The Top Regular Savers Discussion Thread

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.

CricketLady

https://forums.moneysavingexpert.com/discussion/comment/82068801#Comment_82068801

You don't mention in this list that you applied for the 8% account, are you saying that the new 8% account isn't showing? If you successfully opened the 8% account, you should receive an email which will give you the sort code and account number (alongside the other emails confirming your previous regular saver became an easy access account) and at least will verify that all is well (or not) - good luck xx

Edited to add - the renewal button simply renews the old account into an easy access, it doesn't automatically open another regular saver for you. To do this go to the "compare savings accounts" button on the left, find the 8% and apply for that in the usual way. xx

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82068814#Comment_82068814

Maybe even one of the largest IT infrastructures in Europe is having a bit of a creak with thousands of simultaneous "Renew" presses…..

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/82068817#Comment_82068817

Actually, I'm not sure it does skew it in favour of the new 8%. I'm just 3 months in, and I think I'm better off staying put. Here's a screenshot of my calcs using a really rough and ready monthly interest totting up. Small error means I forgot I should have an extra £150 in savings at the start of the 8% term, but that only bumps the total 8% interest up to £215.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82068801#Comment_82068801

I renewed, logged out of online banking and then opened the new RS in the app - don’t know if that makes a difference.

I haven’t closed either of the Everyday Savers yet.