Lloyds Bank Club Regular Saver

soulsaver

ForumUser7 said:

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

Interesting. I (er, she..) may give it another go. It was worthwhile for her because she was rolling as much of her her savings as poss into her SIPP at the end of the 22/23 tax year. 

Eco_Miser

ForumUser7 said:

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

When I 'upgraded' my Halifax RS to easy access, I still couldn't open a new RS. I went into branch and they found the easy access account was still flagged as a regular saver. They closed it, and then I could open a new higher rate RS. Probably same thing happened to said OH.