with the accrued interest so that went okay. I then went to empty the funds from the Bos monthly saver as suggested by someone further back in this thread and had that transferred into the same everyday saver where the Halifax reg saver was renewed to but when attempting to renew the Bos monthly saver, I was met with an error message. I tried a few times with the same result so I'm not sure if that means I need to do this via my Bos login of which I've forgotten my login details so I think they're sending me a code (even though I reset my password) so it won't let me login there. I guess I won't receive the accrued interest from this account until I have renewed/closed it?

Thanks

It won't let you renew and close BOS accounts in Halifax online banking or vice versa. Although their systems show both BOS accounts and Halifax accounts in online banking they are both different entities so far as their systems are concerned. You will have to wait until the code arrives before you can do anything about BOS I'm afraid.

Descrabled

I am faced with total interest for this (22-23) year well above the PSA and an even greater amount of interest in the next tax year.

I had already decided to terminate all four LBG regular savers in April and together with the proceeds from First Direct regular saver that matures at end of April, and most of the SRBS regular saver content and move all into an ISA.

The higher interest available from the regular savers in LBG and NatWest/RBS means that I need to rethink unless ISA fixed rates move back to around 5%.

I will hold off making a decision until April.