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

exel1966

C_Mababejive wrote: »

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)

And unsurprisingly those very same customers are getting exactly the same rates as displayed and offered. Criminal !!!!

opinions4u

C_Mababejive wrote: »

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.

Actually, what you said was "Regular savings accounts are a con and a mugs game" when the truth is that many of them offer better value than conventional savings accounts for those who save regularly.

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

I actually think that's exactly what the low interest rate policy intended to achieve. It's certainly an option.

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

Well, if you'd rather earn nothing than 4% go for it. As I asked earlier, who's the mug?

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

Not good advice for somebody saving up the deposit for a house, wedding or holiday though.

C_Mababejive

I tend to do option C. It has paid off quite well.

I guess it depends how cautious you are.

metrobus

vestigial8 wrote: »

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?

The same happened to me.

Was it possible to go in branch and close the new acc and withdraw the £500 over the counter ?

Honkycat

I can only see a 2% regular saver rate going by the link in the first post. :doh:Can someone point me in the right direction?

Thanks.

KTF

The 5% rate is long gone. Its 2% now as the website states. The original post on this was July 2009.