When Halifax Regular Savings matures, remove from web saver account ASAP

Wyndham

10%! 10%? 10%!!!!

Yes, I have one too that matures at the end of June. But it's less than a year and look at rates now. It feels like it was a very different world back then......

Christa1

My daughter's RS and mine were both started last June?july? Last payment is July but we are only getting 7%, did the rates drop from 10% to 7% in that short space of time or was this linked to having to open another account? We both have Haliax web savers for the money to transfer into but neither are paying much ineterst.

opinions4u

Christa1 wrote: »

My daughter's RS and mine were both started last June?july? Last payment is July but we are only getting 7%, did the rates drop from 10% to 7% in that short space of time or was this linked to having to open another account? We both have Haliax web savers for the money to transfer into but neither are paying much ineterst.

I may be wrong with these dates but here goes:

First funded prior to 9th June: 7%
First funded between 9th June and 20th July: 10% (12% if you had more than £5k in your nominated account)
First Funded after 20th July: 7% (10% if you had more than £10k in your nominated account).

Hope this helps.

Agent_C

apt wrote: »

Mr Fishbulb unless you opened your 10% regular saver right at the start of June you could also squeeze out more interest by making a 13th payment on 1 June.

I would be a bit careful with making more than one payment in a month. I have been making the maximum £500 a month payment into my Halifax regular saver, but one month I didn't have the funds available as they were floating in the Kaupthing ether, so I reduced that month's payment to the minimum £25. A week later the funds arrived and I called Halifax and asked if I could make a payment of £475, and they said no, if you made more than one payment a month then you forfeited the 10%.

rb10

Agent_C wrote: »

I would be a bit careful with making more than one payment in a month. I have been making the maximum £500 a month payment into my Halifax regular saver, but one month I didn't have the funds available as they were floating in the Kaupthing ether, so I reduced that month's payment to the minimum £25. A week later the funds arrived and I called Halifax and asked if I could make a payment of £475, and they said no, if you made more than one payment a month then you forfeited the 10%.

No, that's not what apt was suggesting.

It is, in most cases, possible to get 13 payments from a Regular Saver. For example, mine was opened 20th June last year, so that was the first payment. Then on 1st July '08 I made my second payment, third on 1st Aug, ..., 12th on 1st May, but then the RS doesn't mature until 20th June, so I can squeeze another one in on 1st June. Hence, I am only paying in once per month, but because I count the first and last months, I can get 13 payments.

apt

Yes that's what I was suggesting. Of course it has a knock-on effect for the following year if you are keeping the account open. But it is worth it because of the disparity in interest rates - 10% to 4% - plus you can avoid any knock-on by closing the Regular Saver after the year is up and opening a new one.

rb10

apt wrote: »

Yes that's what I was suggesting. Of course it has a knock-on effect for the following year if you are keeping the account open. But it is worth it because of the disparity in interest rates - 10% to 4% - plus you can avoid any knock-on by closing the Regular Saver after the year is up and opening a new one.

I wouldn't be surprised if the rate went up, to say, 6 or 7% during the summer this year, to try to keep the Regular Savers going. Otherwise, they'll see a huge number being closed.

SuiDreams

So making a 13th payment does not commit you to take out the regular saver for the following year then?

apt

The Regular Saver starts again for another year automatically, so if you want to stop you have to tell the Halifax anyway. A 13th payment does not make a difference in that respect.

10_66

Agent_C wrote: »

I would be a bit careful with making more than one payment in a month. I have been making the maximum £500 a month payment into my Halifax regular saver, but one month I didn't have the funds available as they were floating in the Kaupthing ether, so I reduced that month's payment to the minimum £25. A week later the funds arrived and I called Halifax and asked if I could make a payment of £475, and they said no, if you made more than one payment a month then you forfeited the 10%.

This situation was discussed on a thread last year when the 10% (12%) was on offer, and as usual with Halifax some people were told one thing by Halifax and others were told something else. Below is an extract from how the offer was advertised by Halifax at the time (from a screen print that I took). I'm keeping my fingers crossed that you can make more than one payment per month (which is what I was told when I rang them).

"Set up a monthly standing order from your bank account - you can make additional deposits by standing order too, as long as the total each month doesn't exceed £500."