Questions about Halifax Regular Saver

blueberrypie

I have opened a Halifax Regular Saver account for each of my children and intend to put the maximum £100 into each of them each month. I have two questions that I haven't been able to find answers for on either this site or Halifax's.

First - I understand that after one year, the funds will transfer into the Save4It accounts which are linked to them - but can I, at that time, open a new Halifax Regular Saver account for each of them and start dripping £100/month into that? Or is it a one-time-only deal, or will they refuse to open another Regular Saver within a certain period after the first one is closed?

Second - the monthly payment into the account has to arrive before the 28th of each month. Is there any benefit to setting up the standing orders for an earlier date - would the interest be increased by doing this?

Thanks in advance :-)

JimLad

Interest will be calculated daily so adding your funds around the beginning of the month will give it more time to gain interest. The difference will be marginal though so dont worry to much.

I should imagine you will be able to open another regular saver next year.

By the way, are you sure £100 is the maximum? I have a halifax regular and i can put £500 a month in

YorkshireBoy

1) http://www.halifax.co.uk/savings/ImportantInfo/ImpInfo_ChildRegSaver.asp (see 'Maturity')

2) Yes.

Poppy9

As soon as one regular saver finishes you can do another. Each parent can do one each for their children.

You can move the money from the SAVEIT account once it's been credited back into a regular saver account monthly but you will have to transfer it from the child's account to your account to the regular saver.

blueberrypie

JimLad wrote: »

By the way, are you sure £100 is the maximum? I have a halifax regular and i can put £500 a month in

On the Child Regular Saver, the monthly deposit has to be between £10 and £100 each month.

The interest rate of 8% softens the blow ;-)

Thanks to all those who replied :-)

SGE1

Does anyone know which interest rate is applicable - the one that was on offer when the account was opened, or the one that was applicable at the time the first payment was made? The website doesn't seem to specify.

YorkshireBoy

SGE1 wrote: »

Does anyone know which interest rate is applicable - the one that was on offer when the account was opened, or the one that was applicable at the time the first payment was made? The website doesn't seem to specify.

http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf (page 8, key features, 3rd bullet)

rb10

The interest rate is fixed when you fund the account, not when the account was opened. So, on opening, it's a good idea to fund asap, as the rates could well go down.