Halifax Regular Saver Interest

Keith601

Hi There

As Requested

Here is a list of Dates Payment was received by
The Halifax for the Last 12 months.
14 Nov 2008 14 Oct 2008 14 Sep 2008 14 Aug 2008 14 Jul 2008 14 Jun 2008 14 May 2008 14 Apr 2008 14 Mar 2008 14 Feb 2008 14 Jan 2008 14 Dec 2007

miserable_ol_so_n_so

Thanks to everyone......so many helpful people.......

YorkshireBoy

Keith601 wrote: »

Here is a list of Dates Payment was received by
The Halifax for the Last 12 months.
14 Nov 2008 14 Oct 2008 14 Sep 2008 14 Aug 2008 14 Jul 2008 14 Jun 2008 14 May 2008 14 Apr 2008 14 Mar 2008 14 Feb 2008 14 Jan 2008 14 Dec 2007

Looks like you opened your account around 15th-18th November 2007, and then didn't fund it for very nearly a month!

You've therefore lost almost a whole years interest on the £250 you should have paid in when opening the account (and only received 2-3 days interest on the final £250 payment made last Friday).

sloughflint

Yes I agree with YB.If I input a start date of 16/11/07, I get the amount paid:
16/11/2007 0 0 0.07 0 £98.48
14/12/2007 250 21.2328767123288 0.07 1.48630136986301
14/01/2008 500 42.4657534246575 0.07 2.97260273972603
14/02/2008 750 59.5890410958904 0.07 4.17123287671233
14/03/2008 1000 84.9315068493151 0.07 5.94520547945206
14/04/2008 1250 102.739726027397 0.07 7.19178082191781
14/05/2008 1500 127.397260273973 0.07 8.91780821917808
14/06/2008 1750 143.835616438356 0.07 10.0684931506849
14/07/2008 2000 169.86301369863 0.07 11.8904109589041
14/08/2008 2250 191.095890410959 0.07 13.3767123287671
14/09/2008 2500 205.479452054794 0.07 14.3835616438356
14/10/2008 2750 233.561643835616 0.07 16.3493150684932
14/11/2008 3000 24.6575342465753 0.07 1.72602739726027
17/11/2008

http://forums.moneysavingexpert.com/showpost.html?p=13347605&postcount=44

Keith601

I am beginning to understand what has been going on. But What Halifax have done is to Receive the final Standing order payment on the 14th November. Then on the 18th November add the 11 months interest, and transfer all the Savings in The Regular Savings account to the Web Saving account. Which then automatically starts the process all over again on 12th December. I have tried to Transfer £250 into the Regular savings account to cover November, But I am prevented from doing it. So It seems I will only get 11 months Interest next year. Bit Sneaky if you ask me.

YorkshireBoy

You would seem* to have 2 choices...

1. Change your standing order date so your next payment is 1st December (and 1st of the month from then onwards), or

2. Cancel your Regular Saver, and start a new one next month (paying more attention to the payment dates).


* I've never rolled a Halifax Regular Saver over, so wait for more advice from the experts before acting.

sloughflint

I've never rolled over a RS either but looking at the figures, setting up a new one would get you just shy of an extra £20.

To optimise interest, the general rule is to fund the initial sum as late in the month as possible and make subsequent payments as close to the first as feasible. That way you get 13 payments in.
From memory Halifax stipulate funds must reach the account by the 28th of each month. For December, to be on the safe side a good date to start would be 22nd to 24th of December.
Eg if you opened a new account on 22/12, funded it immediately and then made subsequent payments on the first of each month, you'd get £126.58 gross.

22/12/2008 250 6.84931506849315 0.07 0.47945205479452 £126.58
01/01/2009 500 42.4657534246575 0.07 2.97260273972602
01/02/2009 750 57.5342465753425 0.07 4.02739726027397
01/03/2009 1000 84.9315068493151 0.07 5.94520547945206
01/04/2009 1250 102.739726027397 0.07 7.19178082191779
01/05/2009 1500 127.397260273973 0.07 8.91780821917811
01/06/2009 1750 143.835616438356 0.07 10.0684931506849
01/07/2009 2000 169.86301369863 0.07 11.8904109589041
01/08/2009 2250 191.095890410959 0.07 13.3767123287671
01/09/2009 2500 205.479452054794 0.07 14.3835616438356
01/10/2009 2750 233.561643835616 0.07 16.3493150684931
01/11/2009 3000 246.575342465753 0.07 17.2602739726027
01/12/2009 3250 195.890410958904 0.07 13.7123287671233
23/12/2009


If however you kept this one going, changed the SO date to the first of each month, when it matures next ovember 18th,you'd get £106.97 ( assuming it currently has a nil balance until your next SO)

18/11/2008 0 0 0.07 0 £106.97
01/12/2008 250 21.2328767123288 0.07 1.48630136986302
01/01/2009 500 42.4657534246575 0.07 2.97260273972602
01/02/2009 750 57.5342465753425 0.07 4.02739726027397
01/03/2009 1000 84.9315068493151 0.07 5.94520547945206
01/04/2009 1250 102.739726027397 0.07 7.19178082191779
01/05/2009 1500 127.397260273973 0.07 8.91780821917811
01/06/2009 1750 143.835616438356 0.07 10.0684931506849
01/07/2009 2000 169.86301369863 0.07 11.8904109589041
01/08/2009 2250 191.095890410959 0.07 13.3767123287671
01/09/2009 2500 205.479452054794 0.07 14.3835616438356
01/10/2009 2750 233.561643835616 0.07 16.3493150684931
01/11/2009 3000 147.945205479452 0.07 10.3561643835616
19/11/2009

Up to you to decide if it's worth the extra hassle of closing one account and opening a fresh one.
Also you are not guaranteed that rate will still be around end of December.

sloughflint

Keith601 wrote: »

I am beginning to understand what has been going on. But What Halifax have done is to Receive the final Standing order payment on the 14th November. Then on the 18th November add the 11 months interest, and transfer all the Savings in The Regular Savings account to the Web Saving account. Which then automatically starts the process all over again on 12th December. I have tried to Transfer £250 into the Regular savings account to cover November, But I am prevented from doing it. So It seems I will only get 11 months Interest next year. Bit Sneaky if you ask me.

Just to be clear...
The reason Halifax wouldn't allow you to transfer back into the account is because you have already used this month's allowance (payment on the 14th) so if you keep that account going, the earliest you can now fund it is 01/12.

Keith601

I shall be ringing Halifax's Complaints dept this morning, To ask for a Breakdown on how they calculated the interest on my Wife's account, and also for an explanation, as to why it is implied that savers get 1yrs interest, when in fact they only get 11 months. If you use this link to go to there own Calculator. http://www.halifax.co.uk/savings/cal...r3.asp?ver=hfx and do a comparison with Martin's Calculator. http://www.moneysavingexpert.com/sav...st#savingscalc (using 12*£250 Payments) It appears you still will not get the full Interest, regardless of when the account is opened.

sloughflint

Keith, there isn't much to complain about.
Savers could get a year's interest if they paid immediately.Eg 18 Nov to 18th Oct in your case last year.
As YB said, you lost an opportunity by having a SO so late.
My post above merely optimises things.