Halifax Regular Saver 7.00% (Fixed)

rb10

Saver-Rob wrote: »

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?

The rate is fixed on the day you pay in the opening deposit. If you hand in a cheque over the counter at a branch, the day you pay it in is what counts, not the day it clears.

Saver-Rob wrote: »

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?

No. The interest is calculated daily on the balance in your account. So for the first month, you would have £500, the second month £1000, and so on.

A rough rule for calculating regular saver interest is to multiply your monthly deposit (i.e. £500) by 6.5, and then apply the rate. This gives £182 interest after 20% tax.

You can increase this slightly by making your first deposit now, then all subsequent ones on the 1st of each month (just not before! as then you may make 2 in a month).

Although this interest may not seem like much, remember that the money is elsewhere for the rest of the year. If you are drip-feeding, it'll be earning interest from it's source as well.

Saver-Rob

Thanks for that. Well I never was good @ maths. Which isnt helpful with this...

I will have to get my deposit in ASAP, unfortunately the earliest that will be is mid next week as the money is has got to be moved from another savings account into my current account first. Fingers crossed for the rate..... :eek:

Saver-Rob

Update:

Just received an email back with yet another version:

[FONT=&quot]Dear Mr X[/FONT]

[FONT=&quot]We confirm that to date we have not received your application.[/FONT]

[FONT=&quot]Any applications for the account received will be honoured up to the end of business on Friday.[/FONT]

[FONT=&quot]Regards[/FONT]

[FONT=&quot]SCS Savings Team

[/FONT]
Well seeing as that is just 2 days I have no hope of getting it in on time. So thats me shafted.

monkeymaster

Anyone know if you can have 2 regular savers open with them at the same time? I signed up to the 12% one about 6 months ago - would be nice to have this one as well...

etyek

Mikeyorks wrote: »

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.

Cheers for the info, but just to clarify - is it possible to amend a standing order online? I've opened an account and already set up the standing order for tomorrow, but based on your recommendation, it would make more sense to alter this to the 1st once the initial SO has gone through...

Saver-Rob

I have just set mine up through my Natwest Online Banking.

I am not sure whether to put my initial deposit in through a cheque (paid into my local branch) or does it have to be a standing order?

rb10

Saver-Rob wrote: »

I have just set mine up through my Natwest Online Banking.

I am not sure whether to put my initial deposit in through a cheque (paid into my local branch) or does it have to be a standing order?

Initial deposit can be either cheque or cash or standing order.

etyek wrote: »

Cheers for the info, but just to clarify - is it possible to amend a standing order online? I've opened an account and already set up the standing order for tomorrow, but based on your recommendation, it would make more sense to alter this to the 1st once the initial SO has gone through...

Should be able to, it depends on whether your bank allows you to.

monkeymaster wrote: »

Anyone know if you can have 2 regular savers open with them at the same time? I signed up to the 12% one about 6 months ago - would be nice to have this one as well...

Unfortunately not, it's limited to one per person.

opinions4u

monkeymaster wrote: »

Anyone know if you can have 2 regular savers open with them at the same time? I signed up to the 12% one about 6 months ago - would be nice to have this one as well...

One per person. So if you have a significant other, use their entitlement!

If you have kids, try the Children's Regular Saver up to £100 a month.

If your not up to £500 a month on the 12% deal, increase your standing order!!

Always a way!!

cottager

Saver-Rob wrote: »

I have just set mine up through my Natwest Online Banking.
I am not sure whether to put my initial deposit in through a cheque (paid into my local branch) or does it have to be a standing order?

Saver-Rob, reading this it seems you set up your SO at NatWest online before asking if you could pay the initial deposit by cheque at the branch? If so, you might need to be careful here. When did you ask for the SO to start?

If January, from Month 2 onwards, there's no problem.

But if you set it to begin immediately/ASAP, i.e. intending it originally for the first December payment as well, stopping it now may not be straightforward (as rb10 points out to etyek above).

I imagine it depends how long it takes for a new SO arrangement to become operational in the NatWest system and for them to send out the first payment. There may be a window of opportunity, but I'm not sure. I'm with NatWest and my understanding with SOs is it can take a couple of days for new arrangements to get up and running... although I haven't set up a new one for a little while admittedly, so this may have changed.

If you have now decided to fund your first payment by cheque instead, to secure the rate, try amending the NatWest SO start date online straight away (to January, for Month 2 onwards), and take careful note of the message this produces. I also suggest you phone NatWest/NWOLB at the earliest opportunity to check if the first December payment is already 'committed' or if it can be stopped -- before paying a cheque into Halifax. If you can do this tonight, while the SO arrangement is still 'new', so much the better (I haven't checked their hours).

If it cannot now be stopped, then I don't believe you should pay a cheque into Halifax as well, because (since I think you're intending the pay the maximum of £500 per month?) you would exceed the monthly limit.

If you hadn't been intending to pay in the full allowance every month, it may have given you the leeway to make both a cheque deposit and an SO payment in the first month (I think?), and still keep below the £500 monthly limit.

Good luck

fullstop

Saver-Rob wrote: »

I have just set mine up through my Natwest Online Banking.

I am not sure whether to put my initial deposit in through a cheque (paid into my local branch) or does it have to be a standing order?

You can pay a cheque in a branch for say £25.00 , just to get the account up and running and then set up a SO for later in the month to put in the rest of your first months deposit. You can always change the date of the SO later.