The Old Regular Savers Discussion Thread 28/12/24-29/1/26

Nuggy96

mon3ysav3r said:

Someone asked many weeks ago how long it took to open a Scottish BS Regular Saver 250 a month 6.5% variable account by post, well from posting the form to receiving my online User ID and Activation key back in the post - it has been 4 weeks.

I can now login, It is the same portal many Building Societies use, and just like some of the others there is some default text that has not been customised such as account details saying "Stores Account Type Text". It also notes faster payments received as standing orders, but at least it exists.

That was me, took me 3 weeks for passbook to arrive then a further 24 hours for online access. Wife is still waiting after nearly 4 weeks for her passbook, but did yet emailed her account number for online registration.

Kim_13

Loughborough have sent a copy of the rate reductions in the post. They neglected to include the account name and listed 0.20% reduction next to an empty box 😂 A full list of all their rates was enclosed so they probably won’t have to issue a correction.

Dugal

Dudley Festive RS

Received notification my application , of Friday I think, was successful.  Now funded by debit card.

Suffolk online RS

Opened - but unable to get the website to accept a debit card payment.  It was suggesting I was exceeding the funding of the account for any amount I tried entering.  It is possible I said I would fund by bank transfer and it does not like my changed plan.

dibbles212

Refreshing Advice

Does anyone have advice for "refreshing" RS accounts? Anything to look out for? For example, could I simply close my Lloyds 5.25% RS, receieve all interest and money up to that point, and then re-open? Are there preferable accounts or accounts to avoid for this?

mon3ysav3r

Dugal said:

...

Suffolk online RS

Opened - but unable to get the website to accept a debit card payment.  It was suggesting I was exceeding the funding of the account for any amount I tried entering.  It is possible I said I would fund by bank transfer and it does not like my changed plan.

I had the same with Suffolk every time I open a new RS, it is weird with new accounts, even trying 1p via debit card says it is exceeding the funding.

If you go back to the account and try to fund again it often works on a second attempt.

flaneurs_lobster

dibbles212 said:

Refreshing Advice

Does anyone have advice for "refreshing" RS accounts? Anything to look out for? For example, could I simply close my Lloyds 5.25% RS, receieve all interest and money up to that point, and then re-open? Are there preferable accounts or accounts to avoid for this?

Generally you would be looking to refresh fixed rate accounts (like the Lloyds RS) in order to secure the rate for another 12 months. One consideration is where are you going to put the funds that you will free up by this process - fine if you have a specific spending need but finding a lump sum savings home paying as much as the RS will be problematic. You need to do the sums as to whether the refresh will actually generate a larger return overall than continuing as is.

Sometimes there can be tax advantages to refreshing an account towards the end of a tax year - using up any remaining allowance in the current year rather than carrying the gain into the next.

dibbles212

flaneurs_lobster said:

dibbles212 said:

Refreshing Advice

Does anyone have advice for "refreshing" RS accounts? Anything to look out for? For example, could I simply close my Lloyds 5.25% RS, receieve all interest and money up to that point, and then re-open? Are there preferable accounts or accounts to avoid for this?

Generally you would be looking to refresh fixed rate accounts (like the Lloyds RS) in order to secure the rate for another 12 months. One consideration is where are you going to put the funds that you will free up by this process - fine if you have a specific spending need but finding a lump sum savings home paying as much as the RS will be problematic. You need to do the sums as to whether the refresh will actually generate a larger return overall than continuing as is.

Sometimes there can be tax advantages to refreshing an account towards the end of a tax year - using up any remaining allowance in the current year rather than carrying the gain into the next.

Thank you. Basically, I need the funds to pay higher interest RS accounts at the start of January.

flaneurs_lobster

mon3ysav3r said:

Dugal said:

...

Suffolk online RS

Opened - but unable to get the website to accept a debit card payment.  It was suggesting I was exceeding the funding of the account for any amount I tried entering.  It is possible I said I would fund by bank transfer and it does not like my changed plan.

I had the same with Suffolk every time I open a new RS, it is weird with new accounts, even trying 1p via debit card says it is exceeding the funding.

If you go back to the account and try to fund again it often works on a second attempt.

I opened a Suffolk RS yesterday and funded today with £1 by FP (CoP said "No"). Would FP funds normally appear next working day? First thing? 

EDIT: Thinking about it I think there's a £10 min/mth fund - might get bounced.

soulsaver

Leed BS - I see no transaction history on any of my accounts. Is it the same for others? Tried clearing cache & cookies and Edge & Chrome.

Balances all concur with my spreadsheet but no history?

s71hj

dibbles212 said:

flaneurs_lobster said:

dibbles212 said:

Refreshing Advice

Does anyone have advice for "refreshing" RS accounts? Anything to look out for? For example, could I simply close my Lloyds 5.25% RS, receieve all interest and money up to that point, and then re-open? Are there preferable accounts or accounts to avoid for this?

Generally you would be looking to refresh fixed rate accounts (like the Lloyds RS) in order to secure the rate for another 12 months. One consideration is where are you going to put the funds that you will free up by this process - fine if you have a specific spending need but finding a lump sum savings home paying as much as the RS will be problematic. You need to do the sums as to whether the refresh will actually generate a larger return overall than continuing as is.

Sometimes there can be tax advantages to refreshing an account towards the end of a tax year - using up any remaining allowance in the current year rather than carrying the gain into the next.

Thank you. Basically, I need the funds to pay higher interest RS accounts at the start of January.

My concern about refreshing is where it isn't instant and especially in an environment of falling rates, that the institution withdraws the account between closing old and opening new.