Halifax Regular Saver 7.00% (Fixed)

Saver-Rob

I'm taking along my passport, driving licence (both parts), a bank statement and a mobile phone bill just in case!

fullstop

Saver-Rob wrote: »

I'm taking along my passport, driving licence (both parts), a bank statement and a mobile phone bill just in case!

Most banks and BS don't accept mobile phone statements.

Saver-Rob

Ahh ok. Well thats about all I have seeing as I live at home with parents and do not get any other bills.

Hmmmmmmmmm

Mikeyorks

rb10 wrote: »

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

Pretty sure that's not the case. They do with fixed rate products but with the RS (which is a continuity account ... unless you stop it) they merely drop the proceeds into your nominated account and zeroise the RS ready for the next year.

I had 2 x RS's running at 7% for 3 years (self + OH) ..... and fairly certain the only maturity instructions came from my diary note!;)

Saver-Rob

Well I'm pretty organised so I wont give them a chance to mess me about!

Thanks.

Mikeyorks

They won't mess you about. Just make sure you fund it with the max you can afford this month ... then get future payments in as close to the 1st of the next month (after ... not before, as 2 payments in a month not allowed) as possible, to maximise the interest. So that means going in and amending the SO date if you've set it up already.

With an anniversary date circa the 10th December (?) ...... it's not worth putting a 13th payment in around 1st Dec 09 (if you're going to continue the RS a further year). As you would only get 10 days interest (they repay all 13 payments + interest on the anniversary) .. and be unable to make a further payment in December. So you zap the SO after the 12th payment 1st Nov 09 ........ then set it up again to pay immediately after the anniversary date. Then amend it to go back to paying 1st Jan et seq.

It's a bit of faffing around initially .... but it only takes a few seconds if you've got it diarised or whatever. And, as others have said, their online system is excellent. Very slick and intuitive once you've got a bit familiar.

Starbug

I have a Halifax Regular Saver paying in the max each month. I like the fact i can't withdraw it without closure so it sort of forces me to stick within my budget

I also have my current account with them, the not so high intrest current account. The whole online service from Halifax is pretty impressive if i'm honest.

Saver-Rob

Hi all. Thanks for the replies and advice.

I have just been to the branch and proved my identity (they have taken copies of my passport and driving licence). They said that part it all setup but they couldnt advise me on the next step other than ask if I knew what it was! So as far as I know now I am expecting a letter in the post with login information.

Do I have to wait for this to arive before I make my initial deposit?!

rb10

No, you can make the initial deposit now. You can do it in branch, by cheque/cash/transfer from another Halifax account. The first deposit may be made in branch, all others have to be by Standing Order.

Alternatively, you can set up a standing order or one-off payment from your bank account, using the sort code and account number that you have.

Through the post, you will get the login info for internet banking - this just allows you to see the account online, and also, once you have made the deposit, you will get a certificate confirming the rate etc.

Saver-Rob

Thanks for that. I best get my first deposit in ASAP then.

Until my deposit has cleared is the rate still subject to change for me or has (now the account has been opened and identity confirmed) the rate now been fixed for me?

And if I were to pay £500 per month for 12 months @ 7.00% (5.60%) after 1 year I would earn (by my unsure calculations) £336 interest and a total balance of £6336. Am I way off mark with these numbers?