The Top Regular Savers Discussion Thread

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before the end of the tax year, as I needed the cash to fill up flexible ISAs before the end of the tax year that I'd withdrawn from.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

clairec666

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

For some people, it might be because they want to spread their maturity dates throughout the year.

That's kind of my reason for wanting to renew... I need funds for my other regular savers, so am considering emptying the Monmouthshire issue 8 to spread the money around elsewhere for higher rates. And I could just withdraw and leave it empty, but I might as well close and re-open so I can use it in future months.

jaypers

https://forums.moneysavingexpert.com/discussion/comment/82026207#Comment_82026207

Thanks. Do they just pay it out, or transfer it into an Easy Access, or similar?

friolento

https://forums.moneysavingexpert.com/discussion/comment/82025995#Comment_82025995

Yes, online. I haven't tried it in the app.

It also allows you to cancel a pending closure request.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82026222#Comment_82026222

Mine goes to my external current account which I had previously registered and verified. You could also transfer to another Mmth account if you prefer.

mhoc

Interesting discussion re Monmouthshire issue 8 - mine matures late July but now I am thinking early closure seems like a good option- and then opening a fresh account and keeping 7% for another 12 months

Also for the purposes of spreading maturity dates out more evenly- just had a Santander regular saver mature and I've opened a new one despite it only being 5% so that would be 2 with June 2027 maturity accounts.

In the meantime I also want to open a Nationwide 15 month bond (as part of the simplification programme while I am trying to lower the number of savers I have) but slightly worried about it being withdrawn before my previous Nationwide 18 month bond matures much later in the year . I've got a Skipton bonus saver which has just matured today so its a good time to tidy up and close other under 5% Skipton savers which would just leave me with just the Skipton regular saver. (The proceeds from the Skipton bonus and the Monmouth issue 8 would fill the nationwide bond)

Do Skipton ever offer loyalty savers??? - if so I would keep the oldest open with a small balance.