The Top Regular Savers Discussion Thread

Bridlington1

Just a reminder tomorrow is the final working day of the 2025-6 tax year.

For those wishing to refresh or close regular savers beware some do not process requests to close accounts received outside of their normal business hours until the following working day so ensure you get your requests to close regular savers in quickly if you haven't already done so, otherwise they may not be actioned until Tuesday 7th April.

nottsphil

https://forums.moneysavingexpert.com/discussion/comment/81945290#Comment_81945290

It's a worry to me that everybody seems to have gone along with your very first sentence.

The aim is to reduce the interest that becomes taxable in the 2027-28 tax year. You were informed of this in the post that came immediately before yours.

As for your last sentence, I am in the same boat as you but there is no pound of my income that will be taxed remotely near 40%.

clivep

https://forums.moneysavingexpert.com/discussion/comment/81946917#Comment_81946917

I think we are at cross purposes and have different aims…

My posts are not really relevant to the tax change in 2027-28 and are not about reducing interest in that year.

As I explained in my last post, income from pensions and interest this year comes to less than £18,570 and hence there is no tax is to pay on the interest. There is also some headroom for some more interest in this tax year without incurring a tax charge.

Next tax year, 2026-2027, total income will be over £18,570 so the interest over this figure will be taxed at 20%. By closing some regular savers early this has brought the interest into this tax year and used the headroom under £18,570 so no tax to be paid on this interest. This wll reduce the interest for next tax year and hence reduce the 20% tax that would have been due if the regular savers were left to maturity.

Note that I am not 'renewing' the regular savers in this tax year as that would defeat the object as all the interest on them would incur a tax charge next year.

I do plan to do some 'renewing' of some other higher interest regular savers after 6th April. This is to push interest into the 2027-28 tax year. I realise this is the opposite to what most of the posts have been about. In my case there will be far fewer regular savers maturing in 2027-28 so total income will be under £18,570. Consequently, there will be no tax to pay on the interest rather than any increase to 22% on some of it.

I agree that no pound of my income it taxed at 40%, however…

Pension income already being over £12,570 means next tax year every £1 extra pension income incurs 20p tax. It also reduces the 0% starting rate for interest by an extra £1 so an additional 20p of tax on interest will be due for this increased amount over the starting rate. So, in these circumstances, the total tax increase is 40p for £1 extra pension and is why I said it was an equivalent/effective rate of 40%.

Bridlington1

Scottish BS RS at 6% NLA

dcs34

Dudley Regular Saver

Just a little note on payment dates (and Dudley Online) which may be of interest to some.

I applied for this account by post late last week and noted it had appeared in my account in the evening of 31st March. Made a payment into it that day (which didn't match CoP). This appeared in the online account on the morning of 1st April dated 1st April.

I made a second payment on 1st April. This appeared in the online account on 2nd April dated 2nd April.

Therefore it appears Dudley will show (and record transactions) as happening the working day after they are sent; however for the purposes of monthly account payment limits the sending date is taken into account. Moreover they are smart enough to realise a 12-month, £250/month account can have a maximum of £3,250 deposited per the account T&Cs; plenty of larger banks and building societies with far bigger operations have failed to appreciate this nuance!

Also very nice people on the phone. All round, five gold stars from me to Dudley!

happybagger

Re. Dudley

Ok if it stays like that, as long as a payment doesn't get returned with them thinking two have been made in April. Be interesting to see what happens.

Agree they are great on the phone, and in the branches I have been to.

easysaver

Suffolk BS

I couldn't get a CoP match on any of the 1 Year Fixed Rate regular savers I have when using RBS. Is this a known issue with Suffolk? I guess it's not to do with RBS although I've not tried elsewhere.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/81948146#Comment_81948146

COP on a Suffolk account takes a day longer than on other accounts in my experience.

Hattie627

Dudley BS

Following recent posts, I wanted to add my appreciation of Dudley BS.

I recently closed a postal/passbook RS (think it was Issue 9). Posted the request letter, withdrawal/closure form and passbook (with second class stamp} from Scotland to Dudley on a Monday. Closure funds were in my nominated bank account by close of business on the Tuesday. Extraordinary service by Royal Mail and Dudley BS.

I also opened the new Dudley Regular Saver by second-class post (with cheque) a week or so ago. Account was opened 2 days after posting (I have other accounts and it was showing on my list of accounts 2 days after posting). I was able to set up standing order from 1st April using the account number shown online. Postal confirmation, with new passbook, arrived a couple of days after that.

Quick, hassle-free.

Dugal

https://forums.moneysavingexpert.com/discussion/comment/81948146#Comment_81948146

I opened a fixed rate RS with Suffolk early in Mach, funding by debit card. I went to fund it on 1st April by bank transfer and was not able to get COP. So sent a test £1 deposit which was credited that day.