Closure of Skipton Loyalty Reg Saver early

Growingold

Hi I'm thinking of closing my Loy RS at 7.5% (2 mths left to maturity) and reopening their current Loy RS at 7%.  The rate is fixed and as we know interest rates are on their way down so don't know how much longer this will be available.

2 questions if anyone who has done this knows. 
Would I be credited the correct interest rate of 7.5% on early closure?
How long would i need to wait before reopening the other Loy RS?

Many thanks

Angelica123

I have closed and reopened the current issue to move some of my regular savings interest to tax year 25/26. Closed immediately and could reopen same day

Growingold

Angelica123 said:

I have closed and reopened the current issue to move some of my regular savings interest to tax year 25/26. Closed immediately and could reopen same day

Did you receive the 7.5% interest still?

Angelica123

I had the 7% issue. But got 7% on what was in there

soulsaver

Growingold said:

Angelica123 said:

I have closed and reopened the current issue to move some of my regular savings interest to tax year 25/26. Closed immediately and could reopen same day

Did you receive the 7.5% interest still?

It took all  of about 5 minutes to close the 7.5 and open the new. And interest was correct.

dingling68

I too closed the 7.5% issue 2 and opened 7% issue 3 this morning and all very quickly and correctly handled 

friolento

I couldn't close my 7.5% one online as the option to close was greyed out but it worked like a dream in the app. Money arrived within the hour in my current account. New account set up and funded in no time.

If you have an standing order for the 7.5% one, don't forget to cancel it.

With thanks to the OP for the idea of securing a 7% account for another year.

barafear799

Hi - just to clarify (Angelica123) - are you saying that you closed the current issue 3 (7%, £250 per month max) - and were able to immediately open a new issue 3 (7%, £250 pm). So seems like a good deal in order to lock in 12 months of the 7% fixed rate - although I see you did it for the tax on interest reasons - in terms of making a monthly contribution - I assume it would be ok to make a contribution of £250 in April into the new account (even if I had already paid £250 in April into the account I plan to close) ? 

Angelica123

barafear799 said:

Hi - just to clarify (Angelica123) - are you saying that you closed the current issue 3 (7%, £250 per month max) - and were able to immediately open a new issue 3 (7%, £250 pm). So seems like a good deal in order to lock in 12 months of the 7% fixed rate - although I see you did it for the tax on interest reasons - in terms of making a monthly contribution - I assume it would be ok to make a contribution of £250 in April into the new account (even if I had already paid £250 in April into the account I plan to close) ? 

Yes that is correct. I needed to move some of my regular saver interest into tax year 25/26 and Skipton seemed a no brainer as I could close and re-open at the same rate. No issues with paying £250 in April in new account - in fact, it needs a contribution within 30 days or they will close the account)

gravel_2

Sorry to bump - can I assume this still works as described above?

arfster

Can confirm this still works, just did it right now entirely in the app. Would assume they'll change the rate pretty soon though.

Question now is if we can do the same thing with the member's 5.5% bonus saver .....