The Top Regular Savers Discussion Thread

Anagran

Principality

I also have a Principality RS maturing in a few weeks. I have just ignored the email as there are no good options. I am planning on just letting it move over into easy access and then manually moving money out. I think I will follow the advice on here though and leave a small amount behind to remain a customer.

adw1977

Principality

Anyone with a maturing RS who doesn't have the latest 1 year RS at 4.85%, I would suggest opening the 4.85% and sticking £1 in. The rate looks poor now, but it's a fixed rate and with all the volatility in the world recently, it's possible that 4.85% could look very attractive in a few months.

It's also possible to close the account early without penalty, so it's a one way bet in the member's favour.

adw1977

Halifax

At the risk of adding to pointless speculation, I think perhaps Lloyds are trying to retain Halifax customers, some of them very attached to the Halifax brand and therefore pretty hacked off right now.

So anyone with any account with Halifax might be wise to keep their foot in that door in case Lloyds do more to woo them in future.

LZC

https://forums.moneysavingexpert.com/discussion/comment/82085614#Comment_82085614

Should be between 3 and 4pm.

callum9999

https://forums.moneysavingexpert.com/discussion/comment/82085830#Comment_82085830

What do you mean "trying to retain"? They're transferring them all to Lloyds - that's the definition of retaining them.

If you're saying that you think they're going to give Halifax customers special perks to try and stop people switching away, I don't see why they would. Nothing at all indicates any plans to do so either that I can see?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82085978#Comment_82085978

Why on earth would you care?

Outside of a few people who live in Halifax who seem to have some fondness for a mutual that was founded there, the business plans of a multinational bank viz what they call their products is an irrelevance.

1stdimebar

https://forums.moneysavingexpert.com/discussion/comment/82084483#Comment_82084483

I've had similar prob with Banking apps…aparently my phone security wasn't up to date…

Section62

https://forums.moneysavingexpert.com/discussion/comment/82085978#Comment_82085978

What do you mean "trying to retain"?

I imagine adw1977 means exactly what they said - that some people were customers of Halifax because they wanted to be customers of Halifax, not Lloyds. Not everyone will realise how little difference there is, and some who might have been aware previously could have attachment to the Halifax brand which won't easily be swapped for Lloyds branded products.

I wouldn't suggest the numbers who might ditch Lloyds/Halifax is vast or even existential. But I'd be surprised if nobody at LBG has given thought to the potential for some Halifax customers to move away in protest and/or no longer feel as loyal. And by extension I'd be surprised if there is nobody at LBG looking at trends, with some kind of plans to incentivise existing customers to stay if the number of leavers reaches some kind of trigger level.

Likewise, it is probable you've not seen any indication of these plans (if they do exist) because it would be commercially sensitive information that won't be broadcast in advance.

Arguably - and getting back on topic - the 8% regular savers might be interpreted as LBG seeking to get some positive feelings about the brands to offset any negativity surrounding the changes.

nottsphil

Re 8% Lloyds MS

I don't get why we are not advised (on this forum) to use the renew account facility, which has worked in the past. I understand that this retains the account number so technically isn't a new regular saver. Wouldn't this be ideal re. the new 12 month rule, because the current advice to close via the Chat means a completely different account is being added.

(I want to retain CLMS even though it's only been running for 4 months).

molerat

https://forums.moneysavingexpert.com/discussion/comment/82086025#Comment_82086025

It does not renew the RS but converts it to a standard saver product, a new RS then needs opening with new sort code and account number. Chat is only needed for BOS accounts, Hfx and Lloyds use the renew route.