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The Top Regular Savers Discussion Thread
Comments
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No chance it will be amalgamated by then, though Nationwide may well influence whether and at what rate a further RS will be offered.
Eco Miser
Saving money for well over half a century1 -
It just reiterates the same misunderstanding you see all over the place - lump sum at 5% pays more than drip feeing into an 8% from a 0% account, without understanding most would have it drip fed from the 5%. Or pointing out you don't get 8% for the whole year on the final sum, of course not you only get 8% on the time it's been in, it'd be like opening an account that has a promo rate for 12 months but not putting money in until after 11 months and expecting to get full 12 months interest.
The financial literacy (or lack of it) is shocking for a national paper.
3 -
When Lloyds, Halifax and BOS become Lloyds, s I understand it they will only allow one regular saver paying 8%. But say a person already get three regular saving account paying 8%, what will happen with these existing regular saving account which is yet to mature, are they going to close it and pay the interest up to that point, or they will allow them to run until maturity ??
0 -
Bank of Scotland isn't becoming Lloyds; only Halifax is being rebranded. BoS is staying as BoS.
3 -
They are fixed interest rate until maturity, so great uproar if Lloyds terminated them early.
2 -
As I understand the Halifax RS, on maturity it empties into the easy saver that has always been alongside and renews automatically into a new Halifax RS at whatever the current rate is. How is that going to work?
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If LBG are killing the Halifax brand then my guess is that it won't work.
1 -
If I were to hazard a guess I'd say on maturity it'll just empty into the EA account (whatever it was migrated to), but then doesn't renew as there isn't a Halifax RS to convert into. This is speculation on my part, we'll no doubt find out further details in the fullness of time.
As before though if you close the EA account before maturity the RS just converts to an EA account on maturity, I doubt this'll change.
3 -
There's nothing to convert a Halifax RS to at maturity - the account just stays. Whether they will actively stop this from happening remains to be seen. However, a continued account would probably have a reduced and unattractive interest rate. Time will tell.
1 -
Perhaps it will become a "Memorial" Halifax RS that is available to all Lloyds customers. Who knows? It wouldn't influence my decision to snap it up while it's on offer at this rate.
2
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