Halifax 7% regular saver

Innys

ash9955,

I have not had any problem paying into this account from an external current account i.e. a non Halifax one. I think most people on this site use regular avers which don't require the fund to be paid in from a related current account.

Therefire, you can drip feed the cash to a regular saver account from an already high interest paying savings account. I suggest you check out Martin's article, follow this link...http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1108401263,93536,

I

regularsaver1

These are how all regular saver's works, not just Halifax's - the first month will always earn more interest than the last month

like oldfella says - it is on a growing balance

humfer

I have a Halifax and its probably still the best regular saver out there which doesn't require you to bank with them, which say the likes of Lloyds and A&L do

bristol_pilot

If you bank with Halifax anyway, then by all means open one of these accounts. I have one and its fine but its really a gimmick.

The problem with this and many similar accounts is that you can only pay in up to £250 per month, the account is cleared out at the end of the year and then you start all over again with a zero balance. The total interest you will receive after the year is so small that you may think it not worth the trouble of opening the account - providing your id and everything - unless you already bank with Halifax. If you are saving over a period of several years, you may prefer a regular savings account that pays a high rate on the whole of the current balance including that built up in previous years. You will not find one of these paying 7% though.

regularsaver1

if people have a lump sum than yes, but some people can only save, by using some of their monthly income

schiff

Most of us I guess have very complicated financial 'arrangements' - being MSE'ers guarantees that!

With stoozing CCs, moving money around to get eg Tesco points(!), diving into accounts that give you cashback for a limited time (HSBC), going for regular savers paying fancy rates, CCs where you pay only 3% per month off your day to day expenditure, and so on. With money churning round like this, it makes sense to have some of it getting 7% (Halifax), 10% (Brad & Bing), 7.5% (my current RS Portman ISA) etc.

And it's incorrect to say that you are getting any less than the headline rate on any of your money. If you have £100 in a 7% account, you get 7% every day (even in a regular saver!); in a rubbish current account you get possibly 0.5%.

No comparison.

schiff

lazza_w

schiff wrote:

If you have £100 in a 7% account, you get 7% every day (even in a regular saver!)

schiff

Wow, 7% interest every day - where can I get one of these accounts? If I've worked it out right, by the end of the first month £100 should have grown to £761!

schiff

lazza_w wrote:

Wow, 7% interest every day - where can I get one of these accounts? If I've worked it out right, by the end of the first month £100 should have grown to £761!

Sorry to have got you so excited! I guess you knew what I meant?

schiff :rotfl:

lazza_w

Oh well, I can dream! I guess I'll have to take up loan sharking and drug running to get those kinds of returns!

By the way, Ipswich BS have an 8.25% regular saver which you can pay in up to £250 per month BUT the interest rate is not fixed, so there is some risk with it

kenshaz

lazza_w wrote:

Oh well, I can dream! I guess I'll have to take up loan sharking and drug running to get those kinds of returns!

By the way, Ipswich BS have an 8.25% regular saver which you can pay in up to £250 per month BUT the interest rate is not fixed, so there is some risk with it

Yes but interest rates are going up at the moment ,so that is a dis-advantage of Halifax,until next year and the start of another regular saver.I use it to build up a fund for my cash ISA.