Halifax 7% regular saver

oldfella

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.

---

probably not - I dont think any of the regular savers have gone up following the recent rate increase

Mike

Kazza242

oldfella wrote:

...probably not - I dont think any of the regular savers have gone up following the recent rate increase

Mike

Ipswich BS did, but only by 0.2%. They increased their rate from 8.05% to the current rate of 8.25%. Bath BS increased their regular saver rate by 0.75%, from 5.25% to 6%.

PoorDave

If you have a lump sum of several £k then you better off in an ISA paying 5% plus the whole time. If you have £250 or whatever spare per month you're better off going down the reg saver route, as you would get more interest @ 7% than paying in £250 pcm into your 5% ISA.

However, Alliance & Leicester's new 12% reg saver makes things a bit more tricky.

I look at it this way: your average balance in a £250pcm reg saver is 1500 across the year, 3k total at the end, so you get 7% (say) on 1500 (roughly). I reckon this is £105 gross interest.

However, at 12% gross @ A&L you're closer to the 5%+ untaxed you get on a good ISA i.e. it might make sense to route your cash through the reg saver

hot_chick_2

The Yorkshire B S Regular saver is worth a look as you can pay in between £10 and £500 a month and even miss one payment a year.
You can also make one part withdrawel a year without loosing the bonus.

You also don't need to have an existing account I beleive.

This account doesn't seem to be advertised very well by Yorkshire B S
at the moment.
It seems to be a lot more flexible than most other regular savers.

oldfella

the Yorks BS reg saver is also not time limited - instead it has a maximum ceiling of £20K

hot_chick_2

Good point oldfella.
The Yorks BS Reg Saver is also variable so if base rates go up as expected it could end up paying more than the Halifax 7% and you can have this rate on up to £20000 not the paltry £3000 maximum you can save over the one year with the Halifax.

YorkshireBoy

hot_chick wrote:

This account doesn't seem to be advertised very well by Yorkshire B S at the moment.

Although they class it as a branch based account, they told me this week that you can transfer into here from their 5.1% paying internet saver account - making it even more attractive.