The Top Regular Savers Discussion Thread

jameseonline

Had a Principality Issue 2 end today £1233.21 total balance, so £1200 deposit + £33.21 interest. £1033.21 to my nominated account & £200 into the now converted issue 2 which takes me up to my 3rd Issue 3😊

saverkev

jameseonline said:

Had a Principality Issue 2 end today £1233.21 total balance, so £1200 deposit + £33.21 interest. £1033.21 to my nominated account & £200 into the now converted issue 2 which takes me up to my 3rd Issue 3😊

Principality

Same for me though had £1434.16 balance as made 13th payment.
No human intervention so an additional issue 3 opened. 

apt

Dizzycap 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

Request a withdrawl (via tansfer & payments) for the full amount in the RS & it will automatically say the account will be closed as it's below the minimum £1.Once the account has been closed, the funds will be sent to your requested bank & then you're able to open a new Member RS -  It's worked for me a couple of times without issue! 

But the old Skipton Member Regular Saver was a fixed rate. Now it tracks base rate there's no real advantage in closing it early and reopening.

WillPS

apt said:

Dizzycap 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

Request a withdrawl (via tansfer & payments) for the full amount in the RS & it will automatically say the account will be closed as it's below the minimum £1.Once the account has been closed, the funds will be sent to your requested bank & then you're able to open a new Member RS -  It's worked for me a couple of times without issue! 

But the old Skipton Member Regular Saver was a fixed rate. Now it tracks base rate there's no real advantage in closing it early and reopening.

Gives you a fresh 12 month term though. The account could be withdrawn at any point.

Bridlington1

apt said:

Dizzycap 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

Request a withdrawl (via tansfer & payments) for the full amount in the RS & it will automatically say the account will be closed as it's below the minimum £1.Once the account has been closed, the funds will be sent to your requested bank & then you're able to open a new Member RS -  It's worked for me a couple of times without issue! 

But the old Skipton Member Regular Saver was a fixed rate. Now it tracks base rate there's no real advantage in closing it early and reopening.

In my case issue 3 matured at the turn of last month so my issue 4 ended up getting opened on 2nd June. Refreshing on Monday allows me to push the maturity date on to the end of the same month, thus enabling me to earn a tad more interest than I would've done.

chris_the_bee

WillPS said:

apt said:

Dizzycap 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

Request a withdrawl (via tansfer & payments) for the full amount in the RS & it will automatically say the account will be closed as it's below the minimum £1.Once the account has been closed, the funds will be sent to your requested bank & then you're able to open a new Member RS -  It's worked for me a couple of times without issue! 

But the old Skipton Member Regular Saver was a fixed rate. Now it tracks base rate there's no real advantage in closing it early and reopening.

Gives you a fresh 12 month term though. The account could be withdrawn at any point.

Skipton Member Regular Saver
But you would be changing a 7% Fixed for a 6.25% Variable which tracks base rate +2% (and base rate will most likely move lower).

Aidanmc

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

Bridlington1

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

Out of those ones Santander, Darlington and Penrith are still around at 5% so rather than withdrawing from them I'd be more inclined to ``refresh" them as it would allow you to push the maturity date on a bit.

Melton has no maturity date so you may as well just withdraw from it as you stated.

Kim_13

Aidanmc said:

I will be needing to withdraw from some of my lower paying Regular savers in order to fund higher interest ones for the next month or two, until some current ones mature.

Starting with 5% ones, Santander, Penrith, Darlington, Melton RS5.

Think its better to withdraw rather that close them.

I believe the Coventry Loyalty RS has penalty for withdrawal, so will leave that for now and not fund it.

I’d also start with the ones that have the shortest term remaining (as it’s presumably less likely that you would need to replace the funds and thus be bothered that you were limited to whatever the monthly allowance is.)

Melton would be the penultimate, as an open ended account. Coventry does have an interest penalty yes (but keep an eye out for any rate reduction that could be used to obtain a penalty free withdrawal.)

gt94sss2

This has reminded me that the Melton RS5 pays a lower interest rate on balances above £6,000.

Several here may be approaching that threshold.

I know one can change future interest payments on the account to be paid to another account to help mitigate this.

My question is can you withdraw from the RS5 without having to send back the passbook?