The Top Regular Savers Discussion Thread

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/82070362#Comment_82070362

Was referring to the £2k payment for a club Lloyds current account, which WAS a prerequisite to be able to open a CL regular saver.

Rich2808

Apologies as it is a long thread and may have been answered already.

I have a Club Lloyds regular saver - and cannot open this 8% monthly saver with Lloyds (it isn't on my list of savings options online/in the app).

But can I open the monthly saver with Halifax - as I have a current account with them and haven't opened a Halifax monthly saver for more than 12 months. I assume they mean - opened - not held. Or is this a LBG group wide restriction.

It is confusing - as a club lloyds monthly saver and the monthly saver were different products and you could hold both. So people will read it as having opened the latter not the former in the last year? Now it seems you can only have 1 in total at a time - with Lloyds anyway,

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82070379#Comment_82070379

Well £250@8% is £20 in a year.

TheElectricCow

https://forums.moneysavingexpert.com/discussion/comment/82070251#Comment_82070251

In the email I’ve had from them regarding the brand change they do state:

If you don’t have the Lloyds app yet you can download it and start using it whenever you’re ready

So they’re presumably ready to start moving over those who want to make the switch now. I’m guessing the “invite” is likely to end up being more of a “here’s the date we’re removing your Halifax access, time to move on” sort of thing. To their credit, the actual migration process was very smooth once I’d initiated it, just a simple case of accepting the terms and they do make it clear that the Halifax access will be revoked if you go through with it.

My main concern migrating early would be losing access to potential future product launches with Halifax, but at this stage I doubt we’re going to see much else worth holding out a few extra months for given the brand’s days are numbered.

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82070371#Comment_82070371

The last 8 months of the 12 month term you start by opening the account now. The 8% doesn’t cease on the maturity date of the original account (in 4 months time in this case.) It is a fixed 8%, so it removes an unknown from the equation in terms of if you close an account early to access this 8% now, will it pay 8% for a year (yes.)

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