The Top Regular Savers Discussion Thread

Yorkshire_Pud · 14 July at 7:49PM

https://forums.moneysavingexpert.com/discussion/comment/82069495#Comment_82069495

Nope don’t do that! If you do you will have to wait until the 12 months is up that the closed account would have run to maturity. You must RENEW ACCOUNT option in menu of savings accounts. Then choose their easy access saver and all the balance and any interest so far earnt will be transferred into the new account which has exactly the same account number as the account you just renewed.

Then LOG OUT or it won’t refresh itself. Then Log In again and go to savings and in the list should now be the MONTHLY SAVER 8%. This wouldn’t be seen the first time because you already had one, now you don’t. Then open the new 8% Regular or Monthly saver depends Halifax or Lloyds name. Then log out again. Log in fund the account £250 from your ‘Renewed’ account lol and move the rest away unless you like a low interest rate.

Job done. I did all this in the app.

allegro120 · 14 July at 7:51PM

https://forums.moneysavingexpert.com/discussion/comment/82069445#Comment_82069445

I renewed my 5.5% Halifax this morning into EA and immediately opened 8% and funded. Done it online.

I'll have to stay with my current BoS and CL, judging by the posts on here the chance of the old loophole still working is very slim.

masonic · 14 July at 7:52PM

https://forums.moneysavingexpert.com/discussion/comment/82069530#Comment_82069530

You should be able to yes. If you can't, then you may be able to via online banking.

Middle_of_the_Road · 14 July at 7:57PM

https://forums.moneysavingexpert.com/discussion/comment/82069536#Comment_82069536

Not able to renew in the app for me on Android, had to do via website.

dcs34 · 14 July at 8:00PM

Halifax

Renewed my existing regular saver into an everyday saver and managed to open a new regular saver at 8%. Funded the first month from the matured proceeds. Bizarrely having closed the everyday saver it has now reappeared in online banking with the pre-closure balance (as an everyday saver, not a regular saver). I assume this is a quirk that will update itself overnight; otherwise thanks Halifax for the extra £1,750!

Lloyds

Renewed my existing pair of regular savers into everyday savers and managed to open a new club regular saver at 8% and funded the first month from the matured proceeds. Going from two accounts to one was probably not optimum for interest/tax purposes however I'd prefer to get the higher rate locked in now; especially if we are later told we can't have Halifax and Lloyds 8% regular savers concurrently.

Bank of Scotland

I have an existing regular saver that is six months old, however the 'renew' button lead to an error message and I haven't (yet) dared to risk closing the account on the basis this is unlikely to enable me to open the new 8% regular saver, based on past experience. But will try that if someone else discovers that closing and opening does work for BOS!

Still, 2 out of 3 isn't bad!

Section62 · 14 July at 8:04PM

https://forums.moneysavingexpert.com/discussion/comment/82069534#Comment_82069534

I renewed my 5.5% Halifax this morning into EA and immediately opened 8% and funded. Done it online.

Same here, didn't even need to log out and back in for the new 8% account to appear and be fundable.

Yorkshire_Pud · 14 July at 8:14PM

As a rule of thumb I personally treat every 1% increase in interest on a typical £250 a month 12month regular saver as worth £13 to me after tax. Minimum adult wage is £12.71 an hour so it’s not always worth the effort if it takes hours or reading the forum for ages. But for nearly 3% yes it’s worth the effort for Halifax but not to me for my Club Lloyds and Lloyds monthly savers as can only have one after ‘renewing’ and you have to put the capital somewhere at say 4% in the meantime. Just for perspective.