Regular savers ending - can I open a new one?

housebuyer143

So my regular savers with Skipton, First Direct and Halifax are coming to an end next month 😕 
Am I able to open another one as soon as the old one has ended? 

Also - do they automatically close it? How do I get my money back? Is it going to ask for maturity instructions? 

Brie

I thought that most regular savers simply switched to a low interest rate, probably the lowest they have.  It will be noted on the T&Cs what each one does.  And as fair as I'm aware you can have more than one running at any bank of your choosing at any time.  

Newbie_John

Yep, they will turn to some basic savings account (first direct for example)
As soon as it closes, open a new one, pay the £200 in and continue again for a year.. with the remaining money you can do whatever you wish - open ISA, instant saving account etc.

badmemory

My Halifax regular saver goes to another lower interest rate account & continues at whatever the current rate for regular savers is.  I do not actually need to open a new regular saver as they do it automatically unless you ask them not to.  If it ends in May then you should have the letter soon or notification through your online account.

Albermarle

badmemory said:

My Halifax regular saver goes to another lower interest rate account & continues at whatever the current rate for regular savers is.  I do not actually need to open a new regular saver as they do it automatically unless you ask them not to.  If it ends in May then you should have the letter soon or notification through your online account.

First Direct one just stops, and you would have to start it again as a new item.
With 'normal' accounts offering 5%, the gain is only around £35.

refluxer

RE: Halifax Regular Saver

As the previous poster experienced, if you left the Everyday Saver account (that Halifax will have opened automatically alongside the Regular Saver) open, the balance of the maturing RS will get paid into the ES and the RS will continue.

If you closed the ES, the RS will get converted to a new ES but you'll be free to open another RS straight away. 

housebuyer143

refluxer said:

RE: Halifax Regular Saver

As the previous poster experienced, if you left the Everyday Saver account (that Halifax will have opened automatically alongside the Regular Saver) open, the balance of the maturing RS will get paid into the ES and the RS will continue.

If you closed the ES, the RS will get converted to a new ES but you'll be free to open another RS straight away. 

Thanks, I'm not sure I'll restart the Halifax one as my EA at Skipton is close to 5.5% anyway. First direct and a new Skipton RS are worth it in my opinion.

akh43

housebuyer143 said:

So my regular savers with Skipton, First Direct and Halifax are coming to an end next month 😕 
Am I able to open another one as soon as the old one has ended? 

Also - do they automatically close it? How do I get my money back? Is it going to ask for maturity instructions? 

If it is the Skipton Issue 2 RS then the T&C says: 

At the end of the 12-month fixed-rate term, which is also known as ‘maturity’, your account will

automatically transfer into a new variable rate easy access account, unless you tell us otherwise.

We’ll contact you before maturity.  Options are:

Maturity of your Member Regular Saver
8.1 We’ll contact you at least 14 days before maturity to explain the options open to you. You can choose to:
• continue to save in a variable rate easy access account (the ‘do-nothing’ option)
• transfer your savings to a new Skipton account
• add extra savings into the above two options
• withdraw some or all of your money by:
- electronic payment (including CHAPS but not Direct Debit) to up to two nominated UK bank or building society accounts in your name
- transfer to an existing Skipton account in your name, subject to the terms and conditions of that account.
If you ‘do-nothing’, we’ll add any interest due to your account and your savings will automatically transfer into a new variable rate easy access account. We’ll then send you confirmation of your new account within seven days of your Member Regular Saver maturity.
If the ‘do-nothing’ option applies, our Savings Account Terms and Conditions will still apply.
Please note, we cannot guarantee that another Regular Saver will be on sale when your account matures.

refluxer

housebuyer143 said:

refluxer said:

RE: Halifax Regular Saver

As the previous poster experienced, if you left the Everyday Saver account (that Halifax will have opened automatically alongside the Regular Saver) open, the balance of the maturing RS will get paid into the ES and the RS will continue.

If you closed the ES, the RS will get converted to a new ES but you'll be free to open another RS straight away. 

Thanks, I'm not sure I'll restart the Halifax one as my EA at Skipton is close to 5.5% anyway. First direct and a new Skipton RS are worth it in my opinion.

The 5.5% Halifax RS is fixed though and interest rates are predicted to fall. With the best easy access accounts currently available now paying around 5%, I can't imagine your Skipton EA rate will hold out for too much longer ?

allegro120

housebuyer143 said:

So my regular savers with Skipton, First Direct and Halifax are coming to an end next month 😕 
Am I able to open another one as soon as the old one has ended? 

Also - do they automatically close it? How do I get my money back? Is it going to ask for maturity instructions? 

You will get letters explaining you your options.

First Direct.  They will close the account and transfer your money to an instant savings account (if you don't have one they will create it for you).  It has been recommended to open an instant savings account before the maturity to speed up the process.  As soon as you can view your capital and interest paid you can apply for a new regular saver.  The will be a gap between maturity day and the day you can open new RS (about 2 days in my experience, but some reported a longer wait).  Also don't panic when your RS disappear from view for a couple of days, this is normal.

Halifax. They will transfer your money to an instant savings account (I think you should already have it automatically opened, if not they will do it for you).  Your existing regular saver will still be there, they don't close it, but with £0 balance so you don't have to open a new account.  Some people prefer to close and open a new account, which allows an immediate funding as oppose to waiting until the next month. 

Skipton.  Your account will automatically transfer into a new variable rate easy access account.  When this is done you should be able to open a new RS.

housebuyer143

refluxer said:

housebuyer143 said:

refluxer said:

RE: Halifax Regular Saver

As the previous poster experienced, if you left the Everyday Saver account (that Halifax will have opened automatically alongside the Regular Saver) open, the balance of the maturing RS will get paid into the ES and the RS will continue.

If you closed the ES, the RS will get converted to a new ES but you'll be free to open another RS straight away. 

Thanks, I'm not sure I'll restart the Halifax one as my EA at Skipton is close to 5.5% anyway. First direct and a new Skipton RS are worth it in my opinion.

The 5.5% Halifax RS is fixed though and interest rates are predicted to fall. With the best easy access accounts currently available now paying around 5%, I can't imagine your Skipton EA rate will hold out for too much longer ?

Thanks, the Skipton one is linked to base rate so if that falls then so will the date, but otherwise it's sitting steady. I didn't realise it was fixed 🤔🤔 might give it some more thought.