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The Top Regular Savers Discussion Thread
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According to the BoS T&Cs, the BoS Monthly Saver is also restricted to one every 12 months. Yet, I was able to close my old account and open the new 8% one. You can probably do the same with Lloyds. I have put my current one on pause to keep my 6.25% rate running for now. Historically, LBG's regular saver rates stay unchanged for a very long time, and it doesn't look like the BoE will be reducing rates any time soon.
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The blurb on the info page for the BOS account states that but it is not in the actual T&Cs whereas it is for Lloyds.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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It appears the Halifax RS is indeed existing customers only. If you try opening a Halifax account as a new customer online it redirects you to the main savings page, if you try from the app every link goes back to the online banking page.
I'll move the Halifax RS to the Local/Loyal/Beta/Age Restricted/New Member Only accounts section shortly.
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My 5.25% Lloyds RS matured then they moved my money into an Easy Saver. I moved the money into my Lloyds C/A, closed the Easy Saver then went to open another Reg Sav but couldn't find it on the website, I rang them up and was told as I have a Club Lloyds RS @ 6.25% (2 payments made) I couldn't open another Lloyds RS.
I went on this forum and found out about the new CLRS and the LRS both paying 8% so I rang them back and asked them to uplift my 6.25% to the new 8%. They said "No". I either let it run for another 10 months or cancel and then I wouldn't be able to open another Reg Sav for a year!
I told them it was shoddy treatment of existing customers and I wanted to lodge a complaint (which I did) but they were pretty snotty.
Existing customers should be offered the uplift to the new rate. I don't think it's good enough.
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Deeply buried in the last 50 pages of posts will be the news that if you “renew” your Club Lloyds RS, log out and log back in then their IT system does not know that you need to wait 10 months.
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Though probably not a good idea to do this if you have an active complaint being investigated by Lloyds on the subject of not being allowed to upgrade to the new 8% account.
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Unfortunately though Lloyds are only enforcing their Ts&Cs in this case, they've recently introduced a rule where you can't have both a Monthly Saver and a Club Lloyds Monthly Saver simultaneously (similar to Skipton's setup in that respect) and their Ts&Cs state that you can only open one of these RSs in a 12 month period and they've chosen to enforce these terms. It may be annoying that they've brought in these terms, but I can't say I find it particularly unfair if they choose to enforce them.
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And since it's a £400 at 6.25% vs £250 at 8%, it's not a terrible situation for us RS collectors.
Being stuck in the 5's with the Regular RS would be terrible, but since it allows withdrawals and doesn't force closure and then block a replacement from being opened, I can't see there is anything that would make them uphold a complaint. The term about not opening another within 12 months would have been there 2 months ago.
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Sorry if I'm being dim, so in order to ditch an old 5.5% Halifax RS and open a new 8% one, the procedure is to "renew" the old account to change it into some other type of account so it's no longer an RS, and then the option to open a new 8% one becomes available?
(I can't see an option to close the old 5.5% RS account outright).
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