Confused with my Halifax Regular Saver please help!

drink-stella

Hi

I opened a Halifax Regular Saver in June last year, the first payment was made on the 30th June 08 and my maturity date is 30th June 09

Every subsquent payment I have made since on the 2nd of each month

I understand I have to fund the account every month which I have done, but by the 30th June 09 if I continue making my payments on the 2nd of each month I will have made 13 payments into my regular saver

Is this allowed? or should I only have 12 monthly payments, please advise very confused over this

rb10

No, that's fine. You are allowed to make a 13th payment. Many people do, as they make their standing order to be earlier in the month, to maximise interest.

SpinnerB

I find the 13 month payment confusing as well. I think there is a thread which explains how to do it (I seem to remeber it is about when you set up the DD's)

This is not helpful info sorry - don't hit thanks

opinions4u

13 payments is absolutely fine.

On a previous Halifax Regular Saver I also made 2 payments in one calendar month (under the total monthly limit) and it accepted this and paid the full interest too.

Not sure if the T&Cs specifically allow this, but assuming their systems do, it suggests you can make up to 26 payments by standing order within the year!

Warning: don't blame me if you try this and earn naff all at the end of the term! Just saying it worked in the past for me!

Mikeyorks

Yes it's allowed. In fact with an anniversary date that late in the month ... it's difficult to avoid in the 1st year (you can't make payments after the 28th .... so you had to bring subsequent ones forward). And you should make the 13th one - as it will earn interest for most of the month, as you're paying early.

But do bear in mind the 13th payment will be swept out to your nominated account (along with the other 12 + interest) on the anniversary. If you decide to continue a 2nd year ... put the 1st payment in 1st / 2nd July. Then monthly ..... and it settles down to 12 payments for that and any subsequent years.