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    • c1403
    • By c1403 11th Jan 18, 8:51 PM
    • 19Posts
    • 4Thanks
    c1403
    Halifax Everyday Saver
    • #1
    • 11th Jan 18, 8:51 PM
    Halifax Everyday Saver 11th Jan 18 at 8:51 PM
    Having just received a ppi refund for a nice sum, I want to put it into a saving account separate to our main (joint account).

    I've opened an everyday saver with Halifax and plan to deposit funds in there as I can withdraw when needed etc

    My question is can you use this account to make direct payments to other payees? Or can you only withdraw funds as cash.
    In the next month or two I will be looking to book a suprise holiday using some of the money but rather pay direct rather than transfer to our joint account as husband will see the payee.

    Appreciate all accounts are different and it would be easier to ask in branch which I will do next week when I have some time.

    Thanks
Page 1
    • House Martin
    • By House Martin 12th Jan 18, 10:59 AM
    • 938 Posts
    • 828 Thanks
    House Martin
    • #2
    • 12th Jan 18, 10:59 AM
    • #2
    • 12th Jan 18, 10:59 AM
    At 0.35% interest, the Everyday Saver account is pretty dreadful. it does`nt make sense to open another Halifax account.
    I used to have a Halifax current account which gave a good interest rate with over . I think it was £2000, and over so maybe its better leaving it in the current account where its certainly ok to do transfers and manage direct debits.
    I dont think you can use this account to make transfers but its so quick and easy to do internal Halifax account transfers online to the current account where you can do what you want with it with your debit card
    • CavendishWobble
    • By CavendishWobble 12th Jan 18, 2:21 PM
    • 18 Posts
    • 44 Thanks
    CavendishWobble
    • #3
    • 12th Jan 18, 2:21 PM
    • #3
    • 12th Jan 18, 2:21 PM
    The current rate for Everyday Saver on Halifax is 0.20%, it goes up to 0.35% if you managed to get a preferential rate on the account which is no longer available.

    You cannot set up standing orders on the account and i think you would need to transfer the funds into another Halifax account to then send onto a payee. As it is a savings account rather than a current account. You sound like you are better off taking out a current account.
    Save £12k in 2018 = £0/£15,000 (0%) #TBC
    Virtual Sealed Pot = £6.28/£200 #11
    Sealed Pot Challenge 2018 #19 £22.38
    £1 a Day Challenge = £8/£668

    Starting: Jan'17: £33,729
    • takman
    • By takman 12th Jan 18, 4:01 PM
    • 3,013 Posts
    • 2,591 Thanks
    takman
    • #4
    • 12th Jan 18, 4:01 PM
    • #4
    • 12th Jan 18, 4:01 PM
    Having just received a ppi refund for a nice sum, I want to put it into a saving account separate to our main (joint account).

    I've opened an everyday saver with Halifax and plan to deposit funds in there as I can withdraw when needed etc

    My question is can you use this account to make direct payments to other payees? Or can you only withdraw funds as cash.
    In the next month or two I will be looking to book a suprise holiday using some of the money but rather pay direct rather than transfer to our joint account as husband will see the payee.

    Appreciate all accounts are different and it would be easier to ask in branch which I will do next week when I have some time.

    Thanks
    Originally posted by c1403
    If the only accounts you have are with one bank then you should definitely look at opening another account with another bank as a backup.

    You can then look at getting another current account that pays up to 5% interest on a certain amount rather than the poor 0.25-0.35% interest you will get with the Halifax savings account.
    • deinoflex
    • By deinoflex 12th Jan 18, 7:20 PM
    • 5 Posts
    • 4 Thanks
    deinoflex
    • #5
    • 12th Jan 18, 7:20 PM
    • #5
    • 12th Jan 18, 7:20 PM
    To answer the original question.. yes you can set up and make faster payments from this savings account. I can't find it in the terms and conditions, but I already have one and have payees set up.
    • Westie983
    • By Westie983 16th Jan 18, 3:53 AM
    • 3,904 Posts
    • 14,414 Thanks
    Westie983
    • #6
    • 16th Jan 18, 3:53 AM
    • #6
    • 16th Jan 18, 3:53 AM
    C1403 Yes you can make faster payments from any account, what you cant do on a savings account is pay out via DD.

    So as long as you have the details of where you want the payment to go, you will be able to make the payment.

    House Martin None of the Halifax current accounts pay interest now only a reward of £3 if the reward account is held.

    The account you maybe thinking about was the High Interest Current Account (HICA) which did pay interest but was pulled in 2007/2008, or the first launched Reward account which paid interest up to £1500, but again rules changed when the interest was stopped and the reward payments were introduced.

    Westie983
    Last edited by Westie983; 16-01-2018 at 3:56 AM.
    Save 12k in 2018 #10 Total (£25,000)+£2,500/£12,000 = 20.83%
    Sealed Pot Challenge ~ 11 #97 Total (£410) + £0/£800 = 0.00% ( x 11)
    Xmas 2018 £1 a Day #2 Total £0/£365 = 0.0%
    Virtual Sealed Pot #1 Total £150/£1,000 = 15.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-490/£2,000 = 50.50%

    Total £2,650/£16,165 = 16.39%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • c1403
    • By c1403 16th Jan 18, 9:41 AM
    • 19 Posts
    • 4 Thanks
    c1403
    • #7
    • 16th Jan 18, 9:41 AM
    • #7
    • 16th Jan 18, 9:41 AM
    Thank you.
    I just wanted to keep the money away from our main account for the time being but have flexibility to pay out from if needed.

    :-)
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