The Top Regular Savers Discussion Thread

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/82025623#Comment_82025623

Close and re-open, yes. There isn't a renewal option.

Slinky

https://forums.moneysavingexpert.com/discussion/comment/82025742#Comment_82025742

Is this done manually or can it be done without human intervention? I don't want to draw attention to the fact the system glitched and allowed me to open 2 of the Exclusive regular saver issue 1s at 7%

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/82025751#Comment_82025751

Closure via online secure message - manually. I was in the same position with 2 issue 8's and was concerned because I decided to close both. There was no issue. I also hold both of the 7% exclusives. I reapplied for an Issue 8 @6% and the application got stuck in the App, so I tried again and both applications went through with 2 new accounts on the same day. At no point have I not been able to fund both either previously or once reopened and my 7%'s haven't been affected.

s71hj

https://forums.moneysavingexpert.com/discussion/comment/82025751#Comment_82025751

Same here!

friolento

https://forums.moneysavingexpert.com/discussion/comment/82025751#Comment_82025751

I requested closure yesterday for my two. You select the account, and you then see “Account closure” on the left side panel. From there, you can enter a closure date, and where you want the balance to be paid to. You need a linked account already registered if you want the money into an external account.

I selected closure tomorrow. Whether they process the closure manually or whether it’s happening by the system, I don’t know. I am not worried about having two of the same - they have let me open them, and fund both for the last 11 months so are not likely to pull me up on it.

bioboybill

https://forums.moneysavingexpert.com/discussion/comment/82025987#Comment_82025987

I can't see a left panel in the app. Is this on the website?

jaypers

Can I ask why people are closing their Mon RS Issue 8s and reopening please. Mine is due to mature on 13/9. Am I missing a trick?

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82026113#Comment_82026113

I suspect people are thinking that it might go NLA before maturity so by refreshing now they can guarantee they'll have the account for another 12 months rather than just to September in a similar way to people refreshing the LBG RSs.

Both are a gamble in my view, if the account's still around in September it'd work out better to just keep hold of your account till maturity to benefit from the higher balance in the RS now, there's also nothing to stop MBS cutting the rate at a later date.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82026119#Comment_82026119

The big difference is that the Lloyds RS products are fixed for 12 months - you renew to fix in the rate for another year. The MonBS products are variable.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/82026113#Comment_82026113

I did mine before the end of the tax year, as I needed the cash to fill up flexible ISAs before the end of the tax year that I'd withdrawn from.

It also had the added benefit of restarting the account to only pay tax at 20% instead of 22% on the interest had I waited until the natural maturity date to open a new one