The Halifax 7% Regular Savers Account

System

Which leads me to an important point: when I do inter-account transfers where I have my current account and a linked savings account, they take effect the same day. Does this happen with standing orders from the Hfx Websaver to the Hfx Regular Saver? Sounds as if judi would know from actual experience?

Yes. My standing order is for the first of the month, it leaves my websaver on the 1st and goes into my regular saver the same day. I dont know when they calculate the interest from though.

Its a far better than feeding it from an external source.

schiff

Thanks Judi - that's the info I wanted!

I'm a bit surprised that you have not done calculations to verify whether the interest credited is close to what you work it out to be. I do it on all my investments with banks and building societies, apart from my current account where the balance changes almost daily! Sometimes the result agrees to the penny!

However having said all that, I would be very surprised if interest wasn't allowed from the 1st.

System

I'm a bit surprised that you have not done calculations to verify whether the interest credited is close to what you work it out to be. I do it on all my investments with banks and building societies, apart from my current account where the balance changes almost daily! Sometimes the result agrees to the penny!

Maths was never my strong point.:o

baldbloke_2

Can I just ask two things? Firstly - did the Halifax keep the same maturity date for the subsequent year(s) and secondly - did you have to make any repeat application at the end of the first year or did the money move to your nominated account on the anniversary date, the Regular Saver then revert to £0 and the Standing Order continue the next month as though nothing had happened?
I'm still thinking about this matter of moving the 12th SO to a date later than maturity to avoid having £3250 swept out - but I am a little concerned that the Halifax might see that as being a period of a month without a deposit being made. I wish the Halifax staff were better briefed on these matters.

grumbler

baldbloke wrote:

did the Halifax keep the same maturity date for the subsequent year(s)

I didn't have an opportunity to check this yet, but I guess the date is about the same.

did you have to make any repeat application at the end of the first year

No

or did the money move to your nominated account on the anniversary date, the Regular Saver then revert to £0 and the Standing Order continue the next month as though nothing had happened?

Yes, but it is worth checking your standing order - you have a full control over it.

I'm still thinking about this matter of moving the 12th SO to a date later than maturity to avoid having £3250 swept out - but I am a little concerned that the Halifax might see that as being a period of a month without a deposit being made. I wish the Halifax staff were better briefed on these matters.

See: Halifax Regular Saver Maturity

Kazza242

baldbloke wrote:

Can I just ask two things? Firstly - did the Halifax keep the same maturity date for the subsequent year(s)....

Yes. The month and day of maturity does not change from year to year.

baldbloke wrote:

and secondly - did you have to make any repeat application at the end of the first year or did the money move to your nominated account on the anniversary date, the Regular Saver then revert to £0 and the Standing Order continue the next month as though nothing had happened?

No - no repeat application was required. However, because my RS matures very early in April, I change my standing order for that month, so my first £250 hits the account the day after my RS matures. For May onwards I switch it back to the 1st of the month.

On maturity the money (capital + interest) was shifted into my nominated account. The RS then reverted back to a £0 balance. Whether your SO continues or not depends on what was specified when it was setup. I didn't specify an end date on mine.

baldbloke wrote:

I'm still thinking about this matter of moving the 12th SO to a date later than maturity to avoid having £3250 swept out - but I am a little concerned that the Halifax might see that as being a period of a month without a deposit being made. I wish the Halifax staff were better briefed on these matters.

After my 12th payment has gone in (making my RS balance £3K) I've always moved the SO because my RS matures early in the month. If your maturity date is not too late in the month, you could alter your SO so the payment hits your RS the day after maturity but - before the 28th of the month.

System

As i previously stated, i am in my second year of my regular saver. On the anniversary date of the previous year my money was transfered from my regular saver into the websaver, leaving a balance in my regular saver of £0. On the first of the month (as the same as the previous year), £250 went from my websaver into my regular savings account and has done ever since.

I can echo was Kazza242 has stated, the aniversary date, or the standing order date is unchanged.

I didnt have to make a repeat application at the end of the anniversary date, as long as the standing order is in place, and you dont withdraw it, it will carry on unless you have specified that you only want 12 payments to go out to that account. Mine is ongoing.

mary

Mine has gone exactly as said above. Mine is for the 1st of the month from March 1st and has just continued off loading and starting up all over again without changing anything. This is now my third year.

Robert_Sterling

There is not a "One answer fits everone" answer to your question.
However, for what it is worth, 7% Regular Saver is still 5.6% after tax.
ISA pays 4.75%.

Lady_K

Is this for 12 months only? 12 payments or 11?