The Top Regular Savers Discussion Thread

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82141984#Comment_82141984

Halifax Regular Savers don't "all naturally end within 12 months anyway" so your assumption is wrong.

When you open a Halifax RS an Everyday Saver is opened at the same time. After a year the money in the RS empties into the Everyday Saver and the RS stays open and able to receive contributions - it doesn't "naturally end within 12 months anyway". The only way to stop this process is to close the Everyday Saver yourself before the money moves from the RS into it, which causes the RS to convert to an Everyday Saver after 12 months, but it only happens if you intervene in this way. It doesn't happen "naturally".

Lloyds have said that all Halifax accounts will be rebranded to Lloyds, but that it will happen product by product, and that customers will be told in advance when their product is changing. Seeing the Halifax RS is an open ended product without an automatic end date then rebranding it from Halifax to Lloyds isn't "rather pointless", in fact it is no more or less "pointless" than rebranding any other Halifax accounts.

kermchem

My first Halifax RS has not yet matured, so I am in the dark as to what actually happens, but I understand that the RS empties into the attached everyday saver and the RS rolls into a new one. And this keeps happening every year until LBG change the Ts&Cs, which they can do any time.

clairec666

https://forums.moneysavingexpert.com/discussion/comment/82142034#Comment_82142034

Halifax

Correct - when a Halifax regular saver matures, the matured funds are sent to your everyday saver (unless you've closed it, in which case it's a whole different scenario) and you can continue using your regular saver with the same account number and sort code, no need to change standing order details, which is quite useful.

To my knowledge, the Lloyds monthly saver works differently - it turns into a "standard saver" and you can open a new monthly saver.

Little point in trying to second guess what'll happen when the Halifax brand is completely phased out, but I imagine at some point the Halifax regular saver will be rebranded as Lloyds and you may not be able to open further Lloyds monthly savers while your ex-Halifax-now-Lloyds one exists.

Or I could be completely wrong - the accounts have different names and different terms so they may continue to co-exist and let you have both!

Talking of Lloyds, it's frustrating that being a "Club Lloyds" member now doesn't get you any favourable terms in the regular saver world - same interest rate, same deposit limit, and lower than previously. I've got rid of my Club Lloyds current account as the other "benefits" weren't of interest to me.

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/82142015#Comment_82142015

No one knows what Lloyds will do in the future or whether the option to renew the Halifax RS will still be there after Halifax closes down website and app at end of October. Think some were just renewing to keep the Halifax RS going as long as possible. It suited me to renew as had too many RS's in July, otherwise might just have left things. As it is, I will make sure not to close the new Everyday Saver which opened and see what happens in a years time.

s71hj

https://forums.moneysavingexpert.com/discussion/comment/82142137#Comment_82142137

In the absence of any concrete evidence when it will happen but the knowledge it probably will i'm just looking at that as a time when another change is happening so it's possible the closure of the option to get a new RS also will happen.

friolento

Open Banking has arrived in Lloyds app

You can now deposit funds into your Lloyds / Halifax / BoS accounts with Open Banking. Select the account you want to make the deposit into, click on the three dots top right, then select "Add money from another bank".

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82142198#Comment_82142198

That's genuinely useful, thanks.

I need to continue paying £2k into the Lloyds current account monthly (for free cinema tickets) so will continue to fund savers from there.

HHUK

Leeds BS Freepost address

Just in case of interest to anybody else, I messaged Leeds BS yesterday to request an application form for their Branch & Post Member Regular Saver and a reply paid envelope. An agent telephoned this afternoon (yes a Saturday) to advise that they no longer send out printed forms and envelopes. He did however say they have the following Freepost address (which, although still FREEPOST LS465, differs from that shown in an old dedicated Freepost addresses forum on this board):

Leeds BS, FREEPOST LS465, 26 Sovereign Street, Leeds LS1 4BJ

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/82142015#Comment_82142015

The actual 'renew to everyday saver' option (which effectively closes the RS) will likely continue, but the 'open new Halifax RS' option is currently only available with a Halifax login, so is very unlikely to be available after October, so no new Halifax accounts from then.