Halifax Regular Saver 10% - continue ?

simpleguy_blr

Hi,

my partner and me opened Regular Savers with Halifax paying 10%, and have been depositing £300 each per month for the past 3 months, considering the current situation is it recommended to continue on the same lines are bring it down to the minimum £25 or withdraw it completely ?

Since we both bank with HSBC we can start a RS with HSBC which pays 8%..

Please help me decide.

Cheers

pumpndump

I've got one of these. I see no reason why you can't see it through to the end. The raise and lower facility is great for coping withthe financial trials of life. Where else are you going to get interest of 0.1(1/12) gross a month on the high street? HBOS will come to no harm whether it goes it alone or partners with someone else.

If you've got an extra £200 floating about in the last month, and you want it back quickly, you can get it into the account for the last month and make a few bob.

I don't know if this is of any use to you, but if the government keep their promise - IF - and reintroduce the 10% tax band in the next fiscal year, that will apply to the entire interest payment. You never thought of that one when you opened the account, did you?

Meadows

Is this regular saver still paying 10%?
All I can see on-line is 7% & 10% for children.

FairyElephant_2

Meadows wrote: »

Is this regular saver still paying 10%?
All I can see on-line is 7% & 10% for children.

Yes, but you can't open one now - there was a time limit (I believe by the end of July) to open it.

To the OP - why would you close one paying 10% and open one paying 8%???unless you were worried about being over the £50k limit in one institution of course.

richardlionheart

I am not sure how long the offer was open for thinking about it ? my partner and i both opened one of these back in July also.

Also you had to open a seperate saving account and deposit X amount into that
to get the 10% rate ,otherwise it was 8% if i remember correctly.

but we are leaving it as its a good rate.


Regards Rich

opinions4u

richardlionheart wrote: »

I am not sure how long the offer was open for thinking about it ? my partner and i both opened one of these back in July also.

Also you had to open a seperate saving account and deposit X amount into that
to get the 10% rate ,otherwise it was 8% if i remember correctly.

but we are leaving it as its a good rate.


Regards Rich

The 10% offer ran from 9th June to 20th July. Rate is fixed and was increased to 12% for those who kept £5k in their linked Halifax account.

New accounts opened today get the 7%. Still not bad for an account that doesn't require a current account with them.

Milarky

richardlionheart wrote: »

you had to open a seperate saving account and deposit X amount into that to get the 10% rate ,otherwise it was 8% if i remember correctly.

Inaccurate. It was '10%' without bonus - '12%' if £5000+ was put in a different Halifax account. This was not recommended to do however, given the highest paying account one could select was about 6.25%. It was reckoned that the extra 1.08% gross (of £6000 max paid in) - £65 extra was not worth the candle - being worth only an 'extra' 1.3% gross on the £5000 put into the other accout - which, of course, had to be left in all year..

richardlionheart

opinions4u wrote: »

The 10% offer ran from 9th June to 20th July. Rate is fixed and was increased to 12% for those who kept £5k in their linked Halifax account.

New accounts opened today get the 7%. Still not bad for an account that doesn't require a current account with them.

ah ! thats what i was thinking about 5k and get the 12 %

cheers for that
Rich;)

simpleguy_blr

FairyElephant wrote: »

To the OP - why would you close one paying 10% and open one paying 8%???unless you were worried about being over the £50k limit in one institution of course.

Hi,

All this turmoil about banks made me think maybe HSBC is safer than HaliFax, I think as suggested by many I shall carry on the Halifax RS to completion.

Many Thanks all for your suggestions.