Halifax Regular Saver rate now 5% 17/07/09!

oldfella

Also, how could I maximise the interest earned if my first deposit is say 18.07.09? For the remaining 11 payments (£500?), should this be set up for the 1st of the month?

My calculations will give around £10 more interest - am I correct?

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to maximise interest make the first payment as late as possible, say 25th, and the rest on the 1st. All payments by Faster Payments.

johnmoney05

My old regular saver expired on 11 July 2009. Didn't make any deposit since then.
Needed to call them this morning to close the old one and open a new 5% regular saver. It took almost 7 mins! I would rather just ask them to close the old one, then open a new one myself on the internet.

jcb208

Just closed my 4% one and was told I can open a new one straight away but still showing online as open so looks like I will have to wait .Any ideas how long it takes to show up as closed

td_007

jcb208 wrote: »

Just closed my 4% one and was told I can open a new one straight away but still showing online as open so looks like I will have to wait .Any ideas how long it takes to show up as closed

Got my 4% closed via phone and money transferred to Websaver and it showed up as closed immediately. I was asked to wait for at least 3 hours before opening the 5% a/c. However, I could not open the 5% and when I called up again I was told that you need to wait for 24 hours while their system updates overnight. So it is tomorrow then.....

td_007

OnlyMe_08 wrote: »

Also, how could I maximise the interest earned if my first deposit is say 18.07.09? For the remaining 11 payments (£500?), should this be set up for the 1st of the month?

Yes...

OnlyMe_08 wrote: »

My calculations will give around £10 more interest - am I correct?

About £26 at basic tax rate. Use this calculator

kempstar

RayWolfe wrote: »

My RS expired 2nd July; last payment made 3rd June; 6K + interest transferred to nominated account. RS now shows zero.
I think I'm right that if I transfer £500 to the existing account after 17th July but before 28th the old account will get reinstated at 5% without me having to open a new one.
Is that correct?

Hello

I am in a similary situation, last payment made 3rd June, RS expired 3rd July. Why would I need to make a payment before 28th July?

Thanks in advance
Christian

noh

RayWolfe wrote: »

My RS expired 2nd July; last payment made 3rd June; 6K + interest transferred to nominated account. RS now shows zero.
I think I'm right that if I transfer £500 to the existing account after 17th July but before 28th the old account will get reinstated at 5% without me having to open a new one.
Is that correct?

No.
You need to close the existing account and open a new one to get the 5%.
The reason being that the interest rate that applies to the account is the one in force on the anniversary of the account funding. 2nd July in your case.

from http://www.halifax.co.uk/savings/regularsaver.asp

"1 year fixed rate set when opening credit received and on the anniversary of that date."

RayWolfe

Mmmm. Interesting.
Phoned to cancel existing account (can't do it on line), was told not necessary as money put in to reinstate account would be a rate prevailing on that date.
Left it for a while.
Phoned another advisor after a few hours and got same reply, no need to cancel to get 5% (if that was the rate when new money arrived. Pointed out the contradiction to the point you made above and was categorically assured that 5% was the rate.
Might go into a branch on Monday to check there. .......... not that they will know! <sigh>
Trouble is, on this account, I seem to remember that they don't show the rate on the Internet banking screen so it's difficult to check the rate that you are getting.

Dagobert

RayWolfe wrote: »

Trouble is, on this account, I seem to remember that they don't show the rate on the Internet banking screen

Correct. The rate is not displayed.

opinions4u

RayWolfe wrote: »

Mmmm. Interesting.
Phoned to cancel existing account (can't do it on line), was told not necessary as money put in to reinstate account would be a rate prevailing on that date.
Left it for a while.
Phoned another advisor after a few hours and got same reply, no need to cancel to get 5% (if that was the rate when new money arrived. Pointed out the contradiction to the point you made above and was categorically assured that 5% was the rate.
Might go into a branch on Monday to check there. .......... not that they will know! <sigh>
Trouble is, on this account, I seem to remember that they don't show the rate on the Internet banking screen so it's difficult to check the rate that you are getting.

I must admit, I thought it would be 5% if you allow it to rollover. That condition has got me worrying! And they show the underlying Web Saver rate on the branch systems! They should send out confirmation of your rate though.