The Top Regular Savers Discussion Thread

Catplan

Lloyds groups 8% savers.

I think I’m right in saying BOS don’t allow you to close and reopen with 12 months, frustrating as I only opened last week again.

Lloyds - it is now one or other 250 RS or 400 club, not both, but should be able to close both and open new Club RS.

Halifax - should be able to refresh into new 8%.

Hattie627

LBG

It would seem unfair to offer 8% to new RS savers while letting existing savers languish on the lower rate(s) until their anniversary date(s) [except Halifax]

Before rushing to renew a Club Lloyds MS and a Lloyds MS, remember that you can now only have open one of these at a time, not both.

I am going to wait to see the terms of the new accounts before rushing to do anything.

janusd

https://forums.moneysavingexpert.com/discussion/comment/82067780#Comment_82067780

you might be right about being able to renew Halifax - never had to do it, but that might be the only one I can refresh… but no point worrying about it until tomorrow, when the terms are posted and Brid can give his opinion on the options available to existing account holders.

PloughmansLunch

LBG

I have both existing Lloyds RSes, plus an RS for both Bank of Scotland and Halifax maturing at the end of March. I guess keeping these won't really make a great deal of difference over closing/renewing to three new savers with the additional +2% in savings interest tax due for the next financial year?

Joseph1215

I closed my renewed Halifax RS in June, thinking a could open a new one and make a June payment again. They wouldn't do it and said I'd have to wait 12 months before opening another.

So don't rush into closing any Lloyds RS's in case you have to wait for their maturity dates before opening the new ones.

jaypers

Halifax RS

Pretty sure that you can ‘upgrade’ a Halifax Reg Saver to one of their Easy Access accounts. This triggers an interest payment and immediate change to the account. Has to be in Online Banking and not the app. AFAIK there is then nothing to stop you opening another.

where_are_we

LBG 8% Rs`s - Good news is I have Lloyds MS @5.5% maturing in the next month. However I also have a Club Lloyds MS @6.25% maturing in October. Will I be able to open a new Lloyds MS @8% when old Lloyds MS matures whilst still running an old Club Lloyds MS @ 6.5% if T&C`s state only one Lloyds MS of any sort at one time?

It may be better, if only one is allowed, to wait until October and open the Club MS @8% because I can fund £400 in that one instead of £250 - of course providing the Club Lloyds MS @8% is still available

Joseph1215

This is exactly what I did in the above post, thinking I was then in the clear, but they said as I'd already renewed one, that counted as opening one in the last twelve months.

I assume you'd still be held to the maturity date of the now invisible upgraded account, if that makes sense!

kermchem

BoS, Lloyds, Halifax

My first thought was "April Fool".

Second thought is "Why?". A big banking group has some strategic reason for doing this. The recent (re-)offering from Beverley BS was probably designed by just one or two staff in an organisation with only 20 staff in total. The decision to stop offer high rates from Principality BS was reportedly due to a new marketing manager having different views. But Lloyds Banking Group is huge, and so this decision has been thought over by a big team. Is this a plan to appear at the top of best account tables - in which case are there other market-leading rates on their way? Is this a plan to get some good news out, before all the Halifax Lloyds duplicate branch closures are announced? This is not some small building society wanting an income stream, so why?

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/82067902#Comment_82067902

Competition - it's a wonderful thing. Santander are also offering 8%.

No doubt part of their commercial calculation is trying to lock customers in for a year as they restructure..