The Top Regular Savers Discussion Thread

PowerSavingMode

ChewyyBacca said:

I have to close the following Regular Savers in January. I may open some of these RS in March depending on cash flow

Yorkshire Loyalty Regular eSaver
Lloyds Club Monthly Saver
Lloyds Monthly Saver
Halifax Regular Saver x
Principality 1 year Regular Saver Iss 34
Principality 1 Year Triple Access Regular Saver
NewCastle Regular Saver
Aldermore Regular Saver
Virgin Money Regular Saver Exclusive 

Questions:

1. Which of the banks/BS wont allow me to open the new RS before 1 year is over?
2. Any of Regular Savers I am better off just withdrawing from, rather than closing, since their equivalent product is not available? The interest accrued will definitely help, but I can consider not closing the saver completely if it makes more sense.


Thanks

CLOSING RSs WITH A VIEW TO RE-OPEN AT A LATER DATE

If you can afford to, I'd keep the Virgin Money Regular Saver Exclusive IF it's the 10% one.

The Principality 1 year Regular Saver Iss 34 is NLA, so you could easily apply for issue 35 as and when you can.

masonic

ChewyyBacca said:

masonic said:

Halifax and Lloyds can be renewed if you upgrade to a different account type before closing.

masonic Could you please explain what do you mean by upgrading to a different type of account?

There is an option in online banking to "Renew account", which will upgrade it to a different type of account, such as an easy access account, meaning the account will not be counted as being a regular saver. Then you are free to open another one whenever you like. If you simply close it as a regular saver, then the system remembers it as such and you'd have to wait until the end of the account year.

Bridlington1

ChewyyBacca said:

I have to close the following Regular Savers in January. I may open some of these RS in March depending on cash flow

Yorkshire Loyalty Regular eSaver
Lloyds Club Monthly Saver
Lloyds Monthly Saver
Halifax Regular Saver x
Principality 1 year Regular Saver Iss 34
Principality 1 Year Triple Access Regular Saver
NewCastle Regular Saver
Aldermore Regular Saver
Virgin Money Regular Saver Exclusive 

Questions:

1. Which of the banks/BS wont allow me to open the new RS before 1 year is over?
2. Any of Regular Savers I am better off just withdrawing from, rather than closing, since their equivalent product is not available? The interest accrued will definitely help, but I can consider not closing the saver completely if it makes more sense.


Thanks

The following are still available so can be ``refreshed":
Yorkshire Loyalty Regular eSaver
Principality 1 Year Triple Access Regular Saver
Newcastle Regular Saver

The LBG ones could be ``refreshed" in the way @masonic describes.

Aldermore Regular Saver Issue 1 is NLA but Issue 2 is available at the same rate.

Virgin Money Regular Saver Exclusive and Principality 1 year Regular Saver Iss 34 are NLA, I'd avoid pulling money from the former due to the rate being rather high, the latter doesn't allow withdrawals but does allow early closure without penalty.

drphila

Bridlington1 said:

The LBG ones could be ``refreshed" in the way @masonic describes.

Aldermore Regular Saver Issue 1 is NLA but Issue 2 is available at the same rate.

Virgin Money Regular Saver Exclusive and Principality 1 year Regular Saver Iss 34 are NLA, I'd avoid pulling money from the former due to the rate being rather high, the latter doesn't allow withdrawals but does allow early closure without penalty.

Does this include Bank of Scotland?

Dizzycap

drphila said:

Bridlington1 said:

The LBG ones could be ``refreshed" in the way @masonic describes.

Aldermore Regular Saver Issue 1 is NLA but Issue 2 is available at the same rate.

Virgin Money Regular Saver Exclusive and Principality 1 year Regular Saver Iss 34 are NLA, I'd avoid pulling money from the former due to the rate being rather high, the latter doesn't allow withdrawals but does allow early closure without penalty.

Does this include Bank of Scotland?

Whilst I have closed both the Lloyds Club Monthly Saver & Lloyds Monthly Saver early by upgrading as already mentioned, and then re-opening without issue, I would assume that because BoS is under the same financial umbrella as Lloyds, you would also be able to upgrade to another account and re-open a new RS.

schiff

If I set a FP on a Saturday or Sunday from my Santander Edge account to the various building societies and banks that accept payments to their regular savers on non-working days, are the FPs sent and debited on those same Saturdays and Sundays from Santander?
I currently fund my RSs on the first working day but reviewing whether it's beneficial to me to change.
 

ToastLady

drphila said:

Bridlington1 said:

The LBG ones could be ``refreshed" in the way @masonic describes.

Aldermore Regular Saver Issue 1 is NLA but Issue 2 is available at the same rate.

Virgin Money Regular Saver Exclusive and Principality 1 year Regular Saver Iss 34 are NLA, I'd avoid pulling money from the former due to the rate being rather high, the latter doesn't allow withdrawals but does allow early closure without penalty.

Does this include Bank of Scotland?

BoS monthly saver can be closed, but you cannot open a new one until a year after you opened the account.
https://www.bankofscotland.co.uk/savings/accounts/monthly-saver.html (Info under section How do I Open and Manage Account).

wmb194

ToastLady said:

drphila said:

Bridlington1 said:

The LBG ones could be ``refreshed" in the way @masonic describes.

Aldermore Regular Saver Issue 1 is NLA but Issue 2 is available at the same rate.

Virgin Money Regular Saver Exclusive and Principality 1 year Regular Saver Iss 34 are NLA, I'd avoid pulling money from the former due to the rate being rather high, the latter doesn't allow withdrawals but does allow early closure without penalty.

Does this include Bank of Scotland?

BoS monthly saver can be closed, but you cannot open a new one until a year after you opened the account.
https://www.bankofscotland.co.uk/savings/accounts/monthly-saver.html (Info under section How do I Open and Manage Account).

In my experience the 'renewal' trick works the same with BoS as it does with Lloyds and Halifax and those terms are not enforced.

surreysaver

ToastLady said:

drphila said:

Bridlington1 said:

The LBG ones could be ``refreshed" in the way @masonic describes.

Aldermore Regular Saver Issue 1 is NLA but Issue 2 is available at the same rate.

Virgin Money Regular Saver Exclusive and Principality 1 year Regular Saver Iss 34 are NLA, I'd avoid pulling money from the former due to the rate being rather high, the latter doesn't allow withdrawals but does allow early closure without penalty.

Does this include Bank of Scotland?

BoS monthly saver can be closed, but you cannot open a new one until a year after you opened the account.
https://www.bankofscotland.co.uk/savings/accounts/monthly-saver.html (Info under section How do I Open and Manage Account).

There's a difference between T&Cs not permitting, and 'cannot'

Section62

wmb194 said:

ToastLady said:

drphila said:

Bridlington1 said:

The LBG ones could be ``refreshed" in the way @masonic describes.

Aldermore Regular Saver Issue 1 is NLA but Issue 2 is available at the same rate.

Virgin Money Regular Saver Exclusive and Principality 1 year Regular Saver Iss 34 are NLA, I'd avoid pulling money from the former due to the rate being rather high, the latter doesn't allow withdrawals but does allow early closure without penalty.

Does this include Bank of Scotland?

BoS monthly saver can be closed, but you cannot open a new one until a year after you opened the account.
https://www.bankofscotland.co.uk/savings/accounts/monthly-saver.html (Info under section How do I Open and Manage Account).

In my experience the 'renewal' trick works the same with BoS as it does with Lloyds and Halifax and those terms are not enforced.

For some months I've been getting an error message when I try to renew my BoS RS. I've not felt inclined to take up the suggestion of phoning them for further assistance though, I'll just let it run to the end.  It started the same day I renewed my Lloyds and Halifax RS accounts without a hitch.