The Top Regular Savers Discussion Thread

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82069800#Comment_82069800

Depends what capacity you have in other high-interest accounts. You'll only be able to put in £250 into the new RS straight away and will have to find a home for the other £5.6k, paying as high interest as possible.

Haven't crunched the numbers as no two people's circumstances will be the same, but I would hazard a guess in your case that keeping the two accounts until maturity would be your best option. And keep your fingers crossed that the 8% account is still available in October.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82069707#Comment_82069707

BOS

They do mention in the T&C "You’ll need a Bank of Scotland personal bank account", which comes across as more of a suggestion. That seems to be all they say. No information about which specific account types would make one eligible, when you need to have this account by, what would happen if you don't hold (or don't continue to hold) the eligibility product. This would leave them on fairly thin ice if they started taking punitive action after offering the product to customers they consider ineligible and letting them fund it.

If concerned, opening a current account now would remove the risk. It took me under 5 minutes to do this.

Hattie627

https://forums.moneysavingexpert.com/discussion/comment/82069800#Comment_82069800

I'm in a similar situation.

I have downgraded (Halifax) and closed (BoSc) existing RS's and re-opened new ones to replace, both at 8%.

I have existing Club Lloyds MS (£1600 in it, 6.25%) and Lloyds MS (£750 in it, 5.25%), so both fairly new (maturity April 2027 for both). I am going to leave them open and continue to fund until maturity, rather than close both and open just one replacement at 8%. I can save £650 per month by leaving be (£400 plus £250), whereas closing and replacing with one account would just be £250 per month, albeit at 8%.

The maths is too complicated but I don't think there is much to be gained (and possibly a loss) by changing.

Digital_Payback

https://forums.moneysavingexpert.com/discussion/comment/82069804#Comment_82069804

Friolento, just closed my BOS Monthly Saver this morning via, chat as you did. I hope to see the 8% version available tomorrow. Fingers crossed.
Thanks for the info.

Rob_Wills

https://forums.moneysavingexpert.com/discussion/comment/82069239#Comment_82069239

I have done this with many Regular Saver accounts with many different financial businesses; thus increasing the balance "early". Open the accounts on the 31st of month 1 and double the deposit on the 1st of month 2. 😃

easyasonetwothree

Lloyds club monthly saver

Happy to confirm that I closed my 6.25% club saver yesterday and the option to open the new 8% one was available today. Opened in 10 seconds. All expected interest from the old account was credited immediately upon closure yesterday.

brucefan_2

https://forums.moneysavingexpert.com/discussion/comment/82069674#Comment_82069674

Potential new announcements in the wake of Santander/LBG

Nice as it would be in one sense, I could really do with them waiting until at least August 1st. The last few days have played havoc with my cashflow!

😂

Rob_Wills

https://forums.moneysavingexpert.com/discussion/comment/82069649#Comment_82069649

Same with me.
Llyods banking group have made a "dogs breakfast" of this BUT they have achieved the main aim of getting to the top of the comparison tables.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82069777#Comment_82069777

The Halifax website clearly states that they are not accepting applications from new customers. I think I'll listen to what the bank themselves say above what you randomly "reckon" might be true!

Yes, it would be more accurate if they updated every single set of T&C's on their website, but it's quite obvious why they didn't…

It seems you've misunderstood. You claimed "The terms and conditions are irrelevant." However T&C's for financial products are never "irrelevant".

The T&C's, Summary Box, and associated documents are the basis of the offer by the financial institution to the prospective customer, and if accepted by both parties would form the basis of the contract between them.

I didn't "reckon" anything, and I'm not sure why you put that in quotes as it wasn't a word I used.

The words I did post are from an FCA rule (PRIN 2.1.1). Banks regulated by the FCA have to follow these rules, it isn't optional.

I don't know what reason you mean by "quite obvious", but whatever it is that is wrong. E.g. Halifax cannot say "We're in the middle of rebranding so we don't want to comply with the Rules".

They are offering a product and within the Summary Box clearly stating "You can open and manage your account:... New customers open online only" so if they have some other policy that no new customer applications will be accepted then either that policy needs to be changed, or the product information needs to be updated so it is no longer unclear/unfair/misleading.

…and good luck if you think anyone will remotely care about your complaint...

Thanks for the good luck wishes, but again you seem to misunderstand. I didn't say anything about making a complaint - why would I? As an existing customer I had no problem opening the new account.

What I did say is "some patience until Halifax sort out their problem would be a good way to go". If, after people have been patient, it is confirmed that Halifax won't allow new customers to apply then those who may have been misled by the Halifax Summary Box might want to consider making a complaint, but in my view that is something probably best left for a while until things are clearer.

x44

…and here is a new one (if not already discussed in the past XXX pages)

If have a standard LLoyds Classic account, but I am only given the option to open a CLUB lloyds regular saver account and not the standard regular saver account. Of course I'm not eligible to open the club Lloyds regular account…