Lloyds Bank Club Regular Saver

tracyyi

I opened a Lloyds Bank Club regular saver in December 2022, the rate is 5.25%

However, now the rate advertised is 6.25%, can I open another one?

Doctor_Who

It seems not according to their website:

https://www.lloydsbank.com/savings/club-lloyds-monthly-saver.html

Bridlington1

tracyyi said:

I opened a Lloyds Bank Club regular saver in December 2022, the rate is 5.25%

However, now the rate advertised is 6.25%, can I open another one?

Officially you can't until December 2023, but if you renew the account into an EA account you can then proceed to open a new regular saver at the higher rate, though this would mean restarting the regular saver from scratch. 

Given the fact that you're entering your 7th month of the regular saver it may be worth sticking at 5.25% though if you want to maximise your interest. This thread details this in length:
https://forums.moneysavingexpert.com/discussion/6428126/lloyds-bank-of-scotland-halifax-regular-monthly-saver-limits/p1

t1redmonkey

Keep in mind there are now other viable options since that thread above was posted to actually get more interest.  You could close and move the lump sum into either:

a) A fixed rate bond, some of which are now paying above 5.25%
b) A fixed rate ISA IF you are going to exceed the Personal Savings Allowance, as a lot of these now will produce better interest for anyone who is a basic rate taxpayer or higher 

You can then reopen a new RS with Lloyds at 6.25% and start building it up again.

badger09

t1redmonkey said:

Keep in mind there are now other viable options since that thread above was posted to actually get more interest.  You could close and move the lump sum into either:

a) A fixed rate bond, some of which are now paying above 5.25%
b) A fixed rate ISA IF you are going to exceed the Personal Savings Allowance, as a lot of these now will produce better interest for anyone who is a basic rate taxpayer or higher 

You can then reopen a new RS with Lloyds at 6.25% and start building it up again.

Not according to the T&Cs you can’t. At least, in OP’s case, not before December 2023 as @Bridlington1 mentioned above. However, Lloyds don’t seem to enforce them. 

Alex9384

Bridlington1 said:

Officially you can't until December 2023, but if you renew the account into an EA account you can then proceed to open a new regular saver at the higher rate, though this would mean restarting the regular saver from scratch. 

Given the fact that you're entering your 7th month of the regular saver it may be worth sticking at 5.25% though if you want to maximise your interest.

But you get paid whatever interest earned during those 7 months. Correct?

Mine is on 5.25% as well (since Nov 2022) and I'm thinking about getting a new one with 6.25%

Bridlington1

Alex9384 said:

Bridlington1 said:

Officially you can't until December 2023, but if you renew the account into an EA account you can then proceed to open a new regular saver at the higher rate, though this would mean restarting the regular saver from scratch. 

Given the fact that you're entering your 7th month of the regular saver it may be worth sticking at 5.25% though if you want to maximise your interest.

But you get paid whatever interest earned during those 7 months. Correct?

Mine is on 5.25% as well (since Nov 2022) and I'm thinking about getting a new one with 6.25%

That is correct.

soulsaver

t1redmonkey said:

Keep in mind there are now other viable options since that thread above was posted to actually get more interest.  You could close and move the lump sum into either:

a) A fixed rate bond, some of which are now paying above 5.25%
b) A fixed rate ISA IF you are going to exceed the Personal Savings Allowance, as a lot of these now will produce better interest for anyone who is a basic rate taxpayer or higher 

You can then reopen a new RS with Lloyds at 6.25% and start building it up again.

In real terms you'll be £5 better off if you manage to get 5 whole month maximum deposits in the new before your old 'maturity' date... assuming the loophole works for you*.

If it closes the account but doesn't allow you the new one you'll lose c.5.25 times that.

*The Halifax similar process didn't work for my OH.. but did for me. 

ForumUser7

soulsaver said:

t1redmonkey said:

Keep in mind there are now other viable options since that thread above was posted to actually get more interest.  You could close and move the lump sum into either:

a) A fixed rate bond, some of which are now paying above 5.25%
b) A fixed rate ISA IF you are going to exceed the Personal Savings Allowance, as a lot of these now will produce better interest for anyone who is a basic rate taxpayer or higher 

You can then reopen a new RS with Lloyds at 6.25% and start building it up again.

In real terms you'll be £5 better off if you manage to get 5 whole month maximum deposits in the new before your old 'maturity' date... assuming the loophole works for you*.

If it closes the account but doesn't allow you the new one you'll lose c.5.25 times that.

*The Halifax similar process didn't work for my OH.. but did for me. 

Halifax doesn't place restrictions in the ts and cs on opening a second one in 12 months apparently (based on summary boxes, and discussion with a CS agent last year) - odd that it didn't work for your OH

Alex9384

How long does it take for the account to close?  Or how many days before the end of the month should I submit the request?

kaMelo

If you're talking about the Club Lloyds regular saver, when you upgrade the account to an easy access saver the regular saver is closed instantly.

You'll then need to log out and back in to see the new easy access account which will now contain the balance and interest accrued to date from the old regular saver.