Chip Interest Rate above Halifax Regular Saver - Close and Renew at 5.5%

jimjames

Thanks to Chip increasing their rate above my Halifax regular saver albeit only by 0.01% at the moment, I've closed(renewed) my Halifax RS to an Easy saver and opened their latest Reg Saver version at 5.5% instead of 4.5%. 

Balance moved to Chip and new RS account funded with the maximum £250. Very easy process to do and took a few minutes online - it wasn't possible to do on the app. Interest was paid for the money that was in the RS account and credited to the Easy saver once it had been switched.

(Halifax use the term Renew but essentially it is switching it from a Reg Saver to an Instant access account so you can open another RS. If you close the original RS you can't then open another immediately.)

ColdIron

Thanks for the nudge

I already have the 5.50% Halifax RS but I also had the BoS RS at 4.50%. I left it as it was when it went to 5.50% as I had nowhere better to put the balance but now have (both) Coventry Four Access Savers

As you say, very quick and easy to Renew and Open the new RS. BoS and Halifax operate in pretty much the same way