The Top Regular Savers Discussion Thread

castle96

CHORLEY RS 5.15%v

Iv'e read their T&Cs and still cant make out if you can withdraw or close account... A) because you just wish to and if they reduce the rate   TIA

janusd

castle96 said:

CHORLEY RS 5.15%v

Iv'e read their T&Cs and still cant make out if you can withdraw or close account... A) because you just wish to and if they reduce the rate   TIA

there is a line on the RS page that says....

Our Regular Saver allows deposits from £25 to £400 per month.  Partial withdrawals are not allowed but you can close the account within the 12 month fixed period.

I was looking at the account at the weekend (both Chorley RS accounts in fact), and I don't recall there being an "if the rate drops, you can close" clause in the terms - though the fact there is a closure option, probably negates the need for it.

happybagger

castle96 said:

CHORLEY RS 5.15%v

Iv'e read their T&Cs and still cant make out if you can withdraw or close account... A) because you just wish to and if they reduce the rate   TIA

"You cannot make a partial withdrawal from our Regular Saver Account during the 12-month period, but if you need access to your money, you can close the account"
https://www.chorleybs.co.uk/savings/regular-saver-accounts/regular-saver-30092026

Kim_13

jaypers said:

Progressive…..my thoughts……I’ve read some bad things about them but decided to open the RS account yesterday. All went without a hitch and the ID check thing also worked well. All now funded with £300 so happy so far.

With regards to the Issue 3 interest rate Vs Issue 4, it’s pretty common on their stand here. Even the likes of TSB won’t let you close and reopen their RS until the year has passed by. I too would be annoyed but I guess it’s a fact of life and it’s just their policy. 

But at least TSB allow closure and don’t hold £1 hostage. Allowing the closure and saying no new account until the anniversary would make more sense than ending up with £1 in the accounts of annoyed customers, surely?

TSB’s rate is fixed, so it’s somewhat fairer to say you can’t open another. Progressive’s approach is within their T and C though, so they haven’t done anything wrong. I doubt the ombudsman would find their terms unfair since no one is forced to keep a material balance at a rate that isn’t what it was when they applied.

liamcov

West Brom Reglar Saver issue 7

Maturity letter just says it will convert to a EA. Says can get passbook updated in branch. How is best to access the money (avoiding going to a branch)

mhoc

TheQuaker said:

Usually it's better to think about maximising your gains after tax rather than always avoiding paying tax e.g., 7% is 5.6% net of 20% tax and is still better than most Isa accounts, 6% is 4.8% net at 20%.

Very true. Thanks for that. Makes me think having money in cash ISAs is not worth it if playing this game.

Still worth doing even if you exceed your savings allowance - its 20p on each pound over. Mostly HMRC will just adjust your tax code to pay any outstanding tax and send you a letter so mostly its not worth worrying about until your interest exceeds £4K  

Kim_13

liamcov said:

West Brom Reglar Saver issue 7

Maturity letter just says it will convert to a EA. Says can get passbook updated in branch. How is best to access the money (avoiding going to a branch)

Got mine out online when it matured, but no replacement account unless you go to a branch.

poolboy

Another progressive 5.5 here, I ll keep funding as its still a good deal, it's just not as good as the 7.

Well done anyone getting the 7, must be near the top of current leader board of rs es.

Just culled my sub 5.0% ones, some I ve been with for ages but theres no sentiment in this...good luck all.

flaneurs_lobster

liamcov said:

West Brom Reglar Saver issue 7

Maturity letter just says it will convert to a EA. Says can get passbook updated in branch. How is best to access the money (avoiding going to a branch)

Do you have online access to WestBrom? They do seem to distinguish between online and branch versions of the same product so do you know what type of EA you have?

Kim_13

mhoc said:

TheQuaker said:

Usually it's better to think about maximising your gains after tax rather than always avoiding paying tax e.g., 7% is 5.6% net of 20% tax and is still better than most Isa accounts, 6% is 4.8% net at 20%.

Very true. Thanks for that. Makes me think having money in cash ISAs is not worth it if playing this game.

Still worth doing even if you exceed your savings allowance - its 20p on each pound over. Mostly HMRC will just adjust your tax code to pay any outstanding tax and send you a letter so mostly its not worth worrying about until your interest exceeds £4K  

What’s the significance of £4K? I was aware of the tax return at £10K, but is £4K the point at which HMRC send a bill for the unpaid tax rather than adjusting the tax code to recover it? If so, some would prefer that.

Less than £4K can also be a problem - if someone’s earning £50K, less than £300 taxable interest will turn them into a higher rate taxpayer and lose half of their PSA.