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

schiff

Prior to the recent changes to the LBG interest rates 10 of my 24 regular savers were due to mature in an eight week period starting 18/10. Producing £22,000 odd, which would need to go into easy access. 
Contrast with last year when I had an average of two maturities each month to feed the existing accounts.
I don't have unlimited easy access funds currently and prior to last week I was facing having to reduce deposits or making withdrawals to feed the higher interest accounts in the coming months. 
I don't expect the LBG interest rates to be at the new current level in 12 months time (remind me of my misjudgement if it doesn't work out that way!). If they become greater I can switch again, if less I've benefited for the maximum period. 
I too am at the 6-month stage but I've cashed in and switched the two Lloyds and the B0S, and will ditto the Halifax as and when. I've got £5000 at 3.35% in the Yorkshire Rainy Day 2 which more or less covers the withdrawals I've made. 
And I don't have to find a home for half of the £22,000 referred to above; it will continue to benefit from the 6.25, 5.50 and 5.25 per cent interest rates. 
PS: I'm already £1000 plus for the current tax year and only a nuclear war would stop it being the same in the next tax year!

wiseonesomeofthetime

springdove 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

hi @ConsistentlyLost - are you suggesting it's possible to have a monthly saver with BOS without having a BOS current account, and to operate it via the Halifax app?  How exactly is this done, curious to see if I can do this too!  Thanks in advance

I logged into Bank of Scotland using my Halifax login details and applied for the BOS RS.

I can now see my Halifax accounts in the BOS app, as well of course the BOS RS.

Descrabled

Thanks AmityNeon for your excellent charts.

In my case, where I can add the proceeds of the four regular savers to my Barclay Flexible saver at 4% (equal to 5%) come the new tax year, your chart tells me that it will always be advantageous.

My interest from existing fixed taxable savings will be well above the PSA for the next 3 years.

ForumUser7

wiseonesomeofthetime said:

springdove 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

hi @ConsistentlyLost - are you suggesting it's possible to have a monthly saver with BOS without having a BOS current account, and to operate it via the Halifax app?  How exactly is this done, curious to see if I can do this too!  Thanks in advance

I logged into Bank of Scotland using my Halifax login details and applied for the BOS RS.

I can now see my Halifax accounts in the BOS app, as well of course the BOS RS.

I'm not able to log into BoS with my Halifax details, but I have always seen the Halifax accounts in the BoS app and vice versa

wiseonesomeofthetime

ForumUser7 said:

wiseonesomeofthetime said:

springdove 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

hi @ConsistentlyLost - are you suggesting it's possible to have a monthly saver with BOS without having a BOS current account, and to operate it via the Halifax app?  How exactly is this done, curious to see if I can do this too!  Thanks in advance

I logged into Bank of Scotland using my Halifax login details and applied for the BOS RS.

I can now see my Halifax accounts in the BOS app, as well of course the BOS RS.

I'm not able to log into BoS with my Halifax details, but I have always seen the Halifax accounts in the BoS app and vice versa

You're right. 

I registered for online banking with BoS using my Halifax current account sort code/account number, not  login details

Then, once registered with BoS, applied for the RS.

10_66

AmityNeon said:

Good idea @k_man for something easily and generically applicable. Here's a much easier spreadsheet to interpret, for the three LBG Regular Savers (RS). It assumes deposits on the first of the month over 12 equal periods.

Check your interest rates, then look for the row representing how many months/deposits your current RS has. If the result is greater than 0 (yellow), it's mathematically beneficial to close/renew. If it's less than or equal to 0 (red), then it's not.

The chart uses the following formula:

(n − 12) * [(n − 13) * x + (2 * n * y)] > 0

X = higher RS interest rate minus current RS interest rate
Y = current RS interest rate minus lower (or easy access) interest rate
N = number of months/deposits of current RS

It essentially compares the average interest of keeping your RS for the full 12 months, versus the blended average interest of:

1. Keeping your RS for a variable number of months (less than 12)
2. Starting a new RS and contributing for the remaining months (up to and including month 12)
3. The balance from the first RS being transferred to a lower interest account for the remaining months (up to and including month 12)

I’m sorry to be so dense   , I thought I was getting my head around your first two spreadsheets, but then on the third one I came unstuck.  My situation for Lloyds x 2 and BoS is that I’ve been drip feeding since October 22.  If I were to close now and re-open, the accumulated balances would go into EA at 3.25%.  I thought, looking at the first of your spreadsheets, that I’d either be up around £15 if leave as it is in the 12 month example, or up by roughly the same amount in the second spreadsheet that takes you to March 2024, if re-opened in March 2023.  But, I think I must be reading this third spreadsheet wrong because I don’t seem to be able to get the same results from the figures shown in that, the figure I think I should be looking at shows -102 (Lloyds Club).  Can you put me out of my misery, please?

aaj123

Is it possible for me to open a BoS monthly saver while having a current account only with Lloyds? Already have the club lloyds and lloyds regular savers. 

PloughmansLunch

aaj123 said:

Is it possible for me to open a BoS monthly saver while having a current account only with Lloyds? Already have the club lloyds and lloyds regular savers. 

No, I think only Halifax and BoS are cosy with each other in their apps. Why not just open a bog standard BoS current account? Should only take a couple of minutes at most

aaj123

PloughmansLunch said:

aaj123 said:

Is it possible for me to open a BoS monthly saver while having a current account only with Lloyds? Already have the club lloyds and lloyds regular savers. 

No, I think only Halifax and BoS are cosy with each other in their apps. Why not just open a bog standard BoS current account? Should only take a couple of minutes at most

Yeah sure. Just wary of making myself ineligible for their next current account switch bribe. 

PloughmansLunch

aaj123 said:

PloughmansLunch said:

aaj123 said:

Is it possible for me to open a BoS monthly saver while having a current account only with Lloyds? Already have the club lloyds and lloyds regular savers. 

No, I think only Halifax and BoS are cosy with each other in their apps. Why not just open a bog standard BoS current account? Should only take a couple of minutes at most

Yeah sure. Just wary of making myself ineligible for their next current account switch bribe. 

On the plus side it’ll be dead easy to spawn additional BoS accounts for switching away to other banks