The Top Regular Savers Discussion Thread

Anagran

Zopa

I have also just "deleted" my regular saver which only had a few weeks left until it matured. I was then able to immediately open and fund a new one, despite finding the app thoroughly confusing, so thanks for the info!

I am away back now to continue trying to work out how on earth to withdraw money from the "primary access" account it is now in!

ETA - Also on android

jaypers

https://forums.moneysavingexpert.com/discussion/comment/82109809#Comment_82109809

Doesn’t make sense doing this. Say you had £3,300 in there for a few weeks……that’s about 64p a day interest, or over £13 over 3 weeks. Their RS is now only for 6 months and will earn you about £35 over the whole term. Personally I’m not bothering with it when mine matures in a couple of months time (if available and only 6 months). Yes, I know it’s 7.1% but with quite a few decent other launches of late, it’s not worth the bother IMHO.

Anagran

https://forums.moneysavingexpert.com/discussion/comment/82109814#Comment_82109814

ZOPA

I haven't gone through the numbers in detail, but I think it does make sense and is worth the effort (for my circumstances of course).

The one I closed was also a six monther, so only had £1500 in it. I am short of funds for Sept payments anyway, so would have been withdrawing from a 6% regular saver on 1st September to fund the higher rate ones.

The money I have just withdrawn is now in a Santander Edge Saver at 6% and will go into regular savers at 6.4% and above on 1st September, and I will be able to save another 6 months of £300 at 7.1%.

I could be wrong, but my instinct is that I made the right call. Will be interesting to see once I have a proper look at the figures.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82109834#Comment_82109834

Everyone's individual circumstances are different, so while it might sound a bit counter-intuitive to close an account earning over 7%, but if you're short on funds it might be a good choice. Better to have the money now when you've got other places to put it. Also, if Zopa suddenly withdraw their regular saver, you'll be in a better position as you'll have more time left on your account.

I'm doing something this month that might not make much sense mathematically - withdrawing from Monmouthshire (7%) to fund other accounts earning between 6% and 7%. Sounds stupid… but when Monmouthshire matures next month I'll be stuck with a massive lump sum and will have to stick some of it in an easy access account until October. I've crunched the numbers, and withdrawing early and losing up to 1% for a few days means I can spread the money around better in September.

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82109908#Comment_82109908

I did a similar sort of thing but different circumstances, in my case conveyancers wanted my full deposit in one account before sending it as well as statements from all the accounts showing the money going into it. I had £18k plus interest due to pour out of Monmouthshire at 7% at the end of this month so I closed them both a month early. It was either that or empty everything south of 6.5% and then find I've a load of funds that I have to put into EA accounts for potentially a couple of months.

As it stands I've now ended up without any major surplus of funds that are below 6% for the next few months at least. I've got Melton's RS Issue 6 maturing in autumn but I'll probably need to dip into 6% RSs to feed September's RSs anyway so that'll get targeted then.

I also ended up closing Loughborough's 1 Year Super Saver a couple of months early as I was short of funds. I could've targeted RSs in the 5-6% region, but closing it early saved having around £20k needing a home all in one go, so it made sense to close when it had a smaller balance that could be swallowed up by other RSs easier.

Anagran

"If Zopa suddenly withdraw their regular saver"

Yes, this is exactly what I am doing. The Zopa RS HAS apparently already been withdrawn, but the app was (is?) still allowing existing customers to open one despite this.

dibbles212

https://forums.moneysavingexpert.com/discussion/comment/82109980#Comment_82109980

Yes, I'd like to close and reopen but nervous that it won't be available again after closure.

PixelPound

Why a couple of posts about closing Monmouthshire BS saver early. Is there going to be a new members only RS?

Slinky

I'm wondering if Zopa is going the way of Chase, which used to have good rates but not any more.

I opened an account and got the 7.1% RS for my OH last week. I was also hoping to get him the 1.5% extra bonus on the savings pots that I currently have as I'm trying to find ways of getting monthly interest for him to full up his £1K tax free allowance this year, previous years he's been a higher rate tax payer, but that's not on offer any more either.

MisterMotivated

https://forums.moneysavingexpert.com/discussion/comment/82109999#Comment_82109999

Mainly because those accounts mature over the weekend, meaning the money will then be stuck in a 1.1% account until the next working day. Based on where I'll be sending it, I'm losing 63p per day in interest by closing early but that's better than what I'd lose waiting to access the money next week