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

Born2Save_3

Stafford BS RS Issue 1

Poor rate now at 4.4%A and a PITA passbook account.  I'm now about 2 weeks past the 12 months opening date and it is still showing as a RS Issue 1.  I thought that if it matured I might be able to transfer the money to an EA account I have with them and do a faster payment out without involving passbooks or postage.

I'm just wondering if it does mature or if something else happens ?  I withdrew most of the money when the rate dropped to below my RS threshold and recall posting the passbook and a withdrawal form.

gt94sss2

Born2Save_3 said:

Stafford BS RS Issue 1

I'm just wondering if it does mature or if something else happens ?  I withdrew most of the money when the rate dropped to below my RS threshold and recall posting the passbook and a withdrawal form.

It's an open ended account with a maximum balance of £100,000.

Born2Save_3

gt94sss2 said:

Born2Save_3 said:

Stafford BS RS Issue 1

I'm just wondering if it does mature or if something else happens ?  I withdrew most of the money when the rate dropped to below my RS threshold and recall posting the passbook and a withdrawal form.

It's an open ended account with a maximum balance of £100,000.

Thanks.  That explains it.  I think I will withdraw as much as I can and keep it going in case it becomes useful again, but I think this is unlikely as Stafford seem to drop their rates a bit too easily for a RS.

clairec666

Quick question about the Cooperative regular saver

Clearly you need a current account in order to open the regular saver, but can anyone confirm that the regular saver stays open if you close / switch out the current account? Had a dig through the T&Cs but couldn't find anything specific.

(Yes, I know I can open a burner account elsewhere to use for switching bonuses, but as the Coop one already has some small DDs on it, I might as well use it for the switch. As long as it doesn't mess up the RS)

flaneurs_lobster

By no means certain but I don't think you need to keep the current account. 

Could maybe save any problems by opening a second CA with them before swapping the first out?

clairec666

flaneurs_lobster said:

By no means certain but I don't think you need to keep the current account. 

Could maybe save any problems by opening a second CA with them before swapping the first out?

Thanks, could be worth a try. And if they continue to offer a decent regular saver in future, I guess I'll need a new current account anyway.

allegro120

clairec666 said:

flaneurs_lobster said:

By no means certain but I don't think you need to keep the current account. 

Could maybe save any problems by opening a second CA with them before swapping the first out?

Thanks, could be worth a try. And if they continue to offer a decent regular saver in future, I guess I'll need a new current account anyway.

Co-op
I've never closed Co-op CA so can't share any experience, but I'm almost certain that CA is only needed for opening RS, not for running it.  I'd definitely open a new one after the switch is completed for future use.  I always make sure I have at least 1 CA per bank.

dealyboy

@claire666 said:

Quick question about the Cooperative regular saver

Clearly you need a current account in order to open the regular saver, but can anyone confirm that the regular saver stays open if you close / switch out the current account? Had a dig through the T&Cs but couldn't find anything specific.

(Yes, I know I can open a burner account elsewhere to use for switching bonuses, but as the Coop one already has some small DDs on it, I might as well use it for the switch. As long as it doesn't mess up the RS)

Co-op Current Account / Regular Saver

I opened a second current account for similar reasons, it took 3 working days to open. In the end I didn't switch the first current account (2 DDs), but it is ready to go when the next opportunity arises.

roked

clairec666 said:

flaneurs_lobster said:

By no means certain but I don't think you need to keep the current account. 

Could maybe save any problems by opening a second CA with them before swapping the first out?

Thanks, could be worth a try. And if they continue to offer a decent regular saver in future, I guess I'll need a new current account anyway.

Yes it does stay open, I have done it when I used the current account as a switcher account part way through. Everything was fine with it through to the end and I could withdraw to my external current account without issues.

The only 'issue' was that when I tried to open another current account to apply for a new RS, it would not let me do it using my existing details and I had to apply again as if a new customer. Not a big deal, just delays things (as co-op are not known for being quick) while waiting for it all to be setup again before applying for the RS

clairec666

roked said:

clairec666 said:

flaneurs_lobster said:

By no means certain but I don't think you need to keep the current account. 

Could maybe save any problems by opening a second CA with them before swapping the first out?

Thanks, could be worth a try. And if they continue to offer a decent regular saver in future, I guess I'll need a new current account anyway.

Yes it does stay open, I have done it when I used the current account as a switcher account part way through. Everything was fine with it through to the end and I could withdraw to my external current account without issues.

The only 'issue' was that when I tried to open another current account to apply for a new RS, it would not let me do it using my existing details and I had to apply again as if a new customer. Not a big deal, just delays things (as co-op are not known for being quick) while waiting for it all to be setup again before applying for the RS

Thanks for the advice. Given that co-op have offered a very good regular saver for quite a while now, it'll be worth having another current account with them. And if it's a bit of a hassle to open a new one, might as well do it now. (I'm not fussed about my credit score, hard checks and all that.)