Closure of Skipton Loyalty Reg Saver early
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Growingold
Posts: 335 Forumite
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
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
1
Comments
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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 day2
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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 day0
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I had the 7% issue. But got 7% on what was in there1
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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 day1
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I too closed the 7.5% issue 2 and opened 7% issue 3 this morning and all very quickly and correctly handledSave £12k in 2022 #54 reporting for duty1
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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.1
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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) ?0
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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) ?0
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