halifax monthly saver matures

danster

Hi,
I currently have a standing order set up which pays a certain amount each month into my halifax reg saver account. my savings account matures later this month, so Im going to cancel my SO. Does anyone reccommend what i should do with the money that ive saved and teh money that im putting away each month? if i leave it as it is, the moeny ive saved will be automatically moved to their web saver account (earning 000.1% interest) and my SO automatically creates another monthly reg saver.
if theres somethig ive learnt from MSE forums, its not to just leave your money in one place.
thanks.

Dagobert

danster wrote:

moved to their web saver account (earning 000.1% interest)

Eh? The Web Saver attracts 5% interest.

LittleVoice

danster wrote:

Hi,
I currently have a standing order set up which pays a certain amount each month into my halifax reg saver account. my savings account matures later this month, so Im going to cancel my SO. .

Why cancel the SO? Are you unhappy with the return you are getting with the Regular Saver? Is it not still 7%?

danster

is The Web Saver 5%? oops!
yes, i may stick with it, just wanted to see if anyone knew of a better monthly saving scheme.

Kazza242

danster wrote:

Does anyone reccommend what i should do with the money that ive saved and teh money that im putting away each month?

Regarding the money you've already saved you could put it into a mini cash ISA if you haven't already used your allowance this tax year. If you have you could put it into a new isa from April 6th.

Onto the money that you're putting away each month. The Halifax regular saver is a competitive account at 7%. However, as you are continuing to save beyond a year have you thought about saving into a longer term regular saver. The Halifax account sweeps the money into a lower paying account after 1 year, whereas the longer term regular savers enable you to earn high rates of interest on your money and interest on your interest.

Good alternative options are the LTSB two year 8% monthly saver (if you don't mind opening a LTSB current account), and Yorkshire BS' 7% regular saver (allows you to continue saving until the balance reaches £20,000).

danster

thanks kazza, i already have a lloyds monthly saver, so ill take a look at the yorkshire reg saver.