The Top Regular Savers Discussion Thread

janusd

https://forums.moneysavingexpert.com/discussion/comment/82070401#Comment_82070401

you can only hold one RS with Lloyds now, so that's probably the reason why you can't open the 8% RS.

wrt to Halifax, if you have an existing Halifax login, you should be able to open the RS immediately without issue.

jaypers

https://forums.moneysavingexpert.com/discussion/comment/82070404#Comment_82070404

https://forums.moneysavingexpert.com/discussion/comment/82070405#Comment_82070405

Interesting as it doesn’t say that in the email I’ve received from Halifax.

Wonder if it will be possible to open the Lloyds RS once migrated, seeing as I have a Halifax one haha.

Was your access immediate or did you need to wait for a code?

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/82070409#Comment_82070409

Tried logging in via my Halifax login but it still didn't give me the option to open the monthly saver.

So it might work for some but not me!

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82070344#Comment_82070344

Re whether to close an existing account in order to open the new 8% one…

Yes, a lot depends on what capacity you have elsewhere.

The ideal regular saver strategy is to have the minimum amount in other easy access savers at any one time, and to maximise the amount that's in higher paying accounts. An ideal scenario would be to have regular savers maturing at regular intervals throughout the year, so that when each one matures it can be used to fund the others, and doesn't have to be dumped in a lower-paying easy access account. That's if you want to keep your money circulating around your regular savers. Or you might like to schedule your maturity dates so that you get a nice lump sum in time for Christmas / summer holidays.

I did a very simple spreadsheet to work out whether it's worth hanging on to the old Club Lloyds regular saver or sacrificing it for a higher interest rate but lower monthly deposit. And it seems (from a crude number-crunch) that once the account is a few months old, it becomes more beneficial to keep it.

The reasoning behind that conclusion is that you'll have a lump sum that you suddenly need to find a home for, at a much lower rate.

But consider that you'll have to find a home for that lump sum at some point, either now by closing early, or for the full balance in a few months' time.

So to get a truly accurate picture you'd need to run the figures over a longer period of time. I haven't done this yet, but I think it would swing more in favour of opening the 8% account.

solartom

HALIFAX RS

@Rich2808

Tried logging in via my Halifax login but it still didn't give me the option to open the monthly saver.

So it might work for some but not me!

I found it listed in the fixed Saver Section after pressing the apply button

was metioned up thread but with so manny contributions it might have got lost

roked

https://forums.moneysavingexpert.com/discussion/comment/82070373#Comment_82070373

I did a calc on it yesterday, there around £5 in it, I thought the risk was too great to not go for it now. Maybe I will refresh it at the end of the month, depends on how it all plays out with the trouble people are having and luckily I had no problem yesterday refreshing mine.

Edit : Picture changed, realised the easy saver should have started with £3k not £3.25k, still £5 difference, just not so much interest in the total.

Stargunner

https://forums.moneysavingexpert.com/discussion/comment/82070404#Comment_82070404

if the £250 wasn’t in the 8% RS it could be earning up to 5% in an EA acc, so the actual gain is less than half the figure that you quoted

TheElectricCow

https://forums.moneysavingexpert.com/discussion/comment/82070414#Comment_82070414

I imagine it should be possible, the process for me was a download of the Lloyds app which somehow already knew I was a HF customer (possibly as I’d used the app before but had since deleted it) and required the accounts to be linked before continuing.

Once the change was authorised in the HF app, everything was available in Lloyds immediately and I could complete the Lloyds RS application in-app right away. Lloyds RS opened instantly and funded shortly after - Whole affair took maybe a few minutes once I decided to complete the account migration to get the Lloyds app up and running. Of course that’s discounting the hour I spent failing to log into Lloyds online first.

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82070477#Comment_82070477

If the £250 wasn't in the 8% RS it could have been spent down the pub or it could have made £9k in 20 seconds on the turn of a roulette wheel.

Where else the £250 could be is irrelevant to the question.

jaypers

Halifax to Lloyds……..

I’m a Halifax customer with RS, registered for Mobile and Online Banking. Not a Lloyds or BOS customer. Also not been invited to migrate apps yet. Further to post from ‘TheElectricCow’ I downloaded the Llloyds app (iOS) and when launching it, get the following screen, so it seems migration is possible already.

Not progressed any further and I am intrigued whether the opening of Lloyd’s RS would be possible.

IMG_5735.png