The Top Regular Savers Discussion Thread

Stargunner

https://forums.moneysavingexpert.com/discussion/comment/82085048#Comment_82085048

any money deposited in an account paying 6% interest will always earn more interest than the same amount deposited in an account paying 5.4% interest.

roked

https://forums.moneysavingexpert.com/discussion/comment/82085048#Comment_82085048

I get it because it is a 2 year account. No one can know if there will be another mon 6% available in 12 months time but it is very likely there will be one somewhere. In the end you are talking about fresh funds, so you might as well still do at 6% (or 8% given the highest ones available at the moment) for 12 months and worse case fund the 5.4% one again if nothing else is available then

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82085048#Comment_82085048

I know what you're thinking, but the money already in the Man/New accounts (or added going forward) will continue to earn at 5.4%. Clearly it will generate more money overall since more cash is deposited but it's still earning at a lesser rate than the MonBS,

My point about "other reasons" to continue might be (eg) a minimum monthly funding requirement or perhaps the rate is fixed, as I said I'm not familiar with the products.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/82085014#Comment_82085014

The Manchester and Newcastle accounts are easy access. They must have until autumn 2027 until they mature?

Open a new Monmouthshire - that will mature only three or four months before the other two. Put as much money into Monmouthshire up to £500pm as you can; any excess put into the others.

As all these accounts are easy access, you can withdraw from the 5.4% ones to fund the 6% one if necessary. Beware they are all also variable, so the best one to fund could alter before the end of 2027.

If you're struggling with cashflow, you can always wait until the end of the month to fund

jameseonline

I'm back up and running with the Halifax app, on a similar note to Lloyds doing 2 exactly the same Regular Savers @ 8%, Halifax are offering me a Bonus Saver & Reward Bonus Saver paying exactly the same rate, apparently the reward one is a preferential rate. I know it's slightly off topic but to me it adds to the stupidity, why is LBG doubling up on accounts when it doesn't need to?, this being another example.

Anyway as I'm back up and running I think my plan is to open Halifax 8% Friday along with 8% Bank Of Scotland then fund on Sat 1st (I know it might not credit properly till Mon 3rd).

In regards to Lloyds I changed my existing Club Lloyds to an Easy Saver, it paid me £3.84 interest on a £400 deposit, the app is now offering me the 8% Club Lloyds so I'm hoping the app will let me apply, if so I'll do the same with that and I'll have all 3 possible regulars. Worst case scenario is I'll have to wait to get the Lloyds however I've obviously just freed up £400 to fund new regulars. I think I'll take out most of the £807 I have in Virgin too if successful with all 3, maybe take out of co op too, not completely sure, it's such a pain that all my existing accounts (Virgin, Darlington, Principality & Monmouth) mature end of month/start of next, meh

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/82085131#Comment_82085131

Anyway as I'm back up and running I think my plan is to open Halifax 8% Friday along with 8% Bank Of Scotland then fund on Sat 1st (I know it might not credit properly till Mon 3rd).

Why not open and fund on Thursday 30th July, then fund again Saturday 1st August (or Monday 3rd) so you have £500 (instead of £250) earning interest for over 360 days, plus the added £250 in each month September to July?

jameseonline

https://forums.moneysavingexpert.com/discussion/comment/82085153#Comment_82085153

I feel like I'm missing something here, Friday is end of this month 🤔, Saturday is start of next

friolento

I'm back up and running with the Halifax app, on a similar note to
Lloyds doing 2 exactly the same Regular Savers @ 8 %, Halifax are
offering me a Bonus Saver & Reward Bonus Saver paying exactly the
same rate, apparently the reward one is a preferential rate. I know it's
slightly off topic but to me it adds to the stupidity, why is LBG
doubling up on accounts when it doesn't need to?, this being another
example.

Agree, off topic for this thread - though I have to ask, why would you worry about what you call Lloyds stupidity (3% AER accounts at this point in time)? I am happy for LBG to be as 'stupid' as they like to be as long as I can have up to 3 8% fixed RS accounts with LBG. Goes without saying I won't apply for their 3% accounts, on any of their platforms, at the current time.

snookerloopy96

With regards to Saturday being a new month, are there any regular saver payments which won't accrue interest till Monday?

I was going to do Lloyds, B of S, Nationwide, Co op and Virgin (all paid from those current accounts), plus Tipton and maybe Progressive if I have the spare cash.

jameseonline

https://forums.moneysavingexpert.com/discussion/comment/82085238#Comment_82085238

I'm not worried about it, I was just pointing out another example of the group doubling up on accounts when they don't need to, Halifax is dying so why offer me 2 bonus accounts exactly the same other than the name, on top of Lloyds already doing two monthly regular savers exactly the same other than the name, literally makes no sense.

I feel it's kind of deceptive in a way, because the names seem more special yet there's no benefit over the other, eg Club Lloyds, Bonus Reward.

Granted the Lloyds app is only offering me the Club Lloyds 1 but the point still remains.

I feel LBG haven't really thought about things properly tbh, this adds to why did they launch a Halifax 8% when Halifax is changing to Lloyds, and Halifax don't actually seem to know how long the process will be, I imagine longer than it needs to if they launch new products such as this, granted they seem to have stopped offering accounts to new customers though.