The Top Regular Savers Discussion Thread

s71hj · 31 March at 10:18PM

https://forums.moneysavingexpert.com/discussion/comment/81945033#Comment_81945033

Brilliant, thanks. So i assume the thinking is close today start new one tomorrow which matures in the next tax year?

allegro120 · 31 March at 11:20PM

https://forums.moneysavingexpert.com/discussion/comment/81945017#Comment_81945017

According to t&c all three accounts I have with Loughborough have limits. For Holiday - maximum savings over a 12 month period is £3,000 and maximum account balance £4,000 (plus interest). My Super Saver has reached its maximum (£24k) this month, it crossed my mind to sneak an extra £2k in for the remaining 22 days of the term but decided against it.

badger09 · 31 March at 11:29PM

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 · 31 March at 11:30PM

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 · 31 March at 11:54PM

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 · 1 April at 12:42AM

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 · 1 April at 6:08AM

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 · 1 April at 9:22AM

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 · 1 April at 10:29AM

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.