Halifax Regular Saver 7.00% (Fixed)

tripled

Bugga - I applied for one a couple of days ago so looks like I have just missed out. Oh well, still not that bad a rate.

Mr_K

I wouldn't worry. 7% is a pants rate and Regular Savers are a waste of time...

See my excellent thread on the subject
http://forums.moneysavingexpert.com/showthread.html?t=1322507
(though everyone disagreed with me :rolleyes: )

You'd be better off putting your monthly money into a stock and shares ISA.

Tony_R

Mr_K wrote: »

I wouldn't worry. 7% is a pants rate and Regular Savers are a waste of time...

See my excellent thread on the subject
http://forums.moneysavingexpert.com/showthread.html?t=1322507
(though everyone disagreed with me :rolleyes: )

You'd be better off putting your monthly money into a stock and shares ISA.

The reason I chose a Regular saver is because it is saving money monthly which I do not have yet.

I have all my other savings in Cash ISAs, bonds etc. But I want to get the best rate of interest going forward on a monthly basis for the next year.

I don't really want to stick it in a Stocks and Shares ISA as I'm going to need the money in a yeara and dont want to run the risk of it dropping, to top up my other savings and use as a deposit on a flat in early 2010.

supersavor

fullstop wrote: »

That seems unfair if the account was set up before the rates were changed, Tony R should be entitled to the rate that was advertised.

unfortuantley tony r will g the lower rate as when doing a telephone application for this it mentions your rate will be the rate when the money first clears into the account.

been reading this forum for months and finally registered so i could let some of you guys know about the rate change .
someone beat me to it :rotfl:

Saver-Rob

cottager wrote: »

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

Hi there. Thanks alot for your post. Indeed I did set up my first SO for January 2nd 09 therefore nothing is going out this month apart from the first cheque for the account to set it up.

I have been at work all day and have come home to find the rate has dropped 1% and before I had even a chance to put any money in. I even went to the bank with my ID to set it all up in person...

So looks like I have been shafted again and another bank account which I wont use.

Is there anything I can do...?

LucyTheDwarf

Well 6% isn't that bad a rate in these times...

Saver-Rob

Thanks but I didnt apply for 6% and wont be taking them up on it. Just looking for advice from anybody in the same situation or has some ideas of what I can do.

I will try phoning them tomorrow.

LucyTheDwarf

You might be in luck... but all the same, you might not.

Who is your current account with?

HSBC have a regular saver at 8% if you have their current account advance (free), or 10% if you have HSBC plus (£12.95pm - pfft!) but you can only put in £250 a month maximum. You also need to fund the current account advance with £500 a month, but if you're organised with your money perhaps you could keep your current current account but just put £500 into HSBC, and out again, to qualify for the current account advance.

HSBC have lovely online banking too.

Saver-Rob

Thanks for the advice. I'm just fuming this has happened and am wondering if any of it is worthwhile or if I should just leave it with my current bank and let it earn me just a few pounds a month.

Tibbledom

Principality Building Society are still offering a 7% fixed rate 12 month saver. Can contribute up to £500 per month.

Only downside is you have to apply by post and the money gets transferred into a lower paying branch account at the end of the 12 months.

Can't imagine it will be around for much longer. So be quick. If you apply tonight the process will generate an application form that you send back to them with the initial cheque, if you get this back to them within 5 working days you SHOULD (but can't say for sure) be OK even if they pull the account tomorrow.

Have applied myself. See

http://www.principality.co.uk/default.aspx?page=548