The Top Regular Savers Discussion Thread

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!

Bob2000

Well, l can see from the last few posts that Principality is wising up to multiples  of same issue number accounts.

So, who has had their accounts  closed, and are we talking hours, days, or weeks before they get in contact?

I've so far closed on maturity  my issue 3s, had three of them, but currently  have two Xmas savers. 
Do you think one of them will be shut down eventually?

friolento

I have as yet not had a Princ renewal rejected, or a multiple closed by them. Newcastle BS have, however, just closed a duplicate I managed to get a couple of months ago when their system allowed me to get it. No communcation from them, just the deposits returned, with interest applied.

s71hj

friolento said:

I have as yet not had a Princ renewal rejected, or a multiple closed by them. Newcastle BS have, however, just closed a duplicate I managed to get a couple of months ago when their system allowed me to get it. No communcation from them, just the deposits returned, with interest applied.

So are we looking at Principality accounts being retrospectively closed after initially being opened, or the request getting rejected prior to opening. My  and wife's new 6 month RS, a second one, was opened today so was hoping I'd dodged the bullet. 

Hattie627

friolento said:

I have as yet not had a Princ renewal rejected, or a multiple closed by them. Newcastle BS have, however, just closed a duplicate I managed to get a couple of months ago when their system allowed me to get it. No communcation from them, just the deposits returned, with interest applied.

Did you receive the full amount of interest due for the period up until closure at the rate applicable to the account being closed or was a lower rate applied as a penalty?

Hattie627

Principality BS

I've got a couple of RS's (Healthy Habits RS and a Christmas 2025 RS) both maturing on 22nd December. Maturity options should be open online for both this coming Monday (8th). I'm thinking that I might delay entering maturity instructions until things become clearer. Cannot be bothered with the hassle of an illegitimate rollover being either rejected at the time of entering the instructions or allowed but later reversed. Anyone else got a maturity on or around 22 December? 

chris_the_bee

Dizzycap said:

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 

Co-op Regular Saver:
It took 5 & 6 days to open mine and OH's RS after maturity of old ones in November

flaneurs_lobster

Hattie627 said:

Principality BS

 Anyone else got a maturity on or around 22 December? 

6mth iss3 matures 21st. Agree, will delay instructions to see what happens to my maturities of last and next week.