Halifax Regular Saver 12 or 13 payments?

rb10

No, I think your spreadsheet is correct, you'd be £17.something better by making the payment after the anniversary.

In your calculation ( 365*0.04-17*0.1)*250/365 , why 250?

Putting 500 instead of 250 gives £17.67.

sloughflint

Thanks for that. I saw your £8 and when my calculation tallied with what you put,I doubted the spreadsheet. We got there in the end.
And I've realised I should have put 16 rather than 17 which gives the required £17.81.:wall:

anticlaus105

Ok....now I've gone cross-eyed.

rb10

anticlaus105 wrote: »

Ok....now I've gone cross-eyed.

So basically ...

If you want to continue next year, make your payment on 1st June as normal, then change the standing order to be for 18th July. After this has gone through, change the standing order back to the first of each month for August onwards. This will give you around £17 more than if you left the standing order for the first of the month right through (although this option would still be ok for the T&Cs of the account, it just doesn't make you as much interest).

If you don't want to continue next year, then wait until the payment on 1st July has gone out, and then cancel the standing order.

Mikeyorks

anticlaus105 wrote: »

Ok....now I've gone cross-eyed.

I don't blame you

As you clearly indicated the anniversary date was at the month end. And a different poster (#12) has managed to drag you back to the 18th? And all the calculations with it!

Lets put it this way ..... I have 2 x RSs (both expecting to return 12%) and I will definitely be making a 13th payment on the 1st June (anniversary 20th). In my case it's because it's extremely unlikely (re-cycled money ... and feeder accounts too low % to warrant it) I will go into a 2nd year.

In your case ..... the advice to go with a 13th payment on the 1st July is because (your 2nd post) you seemed hesitant about continuity. Allied to the fact that an anniversary right at the month end (although you didn't give the exact date) starts to give complications in the 2nd year if you start to switch an SO to the 28th or after.

Net result ....... I would make the 13th payment - with close to a month for it to generate interest.

sloughflint

Mikeyorks wrote: »

In your case ..... the advice to go with a 13th payment on the 1st July is because (your 2nd post) you seemed hesitant about continuity. Allied to the fact that an anniversary right at the month end (although you didn't give the exact date) starts to give complications in the 2nd year if you start to switch an SO to the 28th or after.

Net result ....... I would make the 13th payment - with close to a month for it to generate interest.

It's rare that I disagree with you, but I do on this one, Mikeyorks.

What is clear is that a 13th payment should be made on this product if at all possible.The question is when?

If people know that they do not wish to continue with the RS then the obvious answer is the beginning of the month as normal. End of story.

If the RS is going to be run into a second year however (I dare say people will probably have some idea by the end of June whether the rate is attractive to keep it going) then it is worthwhile waiting until after the anniversary date to make the 13th payment (unless OP took out the RS on 28/07/08 and paid in cash on that day- was that even allowed, I wonder?)

Even if OP had started/funded the RS on 27th (impossible as it was a Sunday), it's not that difficult to ensure that funds reach the account on the 28th (a Tuesday this year) and readjust to month start thereafter.
The mere fact that some people have late-in- the- month starting RSs should not put them off postponing payment number 13 after reading this thread. They just need to look carefully at their specific dates and be aware of how long funds take to reach the account if from an external source.

[the reason I am focusing on the 28th btw in case it's been forgotten, is because the T&Cs state that payments must reach the account on or before the 28th of each month]

mau408

I have a regular saver and regularly make several standing orders to it in a month so long as I don't go over the £500. You can try to put most of it in at the beginning - if you are a little short you can move the standing order around to add the additional at the end of the month up to the maximum. Anyhow the Barclays Reg (best ont market at mo I think) T&Cs annoying only let you standing order 12 times. Annoyingly so.
For halifax just need online access to alter standing order. Not sure whether I'm off a beaten track here - just trying to help.