The Top Regular Savers Discussion Thread

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82068826#Comment_82068826

I think there's a discrepancy because in your "stick" table you've got a total of £4800 in savings at any one time, whereas in the "twist" table there's only £3450.

MaxBlax

Bank of Scotland (BoS) Monthly Saver (MS)

Due to the minimum version of Android the BoS app now needs having recently changed I can no longer use the app and instead I can only use the BoS website.

Either way, this morning when selecting the Renew Account option for the BoS MS on their website, I received message It looks like something's gone wrong. Unfortunately there's a problem with our system. We're sorry for any inconvenience. Please try again later.

A BoS member of staff (MoS) subsequently told me by telephone that it is not possible to renew a BoS MS and instead I must close the account.

When attempting to close the BoS MS via the website I received a message that the balance of the account must be £5 or lower.

The BoS MoS closed the account for me without needing to reduce the balance and the full balance plus accrued interest was transferred into my BoS easy access account.

However, whilst the BoS MoS 'closed' the account, after logging out and back in, the account still appeared and the BoS MoS told me the account would disappear sometime tomorrow.

I subsequently tried to close the account via the BoS website but received message We can't complete your request right now. To close your account, please visit your nearest branch or contact us.

So it looks like I am going to have to wait until tomorrow to try to see if I can open the new BoS 8% MS.

janusd

https://forums.moneysavingexpert.com/discussion/comment/82068842#Comment_82068842

possibly caused by the existing CL being £400pm, the new 8% being £250pm ?

that said, there is an error in the "stick" table too, where the EA account balance starts at £4800 next tax year, I think it should really be £3,000 or £3,250 because you won't be paying £400pm in next tax year.

plus if applicable to you, you may have to factor tax changes into next year's interest.

gwapenut

https://forums.moneysavingexpert.com/discussion/comment/82068842#Comment_82068842

Thanks, you're right. Intuitively the 3 month clear winner didn't make sense to me!

For me there's £9 in it (assuming they still have an 8% rate next April) so I may just leave it alone rather than have the admin hassle.

gwapenut

Strangely, for someone 6 months in, it seems to be much the same result to stick. Probably because you get a load of moeny dumped into low paying instant access for longer. Seems intuitively wrong though??

For some people you also need to factor in an extra 2% in tax if your existing account matures after April, which these new 8% RS will. Doesn't sound a lot but it's just enough to skew mine to virtually break even.

For a higher rate taxpayer with capital gains, it will also cost an extra 6% best case (24%-18%) in either tax year and this extra may become far worse if the FUD of equalising CGT with income tax is true, which is possibly ever so slightly more likely next tax year than this if it does happen. But that's a different discussion entirely, there are too many variables, whether political or whether that 4.30% savings rate goes up or down over the year. This is just a rought stab at it.

EDITED to fix more errors!

infoadict

CL MONTHLY SAVER

I prefer to fund all my monthly savers on 1st of each month, where possible

My CL Monthly Saver was opened 1st Aug 25. Therefore I expect it to end 1st Aug 26, however this is a weekend.

Does anyone know if this closure will take place on this date and I will then be able to open the new shiny 8% CL Monthly Saver. Or will I have to wait until the 3rd Aug?

ccluedo

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

BOS

Unfortunately the above didn't work for me either.

After emptying, had to go via Help to get the account closed. Interest landed in my c/a but account hasn't disappeared and no options to open or apply for new MS.

Back to help who said "although closed, it will sometimes not let you open another until original maturity date"

I'll try again once the closed account drops off my profile.

Not too upset as I was planning to close it early anyway to free up some funds as it was lowest rate one I had.

where_are_we

Halifax RS renewal - online and quick to everyday saver with same account number- remember to log off and back in - empty everyday saver - open new 8% RS - fund it with £250 - set up 12 standing orders starting 1/8/26 (couldn`t see a £3000 maximum).

Remember to cancel standing order to old RS.

greypays

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

Problem solved - user error I'm afraid (misread the option that would have taken me to the new RS as being just for a 1yr fixed term not a RS)

Pickledonionlover

https://forums.moneysavingexpert.com/discussion/comment/82068841#Comment_82068841

Not sure how you'd put another £250 in this month?