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The Top Regular Savers Discussion Thread
Comments
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I am thinking of closing my Skipton members regular saver a couple of months early as need the money for next batch of regular saver payments. I also have a standard regular saver albeit with only £1 in. Am I right I won't be able to open a new member one unless I close the standard one?
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Skipton
You are correct. Only one or other now allowed for new applications.
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I'm not sure I understand, probably missing something as I'm melting in the sunshine. In terms of tax and optimising our average savings rate, I'm simply comparing whether RS interest minus any tax beats my cash ISA. If not, I can't see the point of using RS beyond £500/interest a year?
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You're right, I think friolento didn't realise you had the option of putting more into your ISA. If you can, great - compare the RS interest after tax which what you'd get in the ISA, and pick the best option. Otherwise what friolento says makes sense - it's better to get 6% interest and pay tax on it than get 0% interest.
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I agree - after that £500 of interest you are effectively reducing the rate so that 6% becomes just 3.6%. So would be better (simpler) to out into an ISA assuming it pays more than 3.6% for this example.
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Absolutely, thanks to both of you!
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Possibly because a) there haven't been many glitches with opening it (other than a handful of slow closures of existing accounts), b) it's not a small building society so less likely to be withdrawn quickly, and c) no loopholes or tricks required, so no need for green shirts. I think everyone's just opened it quietly and there's not been any need to say much about it. This thread gets much busier if there's problems or delays opening an account, or maturity issues.
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Must be the weather, although I was debating whether to grab this one.
I have their 5% regular saver, so would have to request closure to open this 8% version.
Sure it's a good rate, but as the rate in year 2 drops to 3% it will mean having to close the account at that point.
It would have been simpler if the bonus had been 3% and reverted to 5% after a year. That way I would probably continue funding rather than closing.
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It's a variable rate so no gurantee that it stays at 8%. A year is also a long time and a lot can happen so took it happily and feed from Cahoot.
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Can't see rates falling over the next year, are you saying it could possibly increase from 8% ?
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