Halifax 7% regular saver

harriko

with this account what happens to it when my money has been transfered to instant saver. does the account stay open or closed? thanks

afro_2

it continues as a new regular saver at 7% for another year. I called halifax last week to confirm!

Check your standing order doesn't end, as if a payment doesn't go through the account will close.

deemy2004

harriko wrote:

with this account what happens to it when my money has been transfered to instant saver. does the account stay open or closed? thanks

my cahs gets transferred to websaver and then the saver continues for another 12 months i.e. the S/O does NOt get cancelled... well not unless you put an expiry date on it.

mary

When my Regular Saver finished 1 year in March, it did not automatically continue. Yes the old was moved into a websaver account. I went in to the branch on the anniversary day and had to set up another one for the following year, with a different account number.

harriko

hm... so i can take advantage of another 7% interest with halifax for another year. can i reinvest the money that was transferred into the nomitated savings account? i tried doing this online but it dont seem to work... is there another way?

mary

No, the money has to come out of the Regular Saver account, go elsewhere, initially the Websaver account, or whatever else you have with them and then you can drip feed it back again into a new Regular Saver.

harriko

you think they will notice if the amount of cash is transfered back into the savings account. will they do anything about it?

mary

You will have to check whether the money has to come from a non-Halifax account in the first place. It should be there in the Ts and Cs. Or failing that, ring them and ask them.

harriko

yeh i think its possible as my standing orders are coming from another bank. is there any form i have to fill in to remove tax deductions for full time students?

mary

If you are a non-tax payer i.e. not likely to be earning more than approx £4,500 p.a., you can ask Halifax to send you a Form R85 so that no tax is deducted. You have to sign it and return it to them. You may possibly be able to pick one up in a Branch. If your circumstances change, which is probably unlikely as a student, you are obliged to let them know you have now become a tax payer.