The Top Regular Savers Discussion Thread

masonic

Newly_retired said:

Please would soeone be kind enough to remind me of the exact process for refreshing / renewing my Club Lloyds RS? I have made 12 payments, but a 13th is possible. It matures early March. I don't want to get it wrong.

Why miss out on the best month for interest of the 12 month term?

jaypers

Furness RS - With the 1st being on a weekend again in March, would it work to submit the next payment on the 28th for credit on Saturday 1st or will Furness not process until Monday 3rd?

flaneurs_lobster

masonic said:

Newly_retired said:

Please would soeone be kind enough to remind me of the exact process for refreshing / renewing my Club Lloyds RS? I have made 12 payments, but a 13th is possible. It matures early March. I don't want to get it wrong.

Why miss out on the best month for interest of the 12 month term?

Presumably to lock-in a fixed 6.5% rate for another 12 months?

allegro120

ChewyyBacca said:

allegro120 said:

Bobblehat said:

Apart from the Skipton BRT, could this apply to other Skipton RS's?

It won't affect mine (Issue 3) because it is fixed at 7%, but will affect any RS with variable rate.

Has anyone opened Member Reg Saver Iss 4, while their Iss 3 fixed 7% is open?
T&C for iss4 states only one Member reg saver allowed at any time, are they enforcing it?

Skipton
I've tried.  Their system didn't allow it, so I assume it is properly enforced.

masonic

flaneurs_lobster said:

masonic said:

Newly_retired said:

Please would soeone be kind enough to remind me of the exact process for refreshing / renewing my Club Lloyds RS? I have made 12 payments, but a 13th is possible. It matures early March. I don't want to get it wrong.

Why miss out on the best month for interest of the 12 month term?

Presumably to lock-in a fixed 6.5% rate for another 12 months?

Will cost a fair bit in lost interest, about £6 (depending on where the money can be put between now and the original maturity date), which is about the same as the gain if say the rate was lowered to an even 6% before March. The odds of that happening don't seem particularly high, given it wasn't reduced after previous cuts, though eventually it probably will be cut.

I can far more understand the reasoning to refresh after an actual rate rise than a possible rate cut. Though it would make more sense when really close to maturity, like a week or so before. Then your certain loss will be small relative to the potential gain.

allegro120

Newly_retired said:

Please would soeone be kind enough to remind me of the exact process for refreshing / renewing my Club Lloyds RS? I have made 12 payments, but a 13th is possible. It matures early March. I don't want to get it wrong.

Online. Click on 'more actions', 'renew account', choose one of the options and renew it, log off, login again and open a new RS.  It did work for me about 18 months ago, I don't know if the trick still works.

Hattie627

I've "renewed" my Club Lloyds MS, Lloyds MS and Halifax RS (all dating from early Nov 2024) and opened (and maximum initially funded) new ones of all 3 (on 7 Feb 2025). The old Club Lloyds had £1600 in it and the other two had £1000 each. Interest has been paid (at full rates) up to renewal date on all of them. Closure funds moved for the moment to my Chetwood easy access account paying 4.71%. Purpose of this was to lock in at fixed rates (of 6.25%, 5.25% and 5,50%). for a full year. I may, or may not, have done the right thing. LBG have held these fixed RS rates now through 3 base rate drops, so these fixed rates may be withdrawn soon for new accounts.
Online system won't let me renew my B of S MS (5.5% fixed) However it was only opened in late Dec 24, so I am going to let it run until maturity.

badger09

Co-operative Regular Saver

Mine matures 27/2 but I’ll be out of UK so I want to close it early & open another. I know it’s variable so could change anyway. 

Has anyone managed to close it online? I can’t see any option. 

If not, I’ll just withdraw balance let it run to maturity. 

[Deleted User]

badger09 said:

Co-operative Regular Saver

Mine matures 27/2 but I’ll be out of UK so I want to close it early & open another. I know it’s variable so could change anyway. 

Has anyone managed to close it online? I can’t see any option. 

If not, I’ll just withdraw balance let it run to maturity. 

I asked them what the options were and there didn't seem to be any. The way they explained it the funds WILL go to a 'smart saver' (low interest of course) and then its up to the individual. 

happybagger

A long way from being a "top" RS but for those using it with low balance to maintain a presence at Earl Shilton BS their RS account drops by 0.30% to 3.75% on 1 March 2025