Halifax 7% regular saver

sallysaver

Hi,
Anyone any views on this account. Was just about to open Yorkshire Building Society Regular Saver @ 5.50 but could Halifax be better @7%.Regards - Sallysaver

sloughflint

Halifax without a contest:
1.higher interest rate
2. can put more money in ( £250 as opposed to £100)

Deemy

sallysaver wrote:

Hi,
Anyone any views on this account. Was just about to open Yorkshire Building Society Regular Saver @ 5.50 but could Halifax be better @7%.Regards - Sallysaver

7% wins hands down !

Also the halifax regular saver is a straightforward recurring account, i.e. after it matures it starts up again its much better than the one off accounts. and easy to manage with a feeder accoutn such as the web saver.

jennifernil

I have this account, now in my third year using it, no problems. You need to also open another account for the matured funds to be paid into, suggest you open a Websaver.

System

I am on the second year of using my Halifax account and i rate it highly. It was a bit of a sod to open but ive not looked back since.

Kazza242

sallysaver wrote:

Hi,
Anyone any views on this account. Was just about to open Yorkshire Building Society Regular Saver @ 5.50 but could Halifax be better @7%.Regards - Sallysaver

I'm into the third year of using my Halifax RS account. As the rate, at 7%, is higher than that offered by YBS and allows you to deposit up to £250 per month compared to YBS' £100, I would definitely opt for the Halifax account. I've had no trouble operating it, and after it matures, I use the capital to fund a new mini cash ISA at the start of each tax year.

buses7675

Hi All,

Could anyone with an existing Halifax Regular Saver just confirm that when setting up the Standing Order (in my case from Cahoot using the online banking), you type the account no and sort code as normal, but put the Halifax Roll Number in the reference box?

Never had an account wtih a Roll Number before, so would just like to confirm!

Cheers

Steve

Sillychuckie

If you are using the sort code and account number of the regular saver account (which halifax have provided), you need not use the ROLL number at all.
Call the reference anything you like. In my case, it is "HFAX REG SVR", so then on your Cahoot statement, you can easily identify the regular sum leaving your account each month. I opted for the full £250.

I have checked with my standing order (from an A&L current account) and guarantee you, the ROLL number is not required.
However, if you choose to use it as the reference, you can, but I'd call it something more intuitive and recognisable to you.

Your choice really, doesn't actually matter.

bluesnice

I'm into my second year of this account. My first funded this years ISA.

I had one hiccup with mine when I opened the account. Basically, rather than paying into my regular saver the assistant at the branch set up the standing order to go into my websaver! The first I knew was when they closed my regualr saver. However, in fairness to them, after a phone call, they did reopen the regular saver and credit any interest I would have earned in the regular. So, its worth checking when you first open the account, that your standing order is going to the correcct account! (just to save you any hassle!)

ash9955

hi

just to let people know, this account really isnt very good. let me explain.


lets say you decide to put in £x per month, and interest rate of 7% per year (and this is what halifax said)

thus in month 1, you put in x and get 7% on it - i.e. 0.07x
and in month 2 you get 11/12 X o.o7x (because the money from month 2 only gets 11 months interest, and the same for month 3, 4, 5 and so on...


so we get the following calculation:

0.07x + 11/12(0.07x) + 10/12(0.07x) + ... +1/12(0.07x)
adding up the fractions gives 6.5(0.07x)
which equals the total interest recieved on the capital invested per month which is x


so for example investing £250 per month gives interest of
6.5 x 0.07 x 250 = 113.75. this is equal to a rate of 3.79% per year.


obviously this assumes you have the rest of the capital for the year earning zero interest in a current account but i believe this is accurate given the terms of the account (you must make a standing order from a current account.

in short it is better to use an account like nationwide e-saver which gives 4.75% straight up, since you cant have a standing order from a non current account according to halifax.

oldfella

wrong on 2 counts

its 7% a year on the growing balance

what rest of the capital - you can fund it from this months income, or feed your current account from a savings account. In any event I am not sure how Halifax would know where the money was coming from.

Mike