Lloyds Regular Saver

allegro120

friolento said:

allegro120 said:

trickydicky14 said:

jameseonline said:

trickydicky14 said:

My Lloyds 6.25% RS matures in 9 days, I'm bricking it hoping the rate does not reduce before then. Would you close it and start a new one at this late stage?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

I thought you could switch it to an easy access account and then open a new regular saver like Halifax and BOS  or have I got that wrong?

No, you didn't get it wrong.  Upgrade your RS to another savings account, log out and in again and open new RS.  I've done it with both, Lloyds and BoS.  With Halifax you can close and open in a normal way, Halifax doesn't have 12 months rule.

There’s an outside chance that the new version of the app doesn’t allow it any longer. Someone, not me, will no doubt test it before long and let us know. I will let mine run to its maturity in a few weeks time

I can't decide whether to take any action or not.  My Club is just about half way through the term and the other one is 2 months old.  It's tempting to renew.  

allegro120

friolento said:

WillPS said:

jameseonline said:

trickydicky14 said:

My Lloyds 6.25% RS matures in 9 days, I'm bricking it hoping the rate does not reduce before then. Would you close it and start a new one at this late stage?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

 If you follow the renew method the option to open a new saver is there straight away.

friolento said:

jameseonline said:

trickydicky14 said:

My Lloyds 6.25% RS matures in 9 days, I'm bricking it hoping the rate does not reduce before then. Would you close it and start a new one at this late stage?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

AFAIK, it's fixed interest rate, not fixed term.

It's both - presently 6.25% interest fixed for 1 year. Account matures after 1 year.

That doesn’t make it a fixed term account. You can make as many withdrawals as you like, and you can close it before maturity. None of that would be possible if it was a fixed term account

It does make it a fixed term account, it has an end date.  Fixed term bond is a different type of product. 

Barkin

friolento said:

WillPS said:

jameseonline said:

trickydicky14 said:

My Lloyds 6.25% RS matures in 9 days, I'm bricking it hoping the rate does not reduce before then. Would you close it and start a new one at this late stage?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

 If you follow the renew method the option to open a new saver is there straight away.

friolento said:

jameseonline said:

trickydicky14 said:

My Lloyds 6.25% RS matures in 9 days, I'm bricking it hoping the rate does not reduce before then. Would you close it and start a new one at this late stage?

6.25% is fixed, also if you close it early you'll have to wait 9 or so days to setup a new club Lloyds anyway 

AFAIK, it's fixed interest rate, not fixed term.

It's both - presently 6.25% interest fixed for 1 year. Account matures after 1 year.

That doesn’t make it a fixed term account. You can make as many withdrawals as you like, and you can close it before maturity. None of that would be possible if it was a fixed term account

That's all possible with this fixed term account. 

Perhaps you mean that it doesn't fit your definition of a fixed term account? 

molerat

trickydicky14 said:

My Lloyds 6.25% RS matures in 9 days, I'm bricking it hoping the rate does not reduce before then. Would you close it and start a new one at this late stage?

The account was at this rate way before interest rates started rocketing so I can't see them reducing it now that rates have just fallen back a little.