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The Top Regular Savers Discussion Thread
Comments
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Savings account applications don't normally seek reports from credit reference agencies as you are not applying for any form of credit.
Sometimes they may make a soft search to confirm an applicant's identity. But that shouldn't be necessary for a BoS RS application, as BoS should already know you because you should already hold a BoS current account with them.
The issue here may be related to, at least in part, that the poster did not hold a BoS current account yet found a way through this site/thread to open a BoS RS anyway.
The poster is not the first here to have been sanctioned by LBG for attempting to game their business, and I'm sure they won't be the last.
It's not clear why the poster went to all the effort of applying in the first instance if they are leaving the country within the next 6 months. BoS general conditions state they may not have kept the account open anyway if the customer moves abroad out of the UK.
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If I downgrade my existing Halfax RS to an EA savings account, how soon will the interest from the RS be paid?
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I was able to open and fund the regular savers with both Lloyds and Halifax despite not having a current account with either. I have had a current account for both in the last year or so but had closed them both, and I do have credit cards for both so I am an existing customer.
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from my experience yesterday, it was immediately.
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If you renew your RS to EA you will receive the accrued interest immediately.
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This was done to me with Halifax in 2022, denied a current account ( no switch cash) but allowed me to keep an Easy Saver. A year later they allowed me a current account but in 2023 they didn't want me to hold a regular saver but gave me in the end 3 current accounts (applied within a space of a month between them) so got the monthly 5er. In 2024 they allowed me a regular saver (never funded it as rates kept going up so they remained below threshold), that reg saver renewed itself in 2025. They also gave me on 2 current accounts a 100 quid interest free overdraft. Yesterday I finaly managed to renew the reg saver and to open the new one with the result of this morning with the text.
Lloyds, I used them for a few account switches in 2022 but nothing since and followed the terms to the letter. They gave me Club Lloyds and standard reg saver, they were funded, primarily the Club Lloyds due to higher rate. This was no issue and could reopen the day after maturity a new one. This worked until maturity on 7th April 2025. Opened a new set on the 8th, funded both fully and the next day I received a text (same as I posted before) and they closed my Club Lloyds reg saver, they let me keep the normal one which I didn't bother funding as below rate threshold. The 400 in the CL RS remainded there until October when it took me almost 2 hours in branch, various phone calls, etc. to release the 400 plus interest. Branch stuff seemingly got upset with their own back office, were super friendly and apologised for the experience.
Didn't bother since to open any new product with them.
Maybe it was the switches in the past, maybe it was my MBNA CC that I used as a mule card once, don't know, don't care. My 8k MBNA card I closed now this morning, would need to go at some point anyway but they have been sending me for the last months regular emails praising their money and balance transfer offers to me with either zero fee or zero interest.
OH had similar experience with reg savers but never used accounts for switching, well ony once when joining LBG and got Lloyds and Halifax switch cash back in 2023. A complaint in the end overturned the text messages, a large sum of compensation was paid and they reinstated everything.
HSBC, First Direct, Natwest, RBS, Chase, Santander, Coop, Virgin Money, Barclays, they all never bothered to give me cedit cards, current accounts, saving accounts or anything and with two of them I hold Premier accounts.
If my creit file would be a problem or anything else I woudl think they would make some trouble, but they don't.
Right, back to topic for those lucky enough to ride the 8% wave.
And yes, 6 months with 8% accounts and closure would still been lovely, even 3 months.
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After another MSEer said in another thread that they'd successfully applied with Lloyds with no existing account or credit card, I've tried it too. It all went smoothly, they gave me the account number and sort code for the monthly saver (and there's been nothing saying they've set up a parallel current account), so I've leapt in with both feet and transferred £250 to it.
Given pecunianonolet's rejection letters above, I won't try to open another monthly saver with either of Bos or Halifax for the moment, since it seems possible it's the "open three of them" that has been their problem there. It'll be interesting to see if others are allowed to have 3, though.
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I have successfully downgraded my Halifa RS, closed the EA and opened the new RS @8%, thanks to info and help on ths thread.
I have decided to leave my others ( Club Lloyds RS, Lloyds MS and BoS RS ) well alone. I don't think having one Lloyds RS @8% is going to be preferable to the two I have, especially as they will mature in March and go into my next year's ISA. The interest will be taxed at 20% rather than 22%.
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Did you register for online banking as part of the registration?
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It all seemed part of the process - I gave them a new UserID name and password, and they've sent email saying I'll get an activation code in the post. I'd want to use online banking for it anyway, to arrange what happens to funds after 12 months.
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