The Top Regular Savers Discussion Thread

avocado1988

Lloyd’s/Halifax/BoS RS

Hi - I currently do not have any of these regular savers because I keep waiting to do bank switches with them to get their bank switch bonus in the first place (I’ve never banked with any of them). Would I be able to get bank switch bonuses from them afterwards if I try and open their regular savers without getting a current account with them?

where_are_we

LBG 8% Rs`s - Santander did the decent thing and allowed old Santander RS`s to be upgraded to 8%. I think LBG will come in for criticism for not allowing loyal RS`s to upgrade to the new RS`s @8%.

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.

gpman

https://forums.moneysavingexpert.com/discussion/comment/82068208#Comment_82068208

I wouldn't have been so quick to dismiss the idea of current account switching if it can work for you

Lets say you could deposit £400 into a new RS @ 8 % (you'll be lucky, £250pm will probably be the norm), that's £4800 over 12 months.
Extra interest earned when fed from a lowly 4% feeder account would be less than £100pa.

I'd expect more than that from a switching offer.

Halifax - I doubt you'll see any future switching offers to Halifax. Mind you, I never thought Halifax would offer a high paying RS account either, so what do I know?

Lloyds - who knows what the future may bring in regards a switching offer.

BoS - £175 switching offer on now.

I think the basic notion is that you need to have the respective brand's current account to have their RS, but some people may find a loophole to get the RS of one brand using the current account of another, as mentioned from the outset of the discussion today.

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!