Halifax Regular Saver 7% ???

opinions4u

jbennett wrote: »

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

Is this worth signing up for?
If you want to save between £25 and £500 a month for a year, it's a decent deal.

. I normally look at the APR and don't really know what the difference is between AER and APR.
APR relates to borrowing, AER relates to saving. They are both meant to be ways of comparing costs / benefits of each.

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?
As long as you open and fund before it's withdrawn, no problem. No signs that it's going to be withdrawn though. Walk in to a branch to set it up if you're worried it will be pulled.

cheers

I like the account and use it each year. Check out all the terms before signing up.

If you've got kids, their Children's Regular Saver works the same way but pays 10% on between £10 and £100 a month. Could be a sneaky way to save for next Xmas!

Stewster

Without trawling through all the terms and conditions, does anyone know off the top of their head if you can have more than one regular saver open with them ? Reason I ask is that I have one open already at 12% with the Halifax(the 10% one plus 2% bonus if you put 5k into a GSR account) and am looking at opening another one before they slash rates again.

I could open one with HSBC (as have current account advance with them) but don't fancy spending hours on the phone to India and also it only allows £250 a month against the Halifax's £500.

Mikeyorks

jbennett wrote: »

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

Unlikely they'll reduce it .... their Children's Regular Saver has been at 10% ever since inception 4 years ago. And they temporarily offered the adult version at 10% for a period back in July (?) ...... so I doubt the 7% is likely to dip.

But do bear in mind it's a 'Regular Saver' .... so if you put in £500 per month for a year (total £6k) - only the first £500 gets 7% for the full year. The next £500 gets 7% for 11 months and so on. The net result is that you will get around £227.50 gross in interest for the year ..... as the average money will only be in for 6.5 months.

Bit more illumination here :

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

Mikeyorks

Stewster wrote: »

does anyone know off the top of their head if you can have more than one regular saver open with them

Sorry - it's just the one. And (despite a few posts to the contrary) it is something their software checks if you attempt a 2nd one :-

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

.... right at the bottom :

Only one account per customer

opinions4u

Stewster wrote: »

Without trawling through all the terms and conditions, does anyone know off the top of their head if you can have more than one regular saver open with them ? Reason I ask is that I have one open already at 12% with the Halifax(the 10% one plus 2% bonus if you put 5k into a GSR account) and am looking at opening another one before they slash rates again.

I could open one with HSBC (as have current account advance with them) but don't fancy spending hours on the phone to India and also it only allows £250 a month against the Halifax's £500.

Halifax only allow one per person, so if you are funding with less than £500 you can increase to this or if you have a partner they can open one. Alternatively use your kids to get 10% on up to £100 each!

Stewster

Many thanks Mikeyorks and opinions4u - I already fund the existing account with 500 a month so will have to leave it at that.