The Top Regular Savers Discussion Thread

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. 

Section62

soulsaver said:

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?

Working Ok for me, including using the 'more transactions' button.  (Firefox though)

clairec666

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.

Re refreshing...

There are some accounts where you want to avoid refreshing. First Direct in particular - if you close early you'll get a lower rate of interest for the whole time the money was in the account.
In some cases you can close early but can't open another one until the original maturity date has passed - TSB definitely does this. Presumably this is to discourage people from refreshing.
Cooperative can be slow to open a new account (a few days or so) so if you're refreshing and are keen to get a late in the month maturity date, don't leave it too late or it might get pushed into the next month.

While we're on the topic, I asked earlier if anyone had experience of refreshing Monmouthshire regular saver issue 8, but I think my comment got lost in other conversations. Any feedback on this? Good/bad/quick/slow?

@dibbles212 I'm in the same boat as you, I'll be struggling to fund my regular savers in January and a good option would be to free up some money from Monmouthshire. Yes, I could just withdraw it, but refreshing would be a better option as it'll spread my maturity dates out nicely throughout the year.

dibbles212

clairec666 said:

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.

Re refreshing...

There are some accounts where you want to avoid refreshing. First Direct in particular - if you close early you'll get a lower rate of interest for the whole time the money was in the account.
In some cases you can close early but can't open another one until the original maturity date has passed - TSB definitely does this. Presumably this is to discourage people from refreshing.
Cooperative can be slow to open a new account (a few days or so) so if you're refreshing and are keen to get a late in the month maturity date, don't leave it too late or it might get pushed into the next month.

While we're on the topic, I asked earlier if anyone had experience of refreshing Monmouthshire regular saver issue 8, but I think my comment got lost in other conversations. Any feedback on this? Good/bad/quick/slow?

@dibbles212 I'm in the same boat as you, I'll be struggling to fund my regular savers in January and a good option would be to free up some money from Monmouthshire. Yes, I could just withdraw it, but refreshing would be a better option as it'll spread my maturity dates out nicely throughout the year.

Thank you, it is good to know these specifics.