The Top Regular Savers Discussion Thread

s71hj

Kim_13 said:

s71hj said:

Kim_13 said:

s71hj said:

PloughmansLunch said:

s71hj said:

My Halifax regular saver has matured today and I've opened another. Given that I fully paid into the matured one already this month am I also able to fund the new one or do I have to wait until next month. 

There is a quirk with Halifax in that the regular saver rolls over automatically and IIRC transfers the interest to an everyday saver that was also opened alongside the regular saver, so can only ever take one payment a month unless the everyday saver is closed beforehand. That way the maturing regular saver mutates into an everyday saver.

A brand-new regular saver can then be opened and deposited in the same month (and you'll have a new additional everyday saver created too that you might want to close).

So I withdrew all the money from the everyday saver and put £250 in the newly opened RS. So in standing order terms can I set up 12 from 1st December or am I limited to 11?

12, but unless you have also closed the everyday saver the RS autorenews in 12 months and you'd have to wait until December 2026 to pay into that one.

If you manually open a new RS, you can pay into the old one and the new one in the same month, as the new account number means they are considered different accounts.

I've had a lot of accounts maturing in the last 2 days but from memory, what happened was that the RS turned into an everyday and a "NEW" RS appeared (albeit one that had all last years transactions so I guess NOT actually new) with 0 balance. I put £250 in which was accepted though I might add I hadn't made a November payment into the "old" one. So I guess if I set up 12 payments not 11, come next year's rollover I will have an issue (obviously a very first world problem type of "issue" ! ) of not being able to make a November 2026 payment in? 

Set up the 12 payments, then close any Everydays you have. Come maturity, with no Everyday to empty the maturing RS into, the RS will become an Everyday and then you are free to open a new RS (which has a new account number and will therefore accept £250, even though you will have already paid into the old RS with the different number.)

Thank you. I think in fact that was probably inherent in your original answer but I was a bit slow  on the uptake and didn't  explain my situation fully so as is almost invariably so on this forum I find myself appreciating people's patience! 

shirley999

Halifax

I can't be bothered with all that faff to get a 13th payment in, it's not like it's paying a very high interest rate, it's 5.5%. 

janusd

Kim_13 said:

Chaykin said:

Kim_13 said:

If you manually open a new RS, you can pay into the old one and the new one in the same month, as the new account number means they are considered different accounts.

Halifax - I thought you can only have one Regular Saver with them? Or is this something they don't enforce and, in actual fact, you can open more than one?

You can only have one, but if you close the Everyday Saver and re-open a new RS manually when it matures, the maturing and new RS can both have £250 paid into in the same month. If your Regular Saver is autorenewed, you are limited to £250 between the two.

while the Halifax RS is being discussed, my first RS with them matures on the 1st December (£3k balance). I received a letter from them asking what I want to do with the Everyday Saver (which obviously also expires on 1st December) - renew for 12 months, move (£0 balance so irrelevant) or close... if I do nothing, it converts to an Instant Saver on the 2nd.
I get that the RS auto-renews, but what do I do about this Everyday account? should I close it now or let the RS balance transfer to it at maturity? The Halifax RS page says to keep it open... any guidance would be appreciated.

Kim_13

janusd said:

Kim_13 said:

Chaykin said:

Kim_13 said:

If you manually open a new RS, you can pay into the old one and the new one in the same month, as the new account number means they are considered different accounts.

Halifax - I thought you can only have one Regular Saver with them? Or is this something they don't enforce and, in actual fact, you can open more than one?

You can only have one, but if you close the Everyday Saver and re-open a new RS manually when it matures, the maturing and new RS can both have £250 paid into in the same month. If your Regular Saver is autorenewed, you are limited to £250 between the two.

while the Halifax RS is being discussed, my first RS with them matures on the 1st December (£3k balance). I received a letter from them asking what I want to do with the Everyday Saver (which obviously also expires on 1st December) - renew for 12 months, move (£0 balance so irrelevant) or close... if I do nothing, it converts to an Instant Saver on the 2nd.
I get that the RS auto-renews, but what do I do about this Everyday account? should I close it now or let the RS balance transfer to it at maturity? The Halifax RS page says to keep it open... any guidance would be appreciated.

For a maturity on 1st December it'll make no difference, as it's impossible to get a 13th payment in anyway. Unless of course you wish to move the date on until later in December, in which case you would need to close the Everyday so that the RS would become an Everyday on maturity and you would be free to open the new RS at a time of your choosing.

Should the rate drop between now and then and you no longer wish to renew, you'd also close the Everyday, as this stops the autorenewal. 

allegro120

janusd said:

Kim_13 said:

Chaykin said:

Kim_13 said:

If you manually open a new RS, you can pay into the old one and the new one in the same month, as the new account number means they are considered different accounts.

Halifax - I thought you can only have one Regular Saver with them? Or is this something they don't enforce and, in actual fact, you can open more than one?

You can only have one, but if you close the Everyday Saver and re-open a new RS manually when it matures, the maturing and new RS can both have £250 paid into in the same month. If your Regular Saver is autorenewed, you are limited to £250 between the two.

while the Halifax RS is being discussed, my first RS with them matures on the 1st December (£3k balance). I received a letter from them asking what I want to do with the Everyday Saver (which obviously also expires on 1st December) - renew for 12 months, move (£0 balance so irrelevant) or close... if I do nothing, it converts to an Instant Saver on the 2nd.
I get that the RS auto-renews, but what do I do about this Everyday account? should I close it now or let the RS balance transfer to it at maturity? The Halifax RS page says to keep it open... any guidance would be appreciated.

I don’t close instant saver, just withdraw the balance. Can't see any point in complicating things. 

Kim_13

allegro120 said:

janusd said:

Kim_13 said:

Chaykin said:

Kim_13 said:

If you manually open a new RS, you can pay into the old one and the new one in the same month, as the new account number means they are considered different accounts.

Halifax - I thought you can only have one Regular Saver with them? Or is this something they don't enforce and, in actual fact, you can open more than one?

You can only have one, but if you close the Everyday Saver and re-open a new RS manually when it matures, the maturing and new RS can both have £250 paid into in the same month. If your Regular Saver is autorenewed, you are limited to £250 between the two.

while the Halifax RS is being discussed, my first RS with them matures on the 1st December (£3k balance). I received a letter from them asking what I want to do with the Everyday Saver (which obviously also expires on 1st December) - renew for 12 months, move (£0 balance so irrelevant) or close... if I do nothing, it converts to an Instant Saver on the 2nd.
I get that the RS auto-renews, but what do I do about this Everyday account? should I close it now or let the RS balance transfer to it at maturity? The Halifax RS page says to keep it open... any guidance would be appreciated.

I don’t close instant saver, just withdraw the balance. Cant see any point in complicating things. 

If the rate changes and you no longer want to renew, then doing nothing would complicate things (because the autorenewal will go ahead and you would have to use a workaround in order to be able to open another RS; get it wrong and you will be blocked from opening another until the 12 month anniversary of the autorenewed account.) 

janusd

Kim_13 said:

janusd said:

Kim_13 said:

Chaykin said:

Kim_13 said:

If you manually open a new RS, you can pay into the old one and the new one in the same month, as the new account number means they are considered different accounts.

Halifax - I thought you can only have one Regular Saver with them? Or is this something they don't enforce and, in actual fact, you can open more than one?

You can only have one, but if you close the Everyday Saver and re-open a new RS manually when it matures, the maturing and new RS can both have £250 paid into in the same month. If your Regular Saver is autorenewed, you are limited to £250 between the two.

while the Halifax RS is being discussed, my first RS with them matures on the 1st December (£3k balance). I received a letter from them asking what I want to do with the Everyday Saver (which obviously also expires on 1st December) - renew for 12 months, move (£0 balance so irrelevant) or close... if I do nothing, it converts to an Instant Saver on the 2nd.
I get that the RS auto-renews, but what do I do about this Everyday account? should I close it now or let the RS balance transfer to it at maturity? The Halifax RS page says to keep it open... any guidance would be appreciated.

For a maturity on 1st December it'll make no difference, as it's impossible to get a 13th payment in anyway. Unless of course you wish to move the date on until later in December, in which case you would need to close the Everyday so that the RS would become an Everyday on maturity and you would be free to open the new RS at a time of your choosing.

Should the rate drop between now and then and you no longer wish to renew, you'd also close the Everyday, as this stops the autorenewal. 

thanks for the replies - wasn't thinking of a 13th payment, more in a general sense - i'll follow @allegro120 suggestion, do nothing and let everything take it's natural course.

allegro120

Kim_13 said:

allegro120 said:

janusd said:

Kim_13 said:

Chaykin said:

Kim_13 said:

If you manually open a new RS, you can pay into the old one and the new one in the same month, as the new account number means they are considered different accounts.

Halifax - I thought you can only have one Regular Saver with them? Or is this something they don't enforce and, in actual fact, you can open more than one?

You can only have one, but if you close the Everyday Saver and re-open a new RS manually when it matures, the maturing and new RS can both have £250 paid into in the same month. If your Regular Saver is autorenewed, you are limited to £250 between the two.

while the Halifax RS is being discussed, my first RS with them matures on the 1st December (£3k balance). I received a letter from them asking what I want to do with the Everyday Saver (which obviously also expires on 1st December) - renew for 12 months, move (£0 balance so irrelevant) or close... if I do nothing, it converts to an Instant Saver on the 2nd.
I get that the RS auto-renews, but what do I do about this Everyday account? should I close it now or let the RS balance transfer to it at maturity? The Halifax RS page says to keep it open... any guidance would be appreciated.

I don’t close instant saver, just withdraw the balance. Cant see any point in complicating things. 

If the rate changes and you no longer want to renew, then doing nothing would complicate things (because the autorenewal will go ahead and you would have to use a workaround in order to be able to open another RS; get it wrong and you will be blocked from opening another until the 12 month anniversary of the autorenewed account.) 

Unlike Lloyds and BoS, Halifax doesn't restrict you from closing and opening at any time you want.  Or has this changed?  Several years ago I had a break from Halifax RS because the rate was too low, it was very simple - I just closed the account.

JTBasketman

For information and time saving, the "Smile Bank" current account does not qualify for the Co-op Bank – 7% Regular Saver, although it allowed me to fill in all the application, even as far as accepting the Smile Bank details for the regular payment. Next day received an email saying:
"Unfortunately, we’re currently unable to open this account for you as the terms and conditions require you to hold a qualifying current account product with The Co‑operative Bank". Therefore Smile does not = Co-op.
Not smiling.

wmb194

allegro120 said:

Kim_13 said:

allegro120 said:

janusd said:

Kim_13 said:

Chaykin said:

Kim_13 said:

If you manually open a new RS, you can pay into the old one and the new one in the same month, as the new account number means they are considered different accounts.

Halifax - I thought you can only have one Regular Saver with them? Or is this something they don't enforce and, in actual fact, you can open more than one?

You can only have one, but if you close the Everyday Saver and re-open a new RS manually when it matures, the maturing and new RS can both have £250 paid into in the same month. If your Regular Saver is autorenewed, you are limited to £250 between the two.

while the Halifax RS is being discussed, my first RS with them matures on the 1st December (£3k balance). I received a letter from them asking what I want to do with the Everyday Saver (which obviously also expires on 1st December) - renew for 12 months, move (£0 balance so irrelevant) or close... if I do nothing, it converts to an Instant Saver on the 2nd.
I get that the RS auto-renews, but what do I do about this Everyday account? should I close it now or let the RS balance transfer to it at maturity? The Halifax RS page says to keep it open... any guidance would be appreciated.

I don’t close instant saver, just withdraw the balance. Cant see any point in complicating things. 

If the rate changes and you no longer want to renew, then doing nothing would complicate things (because the autorenewal will go ahead and you would have to use a workaround in order to be able to open another RS; get it wrong and you will be blocked from opening another until the 12 month anniversary of the autorenewed account.) 

Unlike Lloyds and BoS, Halifax doesn't restrict you from closing and opening at any time you want.  Or has this changed?  Several years ago I had a break from Halifax RS because the rate was too low, it was very simple - I just closed the account.

Lloyds and BoS don't restrict you either.