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The Top Regular Savers Discussion Thread

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  • masonic
    masonic Posts: 27,158 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Cora is probably about my limit. Beyond that, they are welcome to keep the account open with a zero balance for as long as they like. But it really isn't in their interest to do so.
  • Kim_13
    Kim_13 Posts: 3,404 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 16 July at 9:17PM
    I’ll login to a website to close (Coventry, YBS, Nationwide) but I’ve never bothered with Sandi. I could probably dump a Maturity Account with Saffron as my EA is coming up to 2 years old, but I figured I’d just keep it as it’s less hassle to message asking them to convert to a new account when something worth having comes along, rather than needing to log in to the website and start a new application. Other providers make it possible to apply for new accounts via the app.

    Hopefully I won’t have a surplus NatWest account - when my fixed rate ISA matures it’ll be transferred out so should just disappear from the app.
  • allegro120
    allegro120 Posts: 1,842 Forumite
    1,000 Posts Second Anniversary Name Dropper
    masonic said:
    Cora is probably about my limit. Beyond that, they are welcome to keep the account open with a zero balance for as long as they like. But it really isn't in their interest to do so.
    I've recently made an effort to close one of them.  At the end of the process Cora asked me if I want to close another one - I said no.  I'd rather have a clutter on my app, I don't visit Santander very often - only for collecting Edge interest and depositing to RS account.   
  • subjecttocontract
    subjecttocontract Posts: 2,702 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Well of course holding 'dormant' accounts with £1 or £0 in can be an advantage should that bank/b.soc' offer a new top paying account in the future.
  • Stargunner
    Stargunner Posts: 987 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    edited 17 July at 6:38AM
    etienneg said:
    Just as a matter of interest, does anyone know why so many banks seem to make it difficult to close accounts online, whilst there are just a few where this is streamlined and easy?
    I don’t find it difficult to close accounts online. I have closed numerous accounts. If you can’t do it directly yourself, i find thst you can do it either by online chat or by a secure message. 
    What banks are you struggling to close accounts with.
    I think that is the issue. If it's not automatic closure or just a few clicks to complete some of us don't want to spend time chatting with Cora or typing messages or in fact spending any time at all dealing with it. We don't get paid to close an account whereas we often get a financial incentive to open it. I'm sure the banks will contact us quick enough of they want to close them.
    We don’t get paid for lots of things that we do. I personally prefer clutter free websites/apps when I log in, rather than having a lot of dormant accounts visible.
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,855 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 16 July at 11:09PM
    wmb194 said:

    Go into the regular saver and then click the three dots: it'll then say, "Close an Account."
    ......which gives a screen titled "Close your current account".......

    Despite the title of that page, I have used it to close saving accounts before. Closure wasn't instant, but was a day or two to action from memory.
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,855 Forumite
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    edited 16 July at 11:12PM
    kaMelo said:
    kaMelo said:
    etienneg said:
    wmb194 said:

    Go into the regular saver and then click the three dots: it'll then say, "Close an Account."
    ......which gives a screen titled "Close your current account".......
    Yes, that's what happens for me! What do I do now?

    Even though it specifies  "current account" it also works for savings accounts too.
    Sounds like you speak from experience so fair enough. How long does the closure take?

    I can't remember exactly but it's not instant, maybe a day or two. I used it to close the numerous savings accounts opened alongside the multiple M plus current accounts I opened when it's interest rate was competitive.

    I only wish it were possible to close the many VM  homebuyer regular savers I had that reside on a different platform in the same way as they're cluttering up my spreadsheet. If anyone has a suggestion I'm all ears.


    Could be worth sending a letter and specifying all the accounts you want to close? I'd be surprised if there wasn't a free post address out there somewhere
  • clivep
    clivep Posts: 623 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Kazza242 said:
    Skipton Building Society have launched a new Regular Saver, paying 5.75% AER (variable)

    - Save from £1 - £200 per month
    - The account runs for 12 months
    - No withdrawals, though early closure permitted
    - It tracks 1.50% above Bank of England base rate for 12 months.
    - The account is only available to open if you don't already hold a product from the Skipton BS Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver)
    - They have launched an online and branch-based edition of this account
    - The account can be opened via Skipton Online, in the Skipton App, in branch, by post or by phone
    - The interest is paid the day before the anniversary of account opening

    Further details here.
    Shame it's one RS only :(
    You can get both this regular saver and the Members RS if I'm not mistaken.

    The term I believe you're referring to is:
    This account is only available to UK residents aged 16 or over, who don't already hold a product from our Regular Saver range (either a Member Regular Saver, Branch Member Regular Saver, Regular Saver or a Branch Regular Saver) at the time of application.

    However no equivalent term appears in the Ts&Cs for the Member RS, so whilst you can't open the 5.75% RS if you currently hold the Members RS, you can open the Members RS if you hold the 5.75% RS Issue 1.

    In other words if you open the RS Issue 1 at 5.75% first you should be able to open the Members RS at 6.25% and thus have both simultaneously.

    There's also nothing in the terms to stop those who hold the Members RS from closing their accounts now, then opening the 5.75% RS before opening a new 6.25% Members RS.

    Skipton:

    I can confirm this works and is in accordance with the t's & c's.
    Members RS Issue 4 @ 6.25% closed.
    RS Issue 1 @ 5.75% opened.
    Members RS Issue 4 @ 6.25% opened.

    The only restriction in the terms is that the RS can't be opened if you have a Member RS. However, once the RS has been opened then there is no restriction on holding both a/cs.

    I'll leave initial funding until the end of month to maximise interest.



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