Halifax Regular Saver 7% ???

miele_2

Hi all,

Am gutted about the interest rate drops. I waited 2 months for my natwest esaver to be worthwhile for use, (int + bonus), and today it's dropped to a ridiculous 4.47%aer. :mad:

Just seen the Halifax Regular Saver @ 7% Fixed.
How long will it take to set up? I am thinking of applying online and already have a current acc with them. Will it still be 7% by the time it's up and running?

Any info/advice would be much appreciated! Thanks

mars_2

I was already an online customer and set mine up in minutes.

jennifernil

If you already have an account with them it is usually only a few minutes to open another one. I opened a Websaver in 5 minutes yesterday.

rb10

As far as I know, the Regular Saver rate is fixed from the date the account is first funded, rather than the date it's opened. So as soon as you've opened it (as the others have said, probably 5 mins max!), probably best to transfer your first month's payment in from your current account.

If they were going to reduce the rates, I'd have expected them to have done it today with all the other rates, but as things are at the moment, I'd go for it asap - you never can tell what'll happen!

barak

miele wrote: »

Just seen the Halifax Regular Saver @ 7% Fixed.
How long will it take to set up? I am thinking of applying online and already have a current acc with them. Will it still be 7% by the time it's up and running?

Do it straight away! You've nothing to lose. As already said, if you are registered for online access, it will only take a few minutes to set up. [It'll probably work even if you aren't]. The fixed interest rate of 7% was heavily advertised over the weekend and so should be available for at least a week. :rolleyes:

miele_2

Thanks guys!!!! Great advice!!! :T I've just signed up.

Just out of curiousness...I was given 2 account numbers, 1= my new reg saver account number, 2= a nominated account which was completely different to my current acc details. What is it? Or did the system just make a mistake?

PS, I can't log onto my online banking to check it as I forgot my p/w and got to wait a few days for them to send me a new one. doh!

apt

The nominated account is where your money will go at the end of the one year term. You should then move it somewhere better ASAP.

miele_2

apt wrote: »

The nominated account is where your money will go at the end of the one year term. You should then move it somewhere better ASAP.

Thanks for that, apt

Mikeyorks

miele wrote: »

Just out of curiousness...I was given 2 account numbers,

The extra is a standard Web saver they've set up to receive the proceeds from your Reg Saver at the end of the year. So - leave it empty (the new % rate is rubbish) and then decide what to do in a year.

It's here ..... under 'Access' :

http://www.halifax.co.uk/savings/ImportantInfo/ImpInfo_RegularSaver.asp

Unfortunately you've opened the Reg Saver at the worst time of the month (no - not that kind - it won't be nasty to you for the next week ) ..... as it's a full month now before you can make your 2nd payment. (Trick is to get as much in as early as you can ... so opening mid-month and then getting the next payment in the following 1st is good. Also enables you to pack in 13 payments in the 1st year - without breaching the T&Cs) But realise your choice was limited .... but do get subsequent payments in as close to the 1st of the following month as is possible .... to maximise the interest.

miele_2

Mikeyorks wrote: »

Unfortunately you've opened the Reg Saver at the worst time of the month...

Great info! Yes, it was a rush decision due to the shock of the natwest int rate fall. I wish I had looked into this over the weekend and got it sorted then. Oh well. Thanks again

jbennett_2

Hi,
I've just been looking on the Halifax website myself and noticed the 7% AER interest account.

Is this worth signing up for?. I normally look at the APR and don't really know what the difference is between AER and APR.

Also it seems like it's still stating 7% but I wonder if I will actually get this as I may have left it too late?

cheers