The Top Regular Savers Discussion Thread

Joseph1215

As I remember, you have to give your current a/c number early on in the RS application if you haven't had an RS before.

crumpet_man

https://forums.moneysavingexpert.com/discussion/comment/82068135#Comment_82068135

I don't think you can. I just tried using my Lloyds username/password and it didn't work.

I did have the BOS accounts way back when they were reward accounts but switched them all out years ago. However, I remember my login details for BOS and have just logged in and can see all my Lloyds and Halifax accounts and no BOS accounts (as I do not have any)

snookerloopy96

https://forums.moneysavingexpert.com/discussion/comment/82068163#Comment_82068163

Personally I would forget the switch bonus for now and open the current accounts, thats the choice I've made.

Date wise I'm going to be ineligible for any Lloyds Group switch bonuses for a good 12-18 months, I was going to hold out as long as was feasible.

This news has made me re-appraise that idea.

Edit : I'm not sure you can have a RS without a current account.

jifmoose

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

I can only suppose they're doing it for my special benefit, as my Club Lloyds RS matures … today :-D

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82068172#Comment_82068172

Lloyds etc. regular savers…

Remember the situation with Progressive, when they wouldn't allow existing accounts to be closed in order to open the newer, higher rate one? Similar situation here, we'll see how LBG react, they won't want affected customers (of which there will be many) kicking up too much of a fuss.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/82068163#Comment_82068163

I'm in the process getting switch bonus from BoS. I already had BoS current account, this didn't stop me opening another one and proceed with the switch. Opening LBG current accounts shouldn't affect you switching plans.

If I was in your position I would open current accounts with all three. Standard current accounts with BoS and Halifax and Club with Lloyds. This will qualify you to open three RSs £900 p/m @8%. Lloyds Club requires depositing £2k every month in order to avoid the fee, but this can be in and out. I deposit £2k to Lloyds on the 1st of the month, distribute money to all LBG RSs and send the surplus back to my EA account.

jifmoose

Switching bonuses are also effectively a "gift" and are tax-free. Compare that to (differential) interest on capital, on which you may have to pay tax, in the regular saver. I'd go for the switch bonus every time if the conditions aren't onerous. In fact I'm going to do the BoS one now.

…and then there's nothing to stop you feeding that bonus into a RS or any other interest-bearing account!

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82068219#Comment_82068219

And this LBG situation is worse given it is 5.5% vs 8% and not 5.5% vs (then) 7%. And this is fixed, not variable as Progressive was.

LBG have more potential complainers than Progressive would have done and have actually removed a facility in the Halifax case: you can't withdraw so have to renew and reopen (which was perfectly within the terms when the account was opened) but are now blocked from doing so. Progressive always allowed all but £1 to be withdrawn if customers were unhappy, and there would still be a Regular Saver there to be funded until the anniversary date if they needed the capacity later.

JamesRobinson48

https://forums.moneysavingexpert.com/discussion/comment/82068229#Comment_82068229

LBG:

You can open a Halifax RS without having any Halifax current account. I did so last week. Unlike Lloyds and Bank of Scotland.

brucefan_2

LBG 8% accounts

Given that Santander enabled an upgrade option to their RS, if there's no facility to upgrade accounts currently held, I suspect that LBG's CS Team(s) might be a touch busy for the remainder of the week (and probably beyond!)