The Top Regular Savers Discussion Thread

s71hj

https://forums.moneysavingexpert.com/discussion/comment/82143611#Comment_82143611

Yeh. I'm torn but i'm thinking probably the interest loss between doing it more or less now and on the 31st is going to be pretty minimal, especially bearing in mind that the loss really is borne by losing an extra month of 8% but I have now and will probably continue to have access to accounts to get 4.5% on that money, so really it's the difference between 4.5% and 8% for just over a month (I THINK this makes sense!!!)

janusd

@Bridlington1 - Darlington BS Regular Monthly Saver (Issue 4) - 5.25%; £1 to open; £0-250pm; Interest paid annually on 30th November; Matures to EA account on 30th November 2027; maximum of two withdrawals are permitted per calendar year - after that, closure required to access funds; No max balance stated.

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82143611#Comment_82143611

The Halifax RS doesn't have a maturity date. On the anniversary of opening the money saved in the RS moves into the Everyday Saver that was opened when the RS was opened, and you can carry on making monthly payments into the RS.

Seeing there's no "maturity" for the Halifax RS then "a new Halifax RS" isn't necessary, and your assumption of what might take place at "maturity" is wrong.

The only way this doesn't all work automatically is if you've closed the Everyday Saver before the anniversary for the RS, and then there's nowhere for Halifax to move the money to, so the RS then converts to an Everyday Saver. But it only happens if you've closed your Everyday Saver, otherwise the RS continues in perpetuity.

As the automatic moving of money to an Everyday Saver and the continuity of the RS in perpetuity are part of the terms of the account, if Lloyds wish to kill off these Halifax RS accounts and stop them lasting potentially for ever then they'll have to give notice to account holders and vary the terms of the accounts to turn them into accounts which mature.

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/82143653#Comment_82143653

they'll have to give notice to account holders and vary the terms of the accounts to turn them into accounts which mature.

Or they could drop the rate for the next year to 1% and see how many are not closed or left unfunded.

topyam

https://forums.moneysavingexpert.com/discussion/comment/82143649#Comment_82143649

Ah is that the best Darlington can do? Not exactly a high rate…

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/82143689#Comment_82143689

But still high enough to be included in this thread so I'll add it to p1 later today. For someone who's maxed out the other higher rate RSs then 5.25% may be of interest.

Pickledonionlover

https://forums.moneysavingexpert.com/discussion/comment/82143698#Comment_82143698

Darlo

Exactly.

I'll be partaking - thanks to the OP for highlighting!

Reg_Smeeton

It’s Savings Week apparently? I wonder if anything tantalising is on the horizon in RS-land

JamesRobinson48

According to Moneyfacts, LBG is launching three RS tomorrow, 22 Sep:

• Halifax Regular Saver, 5.00% fixed
• Club Lloyds Monthly Saver, 6.25%
• Bank of Scotland Monthly Saver, 5.00% fixed

All seem slightly odd, as a rehash of their respective pre-8% issues. Might be some kind of clerical error?

janusd

https://forums.moneysavingexpert.com/discussion/comment/82143735#Comment_82143735

also, Lloyds Monthly Saver @ 5% too… it's more likely the current ones are going NLA today… my current 2 x Lloyds RS mature at the end of October - anyone know if you can close and reopen a Lloyds RS same day? Hopefully they might drop the 1 RS account only rule.