The Top Regular Savers Discussion Thread

badger09

https://forums.moneysavingexpert.com/discussion/comment/81943301#Comment_81943301

Your post almost induced a panic attack. Yesterday I attended the funeral of a friend who died suddenly 1st March.

I’ve played the very lucrative Regular Saver and Current Account switching game for many years but now in my mid/late 70s, have decided to simplify my financial affairs for my Executors, one of whom is also the major beneficiary. So I will only use accounts with institutions with which I already have a relationship, and I no longer chase the best interest rates.
I’m fairly sure 🤞🏻they will appreciate the simplification, & not miss the extra few ££

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81945196#Comment_81945196

No, the thinking is conversion of the account into an instant access, then opening a new regular saver. The only advantage in opening this month was the extra month's funding opportunity for the new account. The goal of any new account is maturity before Tuesday 6 April 2027. I do hope the 5th isn't another Easter bank holiday...

clivep

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

It is indeed to reduce the tax on interest in the 2026-27 tax year.

£18,570 total income is the figure above which interest starts getting taxed (£12,570 personal allowance + £5,000 starting rate of tax at 0% + £1,000 PSA). Taxable earnings/pension above £12,570 reduces the band for starting rate tax £ for £.

Pension income + interest this tax year is less than £18,570 so no tax to pay on the interest, only on the pension above £12,570. Hence there is some headroom for more interest with no tax to pay on it.

For 2026-2027 tax year with the frozen personal allowance and increase in pension income, total income with interest will be over the £18,570 so cause some tax on savings.

By closing some regular savers in this tax year it saves some tax that would otherwise be due for 2026-2027.

In our position, the freezing of the personal allowance makes a magnified tax rate. An extra £500 state pension not only generates an extra £100 tax directly, but also reduces the starting rate band by £500 causing an extra £500 of interest to be taxable leading to another £100 of tax. This is the equivalent of the £500 being taxed at 40%.

For the following tax year this effective tax rate will be 42%! This for someone with total income of less than 20K.

s71hj

https://forums.moneysavingexpert.com/discussion/comment/81945277#Comment_81945277

I see. And I guess locking in for another 12 months before rates are inevitably cut... mind you that part of the equation may have changed I imagine, although some cuts seem to be proceeding

Kim_13

Darlington withdrawal failed to a NatWest account, which I thought was on the OK list

Secure message sent, apparently they can take up to 5 days to respond.

roked

https://forums.moneysavingexpert.com/discussion/comment/81943856#Comment_81943856

@Jazzking Check your account today, my co-op regular saver has dissapeared, just submitted an application for a new one, hopefully will get processed before end of day tomorrow.

Jazzking

https://forums.moneysavingexpert.com/discussion/comment/81945552#Comment_81945552

Thank you! Mine too.

I tried to login last night and it said there was an error…

Sorted now for an application for a new account, shame it wasn't at the end of March for a cheeky double payment but at least it should be ready this tax year.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81944243#Comment_81944243

Try removing the Monbs App and downloading it afresh. It worked for me 🤗

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81945750#Comment_81945750

Or downloading it onto a different device...

clivep

Bank of Scotland regular saver…

Renewal or closure still not possible today. Error message on closure screen said to contact them.

Contacted them on chat and the bot gave the same instructions that had been tried unsuccessfully. On answering 'no' to the 'did it work' question, I was told I would be transferred to an agent but this could take up to 30 minutes. Over an hour later an agent finally turned up and the account was closed.