The Top Regular Savers Discussion Thread

Bridlington1

Newcastle BS RS Issue 1 at 5.15% (NLA):

The application link's still available for those wanting to open it, it'll probably get pulled soon enough though. As an existing customer I found the account was opened and appeared in online banking shortly after opening.

https://services.newcastle.co.uk/applications/apply?productId=NCLRSA1

I'll probably bung a speculative £1 in alongside issue 2 at the end of the month.

P1 of this thread to be updated shortly, apologies for the delay, I had other commitments outside the forum I wished to focus on.

friolento

Regarding Reopening of BoS monthly saver, before the anniversary TBH I have not checked the T&C carefully, so you might be right. Someone else might want to check it and let us know. I know for sure that
Halifax Regular does not allow that,

Did you mean to say I know for sure that Halifax Regular does allow that - because there's not been anything in Halifax online that prevented us from renewing (i.e. closing) an existing Halifax RS well before anniversary, and straight away opening a new one.

adindaspantai

https://forums.moneysavingexpert.com/discussion/comment/82096437#Comment_82096437

Halifax RS Does NOT allow that. That is is why closing & renewing Halifax RS in the past will need more effort than BoS Monthly saver. I have not checked the new T&S though. If you close it earlier, you might need to wait until the anniversary date to reopen a new one.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82096439#Comment_82096439

I am afraid, that is not correct. As I said,

there's not been anything in Halifax online that prevented us from renewing (i.e. closing) an existing Halifax RS well before anniversary, and straight away opening a new one.

Myself and other posters have done this more than once. My most recent one was mid July, when I closed my 2 month old 5.5% Halifax RS and opened the 8% one.

adindaspantai

https://forums.moneysavingexpert.com/discussion/comment/82096446#Comment_82096446

I am not quite sure about the new one. Have not tried it yet.

But this is what I have it on my old note: Someone was writing this

"If you use the *close account" option then you will be blocked from opening a new lone until the twelve months are expired from opening the old one."

In the past, you were able to close it by yourself. I also have closed and reopen a new one without the need to wait, but it will need a diversion techniques, to another saving account, to avoid being blocked. Not as straight forward as BoS regular saver

masonic

https://forums.moneysavingexpert.com/discussion/comment/82096457#Comment_82096457

My experience in the past is that the RS has no close option, so it is necessary to renew to a different account to achieve closure without visiting a branch. Right now "Close account" is there for both my Lloyds and BoS RS, but not Halifax. I have had no issue renewing and then opening a new Halifax RS immediately, whether or not I close the renewed account.

friolento

https://forums.moneysavingexpert.com/discussion/comment/82096457#Comment_82096457

It doesn't really matter how we can get rid of - in other words, close - an existing Halifax RS, the important fact is that we can. It's a simple, quick, well tested approach, used countless times and without failure by many people. Quite frequently used since the 8% Halifax RS has come on the market.

In any case, it is totally wrong to tell people they can only open a Halifax RS every 12 months. I could not find anything in the Halifax T&Cs which says that only one Halifax RS can be opened in any 12 month period - but if I have overlooked this term, please point me to it.

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/82096457#Comment_82096457

I think you maybe getting Halifax and BoS regular savers mixed up as to the T's and C's. It will soon no longer matter as Halifax will be under Lloyd's.

Born2Save_3

Newcastle RS Issue 1 and Manchester RS Issue 1 Refresh

Has anyone been able to do this ? Were you able to do this without likely manual intervention ? In other words, did closing seem automated and happen within a short time ? Were you paid the interest you expected ie the stated rate for the time invested in the account closed ? What day and times did you do the refresh ?

I'm wary that the window for reopening the issue one's is closing and may become problematic. Plus being a weekend may be beneficial.

Thanks in advance.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82096597#Comment_82096597

For Newcastle and Manchester BS:

In my experience if closure is requested for either of them now it'd be actioned the next working day so I'd imagine the refresh Newcastle RS Issue 1 ship has sailed unless the link lasts till well into Monday (jury's still out as to whether that'll happen). I was only able to open it today because I didn't already have one open so wanted to do a speculative opening.

Moreover if you close your only account online banking access is disabled and you'd have to get it set up from scratch so it's best to have another account open with them if you're going to refresh a RS.

Refreshing a RS is fairly quick in my experience if done during business hours, it's certainly doable in the same day, as soon as the old account's closed you can open a new one straight away, the process seemed automated it's the closure requests that aren't processed during non-working hours.

Interest is paid to the point of closure.