The Top Regular Savers Discussion Thread

clairec666

https://forums.moneysavingexpert.com/discussion/comment/81885787#Comment_81885787

Much depends on where you're putting the money while it's not in the regular saver. I.e. how much interest you're earning elsewhere while waiting to fund.

Growingold

https://forums.moneysavingexpert.com/discussion/comment/81885564#Comment_81885564

I'm doing the same withdrawing the money in the bulk of my regular savers as I need the money for something but like you I haven't closed them yet as I too want the interest to fall into the next tax year. Also It gives me the option of saving into them again.

Bob2000

https://forums.moneysavingexpert.com/discussion/comment/81885792#Comment_81885792

In this situation would be funding straight from wages.With maybe some funds coming from my Lloyds RS 5.25% maybe last 2/3 months?

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81885787#Comment_81885787

7.36% gross

masonic

https://forums.moneysavingexpert.com/discussion/comment/81885787#Comment_81885787

In funding a Lloyds 5.25% RS alone from income, you'd earn a little under £86 over 12 months.

In you replaced with a 6 month regular saver alone, you'd earn just under £26 per 6 months, £52 over 12 months. But after 6 months you'd have £1200 looking for a new home. If you could earn 5% on this (and pay in the "extra" £50 per month you'd otherwise put in the Lloyds RS) it would take the total up to about £98.

If you do some combination of Lloyds and Principality RS, you could perhaps get to £100 from £250 of monthly savings over a year.

(you could eke out some additional interest by opening each RS at the end of a month and funding at the beginning of each subsequent month)

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81885601#Comment_81885601

Totally, but if you've only a couple of weeks to go on a 7% account, may as well take £1k out early to fund a few 5.5/6% savers that still have a few months to go.

But always worth doing the sums to see which method provides the most returns

clivep

https://forums.moneysavingexpert.com/discussion/comment/81885785#Comment_81885785

Monmouthshire regular saver issue 8:

"Interest is calculated daily and paid at the end of the 12 month term".

ToastLady

https://forums.moneysavingexpert.com/discussion/comment/81885805#Comment_81885805

You can work it out using RS calculator on MSE.
https://www.moneysavingexpert.com/savings/regular-savings-calculator/

I don't know why the link is not working, or what I have done wrong.

KneadtheDough

@clairec666 wrote:"I'm currently whittling down my regular saver accounts because I need to use that money in the near future. I don't like dismantling my carefully curated collection, as I'd got to the point where my maturities were spread throughout the year. Anyone else feel the same? Or would you just cull them all? I'm currently just withdrawing rather than closing (where possible) so as not to drag any interest into this tax year."

Yes, having to do something similar at the moment. I tend to withdraw from the accounts with the lowest-paying interest rates first.

Bridlington1

For those wanting to close RSs early so that the interest is paid in the 2025-6 tax year, bear in mind that the final day of the tax year happens to be Easter Sunday, consequently the final working day of the tax year is Thursday 2nd April, which is unusually early.

Many banks/building societies process closure instructions the next working day if requested after their cut off times, Manchester BS being one of them off the top of my head. I would therefore recommend factoring this in when deciding when to close accounts.

Also note that with a lot of accounts, especially postal ones, you can send your instructions in early with and ask them to close the account on a specific future date (I've done this with Principality, Mansfield etc in the past.