The Top Regular Savers Discussion Thread

Speculator

s71hj said:

granta said:

Skipton Member Regular Saver

Could someone please remind me how you go about closing and re-opening this regular saver and how long it takes as I would like to open a new one asap? Can it be done online? Thanks

This prompted me to check mine for this option. Skipton app says I'm getting 7%. The option I can see to open is the following:

Member Regular Saver

6.50% gross pa/AER variable for 12 months

• Tracks 2.00% above Bank of England Base Rate for 12 months
• Save from £1. If you save the maximum of £250 a month for the 12 month term, your savings including interest could total £3,105
• No withdrawals, early closure allowed
• Exclusively for Skipton members who joined on or before 20/01/25

I suppose my question is, given this seems to be a different account, can I have both?

• You can only hold one Member Regular Saver in your name at any one time (either a Member Regular Saver or a Branch Member Regular Saver).

I guess you could try and open it. Let us know how you get on.

clairec666

granta said:

Skipton Member Regular Saver

Could someone please remind me how you go about closing and re-opening this regular saver and how long it takes as I would like to open a new one asap? Can it be done online? Thanks

Just out of interest, what's the benefit in closing and re-opening it?

granta

clairec666 said:

granta said:

Skipton Member Regular Saver

Could someone please remind me how you go about closing and re-opening this regular saver and how long it takes as I would like to open a new one asap? Can it be done online? Thanks

Just out of interest, what's the benefit in closing and re-opening it?

Thanks everyone for helpful replies. I hadn't realised the new one on offer is down to 6.5% so I may just keep it. I was planning on a refresh to extend the rate for another year. Plan aborted though!

clairec666

Also the new one isn't fixed rate. It tracks at 2% above the base rate though. Good rate given that some of the othe flexible ones have dropped a lot recently.

allegro120

s71hj said:

granta said:

Skipton Member Regular Saver

Could someone please remind me how you go about closing and re-opening this regular saver and how long it takes as I would like to open a new one asap? Can it be done online? Thanks

This prompted me to check mine for this option. Skipton app says I'm getting 7%. The option I can see to open is the following:

Member Regular Saver

6.50% gross pa/AER variable for 12 months

• Tracks 2.00% above Bank of England Base Rate for 12 months
• Save from £1. If you save the maximum of £250 a month for the 12 month term, your savings inclu

• Speculator said:

s71hj said:

granta said:

Skipton Member Regular Saver

Could someone please remind me how you go about closing and re-opening this regular saver and how long it takes as I would like to open a new one asap? Can it be done online? Thanks

This prompted me to check mine for this option. Skipton app says I'm getting 7%. The option I can see to open is the following:

Member Regular Saver

6.50% gross pa/AER variable for 12 months

• Tracks 2.00% above Bank of England Base Rate for 12 months
• Save from £1. If you save the maximum of £250 a month for the 12 month term, your savings including interest could total £3,105
• No withdrawals, early closure allowed
• Exclusively for Skipton members who joined on or before 20/01/25

I suppose my question is, given this seems to be a different account, can I have both?

• You can only hold one Member Regular Saver in your name at any one time (either a Member Regular Saver or a Branch Member Regular Saver).

I guess you could try and open it. Let us know how you get on.

ding interest could total £3,105No withdrawals, early closure allowedExclusively for Skipton members who joined on or before 20/01/25

I suppose my question is, given this seems to be a different account, can I have both?

I logged in, clicked on "open new accounts" drop down menu, there are 13 available for me, Member Regular Saver is not on the list. So it looks like the answer is - no you can't have both. It I felt adventurous I would try to open it without signing in, but I don't want any complications that might arise from this action.

I agree it is very different from the previous MRS.  I'd have this account if I could, 2% above BoE tracker is a good deal.

allegro120

clairec666 said:

granta said:

Skipton Member Regular Saver

Could someone please remind me how you go about closing and re-opening this regular saver and how long it takes as I would like to open a new one asap? Can it be done online? Thanks

Just out of interest, what's the benefit in closing and re-opening it?

It is to make the rate last longer when the rates are falling or getting a better rate when the rates are rising.  "Refreshing" isn't always a good approach, I've done it few times but only when I was almost certain that this move will be beneficial. 

apt

Kim_13 said:

s71hj said:

granta said:

Skipton Member Regular Saver

Could someone please remind me how you go about closing and re-opening this regular saver and how long it takes as I would like to open a new one asap? Can it be done online? Thanks

This prompted me to check mine for this option. Skipton app says I'm getting 7%. The option I can see to open is the following:

Member Regular Saver

6.50% gross pa/AER variable for 12 months

• Tracks 2.00% above Bank of England Base Rate for 12 months
• Save from £1. If you save the maximum of £250 a month for the 12 month term, your savings including interest could total £3,105
• No withdrawals, early closure allowed
• Exclusively for Skipton members who joined on or before 20/01/25

I suppose my question is, given this seems to be a different account, can I have both?

No, so unless you need access to the money you would be better off keeping what you have until maturity - the 7% is fixed.

I've just closed my 7% account a month early as I needed the money. Easy to do via the app and you can choose the date of closure. If you want to send the money directly to an external account it needs to be nominated for your regular saver. I agree it makes no sense to close the fixed account if you don't have to. Makes more sense to refresh fixed rate regular savers like the Club Lloyds regular saver.

Dizzycap

granta said:

allegro120 said:

granta said:

Skipton Member Regular Saver

Could someone please remind me how you go about closing and re-opening this regular saver and how long it takes as I would like to open a new one asap? Can it be done online? Thanks

I've done it 6 month ago. As far as I remember it was online and instant. 

I can't see how to close it online. Do I have to message them?

No. As you are closing the account online simply log in, make sure that you have a nominated account set up to receive the funds, if that's your intention, then select the 'withdraw' button next to the RS, select where you want your funds and interest to go: nominated will require you to generate a code in the Skpiton App, Another Skipton account with be straight forward making sure that the 'withdraw all funds & close the account' tick box is selected before confirming Job done & new Member RS available once old is fully closed  

Speculator

Seems a good time to refresh my Lloyds club Monthly. Only have £800 in it so will still have £800 in it on 1/5.

snaffle_2

Speculator said:

Seems a good time to refresh my Lloyds club Monthly. Only have £800 in it so will still have £800 in it on 1/5.

I don't think you can refresh this one. You can't open a new one if you've had one in last 12 months...