The Top Regular Savers Discussion Thread

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82068623#Comment_82068623

So now there's no benefit to having Club Lloyds Monthly Saver over "ordinary" Lloyds - previously we were treated to a higher interest rate AND a much higher deposit. Can't see the point in them having two separate accounts which are (as far as I can see) identical.

EDIT:

Looking closely at the two account pages, you can't hold both the club / non club versions at the same time, you can't open a Club Lloyds Monthly Saver if you've opened a Club Lloyds Monthly Saver in the last 12 months, and you can't open a Monthly Saver if you've opened a Monthly Saver in the last 12 months.

Which could mean that, if like me you've only got the Club version, you can close that and still be eligible for the non-club one? Not sure if I want to risk it…

Stargunner

https://forums.moneysavingexpert.com/discussion/comment/82068634#Comment_82068634

Both are showing on their website and it says that the Club saver is only available if you have a club Lloyds current acc

flaneurs_lobster

Which could mean that, if like me you've only got the Club version, you can close that and still be eligible for the non-club one? Not sure if I want to risk it…

IF you could replace the existing (£400/mth, 6.25%) with new (£250/mth, 8%) would you be better off?

It's going to depend how far into the existing CL RS term you are, isn't it?

Fag packet acquired…

MaxBlax

https://forums.moneysavingexpert.com/discussion/comment/82068631#Comment_82068631

Club Lloyds 8% Regular Saver

Please can you confirm that this morning you renewed what was your existing Club Lloyds Regular Saver into an easy access saver and that you subsequently then successfully opened a Club Lloyds 8% Regular Saver?

The reason for asking is that the above would appear to be against the rules of the Club Lloyds 8% Regular Saver.

Many thanks in anticipation.

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/82068644#Comment_82068644

I only had only the CL RS, renewed to easy access, and was then able to open a new CL RS. Haven't been able to open both the CL and non-CL versions. Monthly deposit is reduced to £250 from £400 so overall interest is reduced (~£128 @ 8% vs ~£161 @ 6.25%) but YMMV depending on how far through your term you are and where you drip feed it from.

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/82068651#Comment_82068651

As above, yes. This is exactly what I did.

Hattie627

Club Lloyds RS

£400 saved a month at 6.25% gives £161 interest after 12 months

£250 saved a month at 8% gives £128 interest after 12 months.

Not worth downgrading an existing CL RS to open the new version (even assuming that you can). And figures don't take into account what you have already saved in your RS

flaneurs_lobster

Lloyds RS

Going forward with the new CL earns 8% on £250/mth, ~ £120 interest in a year

Going forward with the old CL earns 6.25% on £400/mth, ~ £150 interest in a year

but, of course, unless you opened that old CL account yesterday you don't have a year to run.

AND the £150 that isn't in the new RS will be earning 5-8% elsewhere.

AND the balance from the old RS will only be earning ~4.5% if in an EA.

Are those sums right?

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/82068664#Comment_82068664

You would have to close/downgrade your existing 5.25% "normal" Lloyds MS before you can open a "new" CL MS, so another factor in the equation.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82068671#Comment_82068671

Indeed.

There's a cut-off point in the year life cycle of a fully-funded old CL RS where it becomes advantageous not to renew it, I haven't worked out what that point is but I bet it's around 6-7 months in.