BoS monthly saver, when can I open another account?

WhoisDannie

I have a BoS monthly saver paying £250 a month for one year opened on the 24th March 2023.paying 5.5% APR.

I paid in the last £250 on 24th Feb 2024 and it will revert to a regular savings account  on 24th March 2024 when the interest will plummet. 

Will I have to wait until 25th March 2024 to open a new monthly saver account at 5.5% or can I open a new one before then.

It states that:

You must not already have a Monthly Saver, as you can only open one every 12 months.

TheMysticBeaver

In accordance with Bank of Scotlands Policies, Each account holder may only have 1 Monthly saver open. This means that you will have to wait until your account matures to open a new one. 

As you stated, you must wait until the 25th when the account has matured and changed to a standard saver before you can apply for a new Monthly. 

Middle_of_the_Road

WhoisDannie said:

I have a BoS monthly saver paying £250 a month for one year opened on the 24th March 2023.paying 5.5% APR.

I paid in the last £250 on 24th Feb 2024 and it will revert to a regular savings account  on 24th March 2024 when the interest will plummet. 

Will I have to wait until 25th March 2024 to open a new monthly saver account at 5.5% or can I open a new one before then.

It states that:

You must not already have a Monthly Saver, as you can only open one every 12 months.

You could make another payment now for this March within the terms of the account. Max £250 per month.
Having opened the account on 24th March 2023, you could have deposited again on the 1st of April. 
It is entirely within the rules to make 13 payments within the 12 month duration of the account, and benefits you most by making the first payment late in the month and the following ones on the 1st.
. 

steven141

The other option is that you could open a Halifax monthly saver as it only requires you to have an existing bank account but the Bank of Scotland account still counts as having one. I have done this in the past. 

It may also be worth looking at Lloyds Bank as their Club Lloyds regular saver pays out 6.25% interest and you can put up to £400 per month. It’s the same banking group but would require you to open a new Club Lloyds Bank account but if you are willing to switch you can get up to £175 right now if you meet their criteria. 

Middle_of_the_Road

steven141 said:

The other option is that you could open a Halifax monthly saver as it only requires you to have an existing bank account but the Bank of Scotland account still counts as having one. I have done this in the past.  

 Would a Halifax or Lloyds current account qualify you for a BOS monthly saver?

ColdIron

Middle_of_the_Road said:

steven141 said:

The other option is that you could open a Halifax monthly saver as it only requires you to have an existing bank account but the Bank of Scotland account still counts as having one. I have done this in the past.  

 Would a Halifax or Lloyds current account qualify you for a BOS monthly saver?

It doesn't appear so

• You can open this account if you're 16 or over and a UK resident. You also need to have a Bank of Scotland current account.

https://www.bankofscotland.co.uk/savings/accounts/monthly-saver.html

Middle_of_the_Road

ColdIron said:

Middle_of_the_Road said:

steven141 said:

The other option is that you could open a Halifax monthly saver as it only requires you to have an existing bank account but the Bank of Scotland account still counts as having one. I have done this in the past.  

 Would a Halifax or Lloyds current account qualify you for a BOS monthly saver?

No

• You can open this account if you're 16 or over and a UK resident. You also need to have a Bank of Scotland current account.

https://www.bankofscotland.co.uk/savings/accounts/monthly-saver.html

That's what I understood, but it appears it does work the other way around.

ETA-
The Halifax regular saver is available to all, no current account required.

steven141

Lloyds Bank has a separate system to Halifax and Bank of Scotland so they wouldn’t but as above the Halifax one doesn’t require a current account but it will show in the same app as Bank of Scotland if you opened it. 

ToastLady

My Halifax RS matured on 15th March. The RS changed to an Instant Saver, because I had closed the one which Halifax opened when I opened the account. I had thought to continue it, but instead have put full amount into Oxbury 120 day notice account at 5.53% for now. 

jameseonline

You going to have to wait until the current one finishes, then should be fine to open a new one the day after, if not get in contact with them.

My BOS regular is still going even though I opened it it the same day as my Halifax & Club Lloyds regulars & that money has showed up today so transferred that out.

So yeah entirely possible to have accounts with each Lloyds Banking Group but yeah you need a Club Lloyds account for the Club Lloyds regular, Club Lloyds requires a £2000 monthly pay in though & a £3 charge if you don't, failing that you would need a other Lloyds current account to get the standard Lloyds regular account but it pays slightly less than BOS & Halifax.

If you get the Club Lloyds account you can benefit from having both the Club Lloyds & standard Lloyds Regulars

allegro120

ToastLady said:

My Halifax RS matured on 15th March. The RS changed to an Instant Saver, because I had closed the one which Halifax opened when I opened the account. I had thought to continue it, but instead have put full amount into Oxbury 120 day notice account at 5.53% for now. 

I kept my Halifax RS and will keep depositing on the 1st of every month.  The reason for it is that it is 5.5% fixed and I doubt that we will see the rates rising within next 12 months, rather opposite. I'm also feeding Oxbury, both 90 and 120, from my scheduled withdrawals from 95d RCI and 90d Mansfield tracker.  I tend to have different pots and strategies for different types of accounts.  Oxbury 90d and 120d are great at this time, but the rates are variable, I schedule weekly withdrawals for notice accounts and cancel them until they turn uncompetitive.