Regular Savings Accounts

ioscorpio

The Derbyshire Regular Saving Account only allows you to make 1 withdrawal per year or miss 1 payment, otherwise you lose the bonus.

MSE_Martin

This is true IOMEXICO - but that's the point about Regular Savers. In fact that is rather generous conditions, many dont allow any missed payments. Regular savers are only for those who can put money aside each month - though if you use my 'lump sum' tactic at the end of the article you can work round this.

Martin ;D

colpian

Quote from Customer Services at Derbyshire BS
"I can confirm that if you open the account [Regular Savings Account] and adhere to the rules you will receive 5% on the amount of investment you have in your account.
Our investment accounts are based on daily interest so however long you have the funds in the account for you wuill earn the bonus rate."

john.cliss

Hi,

Where is this Halifax 6% Savings account described in the latest Money Tips email? The Link is outdated, the Moneysupermarket Website does not list it, and also the Halifax website does not show it.

HELP!! ???

MSE_Martin

Just put regular savings account in speech marks on the search box on the main site. Also note the account starts on 1 March

Iangrayson

The 6% account that is available from 1st March. Will we be able to sign up to that over the counter, or is it via internet. Does anybody know? There doesn't seem to be any info on it on the Halifax website at present.

Iangrayson

Have just phoned Halifax on the number you advised. They have booked me a call-back for Monday when they will ring me and open the account over the phone. I then need to go to a branch with id and we are away! The lady said I did not need to be an existing customer. So hopefully this is a good way to avoid the queues.
She said appointments were fllling out on the call-back and were 24 hours, so if anyone wants to try suggest you give it a go. 8)

quinlanmd

I have accounts with all three:

Bath is in an anniversary year. The interest rate before the start of the year had been significantly less generous than it is currently. The 5.00% includes a short-term bonus for this year only of 0.9% (IIRC).

Cheshire rate has spiralled upwards over the last year to the current respectable level (my records suggest that the previous rate quoted on the website of 0% p.a. is an error!)

Hanley tends to do its own thing with savings rates, presumably keeping a very close eye on their mortgage book. Don't rely on this society to pass on full base rate changes.

To sum up, the rates for all three should remain close to the other accounts you mentioned for this year at least. They do not, however, tend to lead the Regular Savings rate table for extended periods.

Savvy_Sue

I am assuming you are both tax payers - in which case a cash ISA for safe savings is the first place to put your money - as 4.2% (best paying instant access ISA) is a lot better than a taxed 5%.
Martin

So how high does the rate of interest have to be before tax to compare with best 'no tax' ie ISA rate?

I was thinking it would be better to open one of the new regular Halifax accounts than get my cash ISA sorted, but Maths never was my strong point - and they don't make it obvious!

alexei_2

It depends on the rate at which you pay Income Tax. M&S have an ISA paying .5% above Base Rate - currently 4.5%. As the Base Rate is likely to continue rising then this is likely to soon overtake the Halifax return less tax. Don't forget the Halifax account is for max 1 year and is limited to £250 pm. With an ISA you can invest £3000 before the end of this tax year and another £3000 after 6 April 2004. The Halifax rate is only a headline grabbing rate - it falls back markedly after the year is up.