HALIFAX REGULAR SAVER - ripped off

ED

Indeed there is something to be said for simplicity.

I use the same method as grumbler, when evaluating whether or not to open an account.

However, if I suspect interest received is wrong, I use the longer method outlined by the MSE poster who rose to the challenge of tabulation not being possible currently in this forum.

lipidicman

I have had some horrible posts as I didnt realise that the spaces would be dropped (just like HTML, can you use   here?

Lets try      right now!

ED wrote:

Robert_Sterling - Closed down? Halifax's 7% gross Regular Saver is still offered here :

http://www.halifax.co.uk/savings/regularsaver.shtml

I think he meant that just as the interest paid per month grows, the year is up and the account closes, not the offer!

monki_man

Am i right in saying that the money would be better off in a high savings account such as A&L online saver if someone had three grand to invest (if they've used all their isa amount) ?

As you can take out the money/put in the money whenever you want & can put in as much as you want (well £25k in A&L's case)

Viz_2

ED wrote:

Robert_Sterling - Closed down? Halifax's 7% gross Regular Saver is still offered here :

http://www.halifax.co.uk/savings/regularsaver.shtml

I think he means you get £3000 in there earning 7% then its closed because the 12 months are up.

lipidicman

monki_man wrote:

Am i right in saying that the money would be better off in a high savings account such as A&L online saver if someone had three grand to invest (if they've used all their isa amount) ?

As you can take out the money/put in the money whenever you want & can put in as much as you want (well £25k in A&L's case)

.....and then drip fed into the halifax so you approximately get 1500x7.0% and 1500x5.35%

Leia_Stephens

Viz wrote:

I think he means you get £3000 in there earning 7% then its closed because the 12 months are up.

Actually, I don't think the RS a/c is closed after 12 months. Apparently the money and interest earned is "swept" out of it, but the standing orders into it can still continue into a second and subsequent years.

Leia

ED

lipidicman + Viz, thanks for clarifying Robert was referring to the anniversary of Halifax's first year Regular Saver causing the account balance to be transferred-out.

Leia is right. Unless the customer chooses to cancel the SO, the Regular Saver continues for a 2nd year (starting with zero balance). Halifax supplies an annual statement upon the anniversary, stating the rate is now 7%.

Derbyshire Bdg Soc let the funds carrying on earning 5.85% gross. As deposits can be as much as £1,000 per month, perhaps this may benefit some readers, here.

Leia_Stephens

ED wrote:

Leia is right. Unless the customer chooses to cancel the SO, the Regular Saver continues for a 2nd year (starting with zero balance). Halifax supplies an annual statement upon the anniversary, stating the rate is now 7%.

Thank you, ED :j . It feels good to be right, for a change .

ED wrote:

Derbyshire Bdg Soc let the funds carrying on earning 5.85% gross. As deposits can be as much as £1,000 per month, perhaps this may benefit some readers, here.

Before I knew that the RS standing orders could continue and that the rate would go up to 7% I was thinking of moving my regular savings to the Derbyshire Bdg Soc, now I don't know .

Leia

flea72

i wasnt sure when mine finished, so i checked with my bank, and my SO to halifax has been deleted, and all the money swept into a savings account

so i presume its not continuous, and i would have to set up a new one?

grumbler

Leia_Stephens wrote:

... the standing orders into it can still continue into a second and subsequent years.

This is true if Halifax set up the SO for you (with no end date).
If you set up it yourself (as I did - for 11 payments) you possiblly shoud edit it before it vanishes after the last payment or set up a new one if SO already disappeared.