The Top Regular Savers Discussion Thread

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.

MaxBlax

Lloyds Banking Group Regular Savers

Yesterday I had the following Lloyds Banking Group Regular Savers:

Club Lloyds 6.25%
Lloyds 5.25
Bank of Scotland 5.5%
Halifax 5.5%

This morning I did the following:

1. Renewed the Halifax 5.5% to easy saver and successfully opened a new 8% Halifax RS
2. Based upon PRAISETHESUN's experience, renewed my Lloyds 5.25% to easy saver and tried to open a new Lloyds RS but none were available for me to open

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/82068692#Comment_82068692

That will be because you still hold the CL RS. You can no longer hold/open both the CL RS and non-CL RS, and the system seems good at enforcing this when trying to open new accounts.

clairec666

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

My very quick spreadsheet calculation comes out at £162.50 interest in the "old" club Lloyds account, whereas £250 in the "new" Club Lloyds with £150 in another easy access account at 5% gives you £178.75.

This of course doesn't take into account how long your existing account has been open for.

A lot depends on individual circumstances, and how much capacity you have in other regular savers. For me, I'm struggling to fund anything under 6.5% so closing my 5-month-old Club Lloyds could be beneficial. If you've got a higher balance and nowhere else to put it then it you might be better off keeping it open and hoping the 8% account is still around when it matures.

mhoc

Halifax

Can confirm that Halifax renewal is working this morning. My Halifax was not due to mature until April 2027 so it only had a £1000 balance if the experiment didnt work it was no great loss. But it all went like clockwork - renewed to an everyday saver, emptied the funds into the current account.

Then I logged out and back in again, opened the new 8% regular saver, funded, cancelled the old SO and started a new SO, closed the unneeded everyday saver, updated calendar, google savings chart and maturity chart, all done.

Then repeated for OHs Halifax regular saver.

Added bonus is that I now have a regular saver maturing July 2027 which did not have any. Plus a top up for the general savings pot to feed the August 2026 regular savers SOs which was looking a bit lacking.

LLoyds

Both of my Lloyds regular savers don't mature until May 2027 and I've resigned myself to now only having one instead of 2. But it looks like I am now in a better position at least until May 2027. - I still have 10 months with £400 a month at 6.25% and 10 months of £250 at 5.25% which together should produce more interest than the new offering of £250 at 8% …

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82068692#Comment_82068692

You're hitting the "can't have more than 1 RS at Lloyds" rule. True test would be to renew the Club RS too and try again - but like me you're waiting for someone else to confirm it's doable (or not).

hgt

LBG Regular Savers

The Moneyfacts site seems to suggest that all these accounts are available as Joint accounts. I think this is incorrect as the Lloyds / Halifax / BoS websites seem to suggest the account is available in your sole name only.

I know they used to allow Joint RS accounts as I have an existing Club Lloyds Monthly Saver which is joint, I think this is another feature which has quietly been dropped.