Halifax Regular Saver requirements query

[sloughflint]

Considering the Halifax 7% regular saver but don't bank with Halifax. Is that a problem?
I was intending setting up SO from a different bank. At the end of the year, money turns into a websaver. How would I then be able to send money out of this websaver account if I don't have a linked Halifax current account. Would I have to open one for a short time just to be able to transfer the saved money out or can money be transferred directly from a websaver account? TIA

[Dagobert]

At the end of the year, the regular savings account is cleared and the money is moved into the linked websaver.

The websaver is an online account and you can transfer money to external accounts from there.

Alternatively, you can set up a SO on the websaver to feed the regular saver for another year.

But as the websaver doesn't offer such a good interest rate I worked out that I get more interest by moving the money to a high interest savings account and feeding the regular saver from external accounts.

[PoorPaul]

Alternatively, you can set up a SO on the websaver to feed the regular saver for another year.

Can you do this ?

I thought funds had to come from an external source ???

EDIT: Confirmed/answered my own question - From the T's & C's...

"Regular monthly payments of at least £25 by standing order. (No standing orders from other Halifax savings accounts.)"

[sloughflint]

Just been looking at T& C. Want to put as much as possible in. Have I understood correctly that I can open with £1000 and then add £250 monthly thereafter?
edit: I think I was looking at T &C for the wrong account.

[Kazza242]

Just been looking at T& C. Want to put as much as possible in. Have I understood correctly that I can open with £1000 and then add £250 monthly thereafter?
edit: I think I was looking at T &C for the wrong account.

The maximum opening or monthly deposit is £250. You must not exceed the monthly deposit limit otherwise your regular saver will be converted into a lower paying Halifax account.

You can no longer make payments into the regular saver from another Halifax savings account - which rules out the Web Saver.

[Mikeyorks]

Can you do this ?

I thought funds had to come from an external source ???

EDIT: Confirmed/answered my own question - From the T's & C's...

"Regular monthly payments of at least £25 by standing order. (No standing orders from other Halifax savings accounts.)"

Thats what the T&Cs say - but the Halifax system hasn't read the T&Cs !!

You can fund their Reg Saver from externally / from one of their current accounts / or from one of their Web Savers. Just set mine up again, yesterday, to fund both mine and my wife' Reg Savers direct from a Web saver in my name.

Was doing it via my Halifax current account last year - but stumbled across a thread on here pointing out you can do it direct. Part of the problem last year was that SOs had been disabled on Web Savers and you had to go via the online Help desks. Now thats resolved - you can SO direct to the Reg Saver - notwithstanding what the T&Cs say.

Eventually found the link - various postings, but look at #12

http://forums.moneysavingexpert.com/showthread.html?t=133529&highlight=halifax+regular+saver

[schiff]

I'm into my second year of doing this. Drip feeding 'spare funds' into the regular saving account at 7% is better even than an ISA, with tax not taken off. I have accounts paying better interest than the Halifax Websaver so once the Regular Saver's matured I transfer most of the funds into a higher interest paying account (I don't feel ruthless enough to xfer it all and the Websaver interest rate is actually quite good, though not the best!).
I've never calculated the annual benefit but it must be a few quid with little effort required.

[grumbler]

Drip feeding 'spare funds' into the regular saving account at 7% is better even than an ISA, with tax not taken off. No, if you are a taxpayer, 'drip feeding' is not better. For the best instant access rate available and neglecting interest lost during transfers, the equivalent net rate is
(6.5*7%+5.5*5.2%)/12*0.8=4.94%.
(See Regular Savings Accounts discussion (http://forums.moneysavingexpert.com/showthread.html?p=277854))

For regular savings (when you don't have a lump sum) Regular Saver is of course better with net rate 5.6%.

[sloughflint]

Just another query. Can the Halifax account be viewed online?
Just looked at moneysupermarket.com and Halifax RS is showing as branch and phone access only. I'd prefer to be able to check online that the funds have reached the account ok rather than phoning each month.

[mary]

Yes, you can. I have websaver, regular saver and ISA all visible on line

[PoorPaul]

Was doing it via my Halifax current account last year - but stumbled across a thread on here pointing out you can do it direct. Part of the problem last year was that SOs had been disabled on Web Savers and you had to go via the online Help desks. Now thats resolved - you can SO direct to the Reg Saver - notwithstanding what the T&Cs say.

Excellent ! Thanks for the info.

My Regular Saver anniversary is on 5/5/06. My Websaver balance is currently £0 - if I set the first SO payment to the next year's Reg saver to come out 6/5/06 will there DEFINATELY be the funds in the Websaver to cover it or would I be better to manually do the first payment ?

[Cee]

The payment for the next month of a regular saver will be the date of the standing order, to keep the payments going.

The actual day of the transfer of funds I can't help you with.

All Halifax savings accounts can be viewed online. But it depends on how the accounts are run which add restrictions of what you can do with them online. Passbook accounts you can only view the balance nothing more.

I found that you can transfer out of an Isa Saver Direct but can't fund it using a transfer only standing order, which is disappointing.

I wasn't aware of the funding a reg saver via a websaver, I was going to say though, that a standing order to a bank account in order to fund the SO of the reg saver would have been another option, as long as you gave sufficient time for the clearance of funds.

With Hfax accounts this is instant.

I think i've mentioned this already but I find it difficult offering customers who just want to throw some cash into a savings account but can't afford the £500 min opening balance. Some already have an isa so we can't offer them that, some don't have access to the internet so we can't offer them a web saver that also allows min opening balance of £1.

I bite my tongue but would love to make you aware that when opening the regular saver you need to have a nominated account.
websaver min £1 balance at opening anyway.
Saver Reward £500
Instant Saver £500
Halifax Premium Savers Direct £500

(if 21 or under a £1 is sufficient )

When opening a regular saver you get one of the above accounts for a minimum opening balance of £1 so its funded waiting for the savings to go into at the end of the term of the Reg saver.

If you don't really fancy funding a reg saver but just want a savings account "on the cheap" fund one for about 2 months £50 (£25pm) then stop the standing order, the reg saver funds will be transfered into another account, all you have to do is get those funds place them in the nominated account and fund that one at your convenience...

We lose loads of applications because no one has the £500 to start saving with, which is silly really.

We do have the Liquid Gold that is a waste of time, you might as well just save £500 min opening deposit at home because you get no interest paid at all with one of these until your savings reach £500 anyway!!!

My last point here is at the end of the year of a reg saver, if you shop around for another savings account, at least then you have enough as an opening balance for anything so your money doesn't have to sit in any nominated account.

Those who invest the right amount can accrue £3000 for an isa for that year therefore getting tax free savings too.