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

opinions4u

vestigial8 wrote: »

I guess some of you have received your interest by now and as our one matures tomorrow I wondered if you got your 5% without any problems. We both recall being seduced into opening the account by a poster in the window offering 6% which we think was 5% plus a 1% bonus on the anniversary. Does anyone else recall this (in August 2009)?

There was definitely no 1% bonus advertised at any time on the Regular Saver account.

johnmoney05

vestigial8 wrote: »

I guess some of you have received your interest by now and as our one matures tomorrow I wondered if you got your 5% without any problems. We both recall being seduced into opening the account by a poster in the window offering 6% which we think was 5% plus a 1% bonus on the anniversary. Does anyone else recall this (in August 2009)?

You should have taken a picture of that poster. Remember do it next time. But I didn't recall it with any bonus myself.

vestigial8

Thanks you.

Well, we got 5% after all; I guess it must have been false memory syndrome

Anyway, I was too scared to cancel the SO which fell due today lest it mucked the whole thing up and so £500 has gone into the now matured Regular Saver. Somewhat predictably, I cannot transfer it back using online banking but I have cancelled the SO. I guess I need to go into the branch to close the account and get the £500 back. Would I be correct in that assumption?

I have decided to keep up the £500 monthly payments whilst I can afford it, but to put it into my Barclays savings pot against my offset mortgage (currently 1.49%). I know I could probably get more in a different institution's regular saver account but the interest differntial on these amounts of capital hardly seems worth it; any views?

apt

Presuming you can use the £6,000 from your matured Halifax Regular saver I would go down the Lloyds Vantage rate as the interest rate (4% gross) is considerably higher. Plus its instant access so you could move it immediately to offset your mortgage if interest rates change.

C_Mababejive

Regular savings accounts are a con and a mugs game...

Here,see how little you earn..

http://www.e-gismos.com/savings.asp

exel1966

C_Mababejive wrote: »

Regular savings accounts are a con and a mugs game...

Here,see how little you earn..

http://www.e-gismos.com/savings.asp

LOL - You obviously don't have a clue ! :rotfl:

daniel598

vestigial8 wrote: »

I guess I need to go into the branch to close the account and get the £500 back. Would I be correct in that assumption?

You can close this over the phone and have the funds returned to your nominated account. If you go to the branch their most likely to put you on the phone to do it.

opinions4u

C_Mababejive wrote: »

Regular savings accounts are a con and a mugs game...

Here,see how little you earn..

http://www.e-gismos.com/savings.asp

So, if you saved £200 a month in to a regular saver account paying 4%, would it pay less than paying it in to an easy access account paying 2.8%?

Who's the mug?

C_Mababejive

opinions4u wrote: »

So, if you saved £200 a month in to a regular saver account paying 4%, would it pay less than paying it in to an easy access account paying 2.8%?

Who's the mug?

All im saying is that banks are hooking people in with rates that look attractive in todays criminal market and many people are not getting back what they think they might get back.

According to my sums, £200 per month for 12 months at 4% Gross =£44.49 interest minus tax

Its hardly earth shattering is it?

Then factoring in the effects of inflation..well..you might as well

a)spend it

b)Keep it in the safe at home and deny criminal banks the use of it

c)throw caution to the wind and buy high yielding stock (at the right price)

jimbow25

C_Mababejive wrote: »

banks are hooking people in with rates that look attractive in todays criminal market and many people are not getting back what they think they might get back.

That's their own stupid fault, normally.

People often seem to think they're earning a great rate of X% for the whole year on money they haven't paid in yet - that's not the bank's fault, just a lack of understanding of how interest is paid and calculated by the customer.