Halifax Regular Saver 7%

Paul_Varjak

My understanding is that when the Regular Saver ceases and the money is transferred to your Websaver (or any other Halifax account) you can start the process again with a new Regular Saver account.

But you can only transfer money from a current account into the Regular Saver Account. So this is what I do:

1. 23rd of each month: Transfer £700 from Halifax Websaver to Halifax Current Account
2. 24th of each month: Transfer £250 from Halifax Current Account to Halifax Regular Saver account. Transfer £200 from Halifax Current Account to Halifax Websaver Account.

This enasures that I have at least £1,000 going into the Halifax Current Account each month so that I earn the top rate of interest on the Current Account.

System

Paul, that is a most useful post. I had been thinking of transfering it to my normal account, and doing what i am doing now but if i do as you say, i can just transfer from the websaver at £250 a month and when thats all gone in, i can transfer from my current account as the months go on. I dont suppose you know what the interest rate is on the websaver do you?

Milarky

Paul_Varjak wrote:

My understanding is that when the Regular Saver ceases and the money is transferred to your Websaver (or any other Halifax account) you can start the process again with a new Regular Saver account.

But you can only transfer money from a current account into the Regular Saver Account. So this is what I do:

1. 23rd of each month: Transfer £700 from Halifax Websaver to Halifax Current Account
2. 24th of each month: Transfer £250 from Halifax Current Account to Halifax Regular Saver account. Transfer £200 from Halifax Current Account to Halifax Websaver Account.

This ensures that I have at least £1,000 going into the Halifax Current Account each month so that I earn the top rate of interest on the Current Account.

Surely the £1,000 credit needs to come from non-Halifax accounts - otherwise it just becomes an 'internal transfer'? Are you sure this is working for you?

Also, is it not possible to feed the Regular Saver account from a Websaver if you can set up standing orders to any account [including non-Halifax ones] from WS? What would Halifax have against using the money in this way?

monki_man

with the websaver can you just close the account and withdraw all the money out? Rather than transfering from websaver to halifax current account? Its just as I dont use the current account ive done a switch to Lloyds and hopefully receive some £ for switching accounts.

Paul_Varjak

I must admit I do not know if it is working yet as I have only just started doing it. There does not appear to be anything in the T&C's preventing you from benefitting (unlike A&L which do not allow this).

I did ask at the branch and they did say that I could get the higher interest rate as it did not matter what the source of the credits were.

The Websaver Account pays me 4.9% AER. But this is because I do not have a cashcard. If I had a cashcard, the rate would be lower. You cannot feed the Regular Saver Account direct from the Websaver Account - Halifax won't allow it. However when the REgular Saver Account matures the balance can be transferred to the Web Saver Account. You then open up a new Regular Saver account and start the process again!

If you cash-in the Regular Saver account account early the interest rate drops to the Werbsaver rate (I believe) so you don't lose out anyway!

Speculator

Can anyone confirm that only 12 monthly payments are allowed into the account?

If so, I will delete my standing order.

Aark

I think you can continue the standing order and start saving for another year in the same account at an interest rate fixed at current rates (i.e. 7%). There was something to this effect in a Halifax interest rates booklet they sent me a couple of weeks ago, but I can't find it now and can't remember exactly what it said.

I couldn't see an explanation of what exactly the process is at the anniversary on the Halifax website, but maybe they will update it before the end of February.

Edit:

Extract from Halifax booklet - Variable interest rates - Savings - 16 October 2004

Fixed rate savings

Halifax Regular Saver
7.07% AER, 7.00% gross p.a., 5.60% net p.a. (as at 16 October 2004)

• Save monthly from £25 up to £250
• One payment per month by standing order
• Balance and interest transferred to your nominated easy access Halifax savings account (please see account conditions for details) one year after receipt of first payment and on each anniversary of that date
• Interest rates fixed for 12 month periods on receipt of first payment and on each anniversary of that date
• No withdrawals allowed
• No missed payments otherwise interest paid at current rate for Halifax Web Saver option without cash card
• UK resident personal customers only. One account per person
• Accounts may not be held in joint names

Sue_A_4

I've just opened a regular saver account at 7%. I was told that, when the 12 months are up and the money goes into my web account, as long as I continue my standing order my regular saver account will be "live" and I will get whatever the going rate is at that time.

Although Halifax are aiming this at new customers, I was told that the best way to get the higher rate on savings (all my money currently goes into the websaver account) was to open a Halifax Current Account with £10, make a standing order from my web saver to the current account on, say the first of each month, and another standing order from the current account to the regular saver on the following day. As long as the money's in the current account for 24 hours it's OK, and they don't care if you zero that account each month. A bit long-winded maybe, :rolleyes: but it was their suggestion!

deemy2004

Thats what I do !

Websaver to current then next day to the monthly 7% saver. Also do it for the start of the month so you maximise the interest

lipidicman

So the account empties on aniversary and the process starts again. I assume you get the new rate.

A new question if the offer closes to new customers will the offer close to existing customers? I guess they would just set a poor rate to get rid of us!

Mine is feeding into a instant saver - i dont have the web saver. I understand I can use this as a 'feeder' for the ISA direct (ie transfer from the inst sav to the ISA online) Anyone have the ISA direct? (5.15% seems pretty good, Abbey is postal (and Abbey!) and A&L has a transfer penalty) How have you found it?