The Top Regular Savers Discussion Thread

Section62

https://forums.moneysavingexpert.com/discussion/comment/81944521#Comment_81944521

There's a Bank of Scotland glitch - sounds like you've encountered it. I've not found a self-service workaround. If there is a fix it probably means phoning BoS to get their IT department to investigate.

I've not done that myself as I don't want to explain to a CS rep why I'm trying to do what I'm doing, or have them looking more closely at recent account renewals.

Having the BoS glitch doesn't impact on Lloyds or Halifax accounts, so I figure it is better to have what I have, and not push to be able to renew BoS accounts as well.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81944373#Comment_81944373

The new same account you mention also retains its capital. So, you're not closing the account at all, you're just getting it renamed 😁

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81944539#Comment_81944539

It's not to get the interest this year, it's to get the interest next year, before the increase in savings interest tax.

Although only 2%, that actually represents in increase of 10% of the tax paid (2 being a tenth of 20).

It all adds up at the end of the year - I'm expecting to pay ~£700 in tax on my interest this year, so assuming interest earned will be the same in 2027/28, that will be an extra £70

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81944555#Comment_81944555

Hadn't thought of it like that! Might not be what's intended, but it is what is written!

nomorekids

https://forums.moneysavingexpert.com/discussion/comment/81944521#Comment_81944521

I have the same, hoping it will be ok later this evening or tomorrow, Nationwide wouldn't allow me to reopen a regular saver today but hoping for the same. Meanwhile having a mare of a time with Monmouthshire and fear it might be too late to renew issue8 now

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81944539#Comment_81944539

It's very simple to see that you'll pay £22 in tax for every £20 you would have paid a year earlier. Where are you going to find an account paying the 10% (net) p.a. required on that reinvested interest just for parity?

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81944589#Comment_81944589

Nationwide

From memory, there's always one day delay for being able to open a new one.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81944752#Comment_81944752

Why would I want to stick it in an account paying 4%, when I would be sticking it in accounts paying 5, 6 or 7%?

And if I stick it in those accounts paying 5, 6 or 7%, I would rather pay 20% tax on the proceeds rather than 22%.

clairec666

Monmouthshire…

Both regular savers (6% and 7%) are saying "Next interest due date: 31/3/2026". I recall someone saying previously that this is a mistake and interest is only paid on maturity - can anyone confirm this? Website says interest paid at the end of the term.

mhoc

My Santander Edge saver matured last Friday so I emptied it and rang them up to get it closed. It has a zero balance but is still showing on my list of accounts which is technically now day 3 (not including the weekend) I was hoping to have the new one up and running today before the start of April but it has occured to me that if I just have patience and wait a few days until the old Edge saver leaves my account list I can open the new Santander Edge regular saver via my Topcash account where it will earn £15.

In April I have at least 4 Principalities maturing with no suitable account to mature into. Also I am going to see if refreshing the Halifax and Lloyds regular savers will be possible. With the proceeds of these - Principalities, Halifax and LLoyds I will open an easy access ISA - I think I am borderline regarding owing anything to HMRC but if I am owing at least it will be the back end of 2026 before I need to pay anything.

But the obvious way around having to pay more tax on savings interest is really not to save as much, to use some of the savings pot to spend more - house or holidays etc