Halifax Regular Saver 7.00% (Fixed)

Saver-Rob

Just wondered on peoples thoughts on this fixed rate regular saver? Just put by between £25 and £500 a month via Standing Order. I particuarly like the access online which many now lack.

http://www.halifax.co.uk/savings/regularsaver.asp

My question would be if it can only be funded through Standing Order would the deposit have to be the same amount each month?

Thanks all.

EDIT: Answered my own question: You can change the amount of your monthly payment at any time without notice, but you must continue to pay at least £25 by standing order each month.

Is it quick and easy to change a Standing Order?

amaialondon

I just open similar account with barclays. The interest is 6% pa pay monthly, you can save between £25 - £250 monthly but it you withdraw any money that month the interest will drop to 3%.. As the Halifax one you need to set up a standing order and it takes 3 working days for the standing order to be set up and for any change to be valid. So basically if next month you want to save less or more you may need to amend the standing order at least 3 to 4 days before the money is collected for you account for the standing order.

opinions4u

It's a spot on account.

Here are the things you need to be aware of:

1) If you close it early you only get about 2% interest.
2) You need to have a linked savings account that the proceeds go in to on maturity - that account may or may not have a decent rate, depending on their offers at the time.
3) It rolls over automatically in to subsequent years unless you cancel that standing order - so if you don't want this to happen, remember to cancel!!

As for amending standing orders, I do mine online. Most banks will also do it over the phone or in branch. 2 minutes work.

rb10

opinions4u wrote: »

It's a spot on account.

Here are the things you need to be aware of:

1) If you close it early you only get about 2% interest.
2) You need to have a linked savings account that the proceeds go in to on maturity - that account may or may not have a decent rate, depending on their offers at the time.

But you can just open the linked savings account with £1 (if the account has a poor rate), and then remember to transfer it all out once the Regular Saver matures.

opinions4u wrote: »

3) It rolls over automatically in to subsequent years unless you cancel that standing order - so if you don't want this to happen, remember to cancel!!

They'll write to you a few weeks before maturity explaining this.

opinions4u wrote: »

As for amending standing orders, I do mine online. Most banks will also do it over the phone or in branch. 2 minutes work.

Same here, is no effort at all, and you should be able to do it up until the working day before the SO is due to go out.

Saver-Rob

Thanks for all replies.

Its something I am going to apply for and see how it goes. Seems a nice account to tuck a few £ into each month. At the end I would simply transfer all of the money back into my current account when possible and start the process again elsewhere.

Saver-Rob

All applied for now. Seems like a pain to set up but it has apparently been approved. No further information yet but am expecting some paperwork in the post.

opinions4u

Saver-Rob wrote: »

All applied for now. Seems like a pain to set up but it has apparently been approved. No further information yet but am expecting some paperwork in the post.

Once you're up and running with their online service, you'll never want to use anybody else. Would expect you to want to transfer your current account to them in the not too distant future to keep even easier control over your money!

It's just the initial application process that isn't superb.

Saver-Rob

I have been used to pretty good service thus far (sainsburys, B&B) in terms of ease of use so fingers crossed here too.

I am heading off to the branch with my documents this afternoon. What info will I need - the account number and sort code that I have been given along with the identity documents they require? I wont be too soon will I (ie computers not updated yet)?

opinions4u

Saver-Rob wrote: »

I have been used to pretty good service thus far (sainsburys, B&B) in terms of ease of use so fingers crossed here too.

I am heading off to the branch with my documents this afternoon. What info will I need - the account number and sort code that I have been given along with the identity documents they require? I wont be too soon will I (ie computers not updated yet)?

The branch usually prefer the 2/...... roll number, but should be okay to work off sort code and account number. Good luck (maybe make your December deposit too ... just in case they pull the rate soon).

Saver-Rob

I have the roll number written down too.

The application gave me 2 details at the end. My account no / sort code / roll no and also details for my 'nominated account'. I guess this is the web saver they have set up for me?

Thanks for all your help by the way.

fullstop

Saver-Rob wrote: »

I have been used to pretty good service thus far (sainsburys, B&B) in terms of ease of use so fingers crossed here too.

I am heading off to the branch with my documents this afternoon. What info will I need - the account number and sort code that I have been given along with the identity documents they require? I wont be too soon will I (ie computers not updated yet)?

Take along a passport if you have one and a utility bill with your name and address on.