The Top Regular Savers Discussion Thread

Descrabled

BoS

Just tried to close/renew online and the computer said no. Suggested "go to branch" instead.

Stargunner

You can do it via online chat

s71hj

I'm in a quandary about RBS and Natwest RS. My balance has worked it's way up to 4500 on each. I now have other accounts that pay more albeit in the short term and not on the lump sum and additionally I'd probably be slightly better off paying the amount off my mortgage which is 4.25 % (although there is arguably a case for retaining it as accessible funds rather than reduced debt). Any thoughts from anybody, anyone in the same dilemma?

KneadtheDough

https://forums.moneysavingexpert.com/discussion/comment/81988873#Comment_81988873

I've just started to take funds from my NatWest RS for exactly that reason: to fund another RS with a higher interest rate.

I've also decided that — despite being on a tracker mortgage that will likely go up some time over the next few months, at least — I will still receive more in interest than I would in paying off my mortgage. I found this calculator, which helped me: https://www.ent.com/education-center/financial-calculators/invest-payoff-debt/

For me, it seems logical to continue paying my mortgage and saving where I can (above 5%) for now.

FWIW, I currently don't pay tax on interest from savings. That might change, of course.

kaMelo

https://forums.moneysavingexpert.com/discussion/comment/81988905#Comment_81988905

Likewise, money goes to whatever account offers the higher rate. If I run out of money then I take from the lower paying accounts to fund the higher paying ones. The regular savers that operate almost like easy access savers, such as RBS/NatWest DRS and Lloyds monthly saver, are great in this regard.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81988811#Comment_81988811

I think it varies. I've recently done some in the app, but had to fall back to online in one case, and failed miserably with BoS.

s71hj

https://forums.moneysavingexpert.com/discussion/comment/81989146#Comment_81989146

The only trouble is that unlike normal easy access accounts, if you withdraw a largish amount it takes time to top it back up

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/81989331#Comment_81989331

My lips are sealed.

s71hj

https://forums.moneysavingexpert.com/discussion/comment/81989332#Comment_81989332

I mean there Is a thing which some people have alluded to on here that isn't mentioned as being allowed in the t and c's of the account but has been known to work but I wouldn't probably run the risk at the moment , although I got away with it once. Sorry, I've mentioned the Scottish play.....

saverkev

https://forums.moneysavingexpert.com/discussion/comment/81988873#Comment_81988873

RBS/NatWest RS's

I've reduced both mine to £10 each to keep them open as have decided may as well keep the money in my Plum Flexible ISA paying 4.6% which by my reckoning equates to more the interest rate, minus tax, in both RS's (I have been over the £1000 threshold the last couple years)

As to withdrawing and replacing same month it worked for me a number of times but also failed a couple. Perhaps needed the green shirt I used to wear when renewing certain 6 monthly RS's