Halifax Regular Saver Interest

sloughflint

Keith601 wrote: »

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.

To put it another way, as I'm not sure exactly what you haven't quite understood.
Halifax and MSE calculator pretty much agree:
Halifax:
If you input 250 and again 250....you get £116.22
MSE calculator gives you: £112.57
Another approximation is 6.5*250*0.07= £113.75

They all pretty much agree and are approximations. To get exact figures, you would need that spreadsheet and dates ( to allow for BH etc).

I'm not sure you'll get much joy with the complaints line. I have found bank staff to have a pretty miserable understanding of interest calculations.

Come back to us if you are still not sure but in a nutshell, that was your problem. You should have funded the account straightaway ( to get 12 or even 13 payments in)