The Top Regular Savers Discussion Thread

Dizzycap

Co-op Regular Saver:

My RS matured on Thursday. When I try to apply for a new RS the (new) access code (idea) isn't being sent to my mobile be able to confirm my application. I've even placed the incoming text number into my phone book so there's no possibility of it being blocked, but nothing! Is / has anyone else had an issue with this? What a palava to be able to open an account with the Co-op 

I'm hoping this isn't going to result in a phone call to resolve but based on my fiasco with the Co-Op last year with a RS which took nearly 2 months to resolve before I could open another, I won't hold my breath 

Kim_13

Cambridge BS RS renewed today, also with the 32p glitch someone mentioned a while ago. It does tally with the interest added, they just sent 32p less than expected to my nominated account. Hopefully that’ll land early enough for me to be able to move some of it to RS on the weekend deposit list today.

mhoc

I put the maturity instructions in very late on the 4th for OHs two Principalities that were maturing on the 5th.  Yesterday morning in the current account I could see the full amount for the Principality I had maturing plus OHs two accounts which had £150 less so I sighed deeply!
Later that day a message in the inbox which I've not looked at yet, not logged in but the two £150 amounts also arrived back ion the current account.
OH well at least we tried 

s71hj

Well Principality worked for me and my wife and the FP landed with Santander this morning in spite of the faster payments issue referred to on their website. I did my usual with maturity options, put them in practically as early as I could once available but on a Sunday afternoon. 

s71hj

I've never played the whole renewal game before, but given the likely BOE interest rate trajectory I'm wondering if now might be a good time to do a whole batch. I have most decent RSs available on here, what would the view be of the best ones to do from the more seasoned renewers out there? 

Hattie627

Principality

I had my last 6 month Issue 3 maturing yesterday (5th). Successfully rolled over with £200 to an Issue 4, balance (including interest) arrived yesterday in my current account.
FWIW, instructions were entered online just after midnight (around 12.05am) on the day the maturity options appeared online  (Friday 21st November).

WillPS

s71hj said:

I've never played the whole renewal game before, but given the likely BOE interest rate trajectory I'm wondering if now might be a good time to do a whole batch. I have most decent RSs available on here, what would the view be of the best ones to do from the more seasoned renewers out there? 

Guess Who time
Flick down the faces where early closure is not possible or would involve hefty loss of interest (Progressive, First Direct, MHBS etc)
Flick down the faces where the product in question is NLA, and so cannot be renewed (MonBS Exclusive savers in particular)
Flick down the faces where the product is your only/last account with a certain BS and early closure would affect future loyalty accounts
Flick down the accounts with no set term since there is no advantage to renewing (Natwest, RBS, MeltonBS RS 5)
Optionally - flick down the faces where the product is potentially renewable but to do so involves a faraway branch visit or a postal instruction

In front of you are your renewable options.

LBG regular savers are great candidates because they are very easy to do entirely online (although you do need to do a web chat for Halifax and wait til next day) and they are fixed for 12 months.

Dizzycap

s71hj said:

I've never played the whole renewal game before, but given the likely BOE interest rate trajectory I'm wondering if now might be a good time to do a whole batch. I have most decent RSs available on here, what would the view be of the best ones to do from the more seasoned renewers out there? 

Personally, I've only renewed 2 RS with fixed interest rates; ClubLloyds & Bank of Scotland @ 6.25% & 5.5%, respectively last week - I've been caught out with ClubLloyds dropping their RS fixed rate by 1% in the past, so making up for it now!   The other fixed rate RS have either just matured and a new RS has been opened or are about to mature early early next week, so fortunately, there's no need to renew them. As for closing and reapplying for variable rate RS, for me, it depends on how long the present RS has been open, whether they are still presently available; and if they are, they can get pulled at any moment, and whether it will really make much difference in the long run as a reduction in the BOE interest rate will probably effect the interest rate of the variable RSs, but not always - That's my non-faffing around take on it, but I'm sure others will have a different view   

Bridlington1

s71hj said:

I've never played the whole renewal game before, but given the likely BOE interest rate trajectory I'm wondering if now might be a good time to do a whole batch. I have most decent RSs available on here, what would the view be of the best ones to do from the more seasoned renewers out there? 

When it comes to ``refreshing" accounts I generally do it when I'm trying to free up funds from lower rate accounts more than anything, or if I've recently opened an account and want the maturity date pushed to the end of the month. If the account's still available, I want to make a withdrawal and there's no penalty for closing early then I'll refresh it.

I refreshed my two Skipton RSs just over a month ago as I wanted to empty the normal RS Issue 1 at 5.5% and the Member RS Issue 4 was close to my threshold for funding, which turned out to be a good decision as a few weeks later they launched new issues with the new terms stating you can only hold one or the other.

Principality, in my experience, are good ones to refresh, Co-op take ages to do most things and from the reports I've seem some have found closing a Co-op RS takes a while. Nationwide could be a good one to refresh, but note there is usually a delay of a day or so between closing a RS and their systems letting you open a new one so don't leave it too late in the month to close the account, Manchester BS can be refreshed easily enough though make sure it isn't your only account as online banking is disabled if you close your only account (same with Newcastle). 

Mansfield can be refreshed but it is a postal job, I've refreshed Santander previously but account closure isn't always instant in my experience. Leeds can be refreshed, but if you want the funds sending by faster payment you'll need to phone them in my experience, or open an online only savings account, get the funds paid into that and then close the online account.

Monmouthshire should also be able to be refreshed easily enough.

WillPS

Principality have indeed closed both the accounts my wife renewed through maturity this week (out of hours), so it does indeed appear the jig is up on those.

Time to fund some of the 5.x% accounts we've been accruing but not funding now!