The Top Regular Savers Discussion Thread

figgyc

Bank of Scotland Monthly Saver

Data point for you all: I don't have a BoS current account, was able to open the RS anyway by registering for online banking with my Halifax current account number (I also have Lloyds). And managed to open a Halifax RS and renew my Club Lloyds RS into the new one.

I suppose it is possible it could get retroactively closed? If anyone has tried this with previous iterations of the RS then that would be helpful to know. I just didn't want the extra hard search on my file at the moment since I'm getting a mortgage soon. (and technically the T&Cs just say "a Bank of Scotland personal bank account" and one could argue that Halifax is part of Bank of Scotland plc!)

10_66

https://forums.moneysavingexpert.com/discussion/comment/82068682#Comment_82068682

Can I ask, please, what about if the Club Lloyds is due to mature in 45 days' time (as is the case with OH's), so not too much time to lose on the old one if renewed now? Mine isn't due to mature until Feb though.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82068754#Comment_82068754

I've had 3 or 4 iterations of the BoS RS and never had a current account with them, do have Lloyds/Halifax current accounts and a BoS login profile.

MaxBlax

https://forums.moneysavingexpert.com/discussion/comment/82068748#Comment_82068748

I have tried several times this morning to renew my Bank of Scotland Monthly Saver and the following is the response I received each time

adw1977

Lloyds Regular Saver

I can't find anything in the T&Cs to say what happens if you close the required current account during the term of the regular saver.

Has anyone more observant than me spotted anything?

I've just initiated a switch of my Lloyds current account to Co-op (for a £300 incentive) but have taken advantage of the window of opportunity before the switch happens to open the Regular Saver.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82068765#Comment_82068765

You'd be losing a bit less than £20 in interest if you were to end the 'old' CL 6 weeks early, but obviously the idea is to open a new 8% RS which will be earning considerably less for the same period but extends for another 12 months.

That would be offset by whatever you'd earn by putting the matured funds elsewhere (if you do).

Only risk in leaving it alone until term is that Lloyds withdraw/downgrade the new RS in the next 6 weeks.

greypays

Halifax Renewal

Attempted to renew Halifax to the new RS, moved funds out of the everyday saver after renewal, closed the everyday saver (but still shows in my list of accounts), logged out and back in multiple times but the new RS is not showing as an option - am I doing something wrong?

Thanks in advance

Pickledonionlover

https://forums.moneysavingexpert.com/discussion/comment/82068748#Comment_82068748

Re BOS

I emptied my existing RS (via app) and then tried to close it (again via app) and get the message below.

Same message when I attempt to do this online. I've also logged out and in.

This means it's the worst of all worlds - i.e. no interest paid on old account (yet), emptied and no new one 😂

We can't complete your request right now.

To close your account, please visit your nearest branch or contact us.

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/82068663#Comment_82068663

When calculating the interest earned on LBG regular savers though, you need to take into account how much interest your money earns elsewhere. Normally this is the same whichever RS you choose, however on this occasion you have a pot of 12x£150 pcm(the difference between the two funding rates, £400-£250) earning interest at, say, an average of 4.30%. This skews the calculation into the favour of the new £250pcm at 8%, depending on where you are in your existing RS lifecycle.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82068813#Comment_82068813

Have you worked out where that switch point is in the RS lifecycle? Mine's sitting at 6mths in, haven't done the spreadsheet wrangling yet.