Halifax £5 per month current account

The_pc_tech

Standing order faster payments aren't actioned on weekends/bank holidays but if you do it as a manual payment it will be there within two hours normally but they say it can take up to 24 irrespective of the day.

MoneySaverLog

At the end of the 12 months you have to take your money out the regular savers, but you can then start again with new money by opening up a new regular saver.

MoneySaverLog

guitarman001 wrote: »

I assume the interest from First Direct and HSBC is paid monthly?


Just saw your new post. I will probably set up all SOs with plenty of notice. E.g. £550 to HSBC 1st of the month. £300 to 1st Account (then regular saver) 5th of the month. £250 to HSBC saver on the 5th of the month as well.

Interest is paid on the anniversary and not monthly.

MoneySaverLog

The_pc_tech wrote: »

Standing order faster payments aren't actioned on weekends/bank holidays but if you do it as a manual payment it will be there within two hours normally but they say it can take up to 24 irrespective of the day.

Payments into the regular savers have to go by standing order.

I could in theory put the £550 across by faster payment but doing it by standing order means I don't have to worry about forgetting it one month, not that I would

guitarman001

Paid annually? What if (not that I plan to) you have to close the account early? No interest? Again, not that I plan to!

Just applied for a regular HSBC current account... will get docs in a couple of days, register for online banking and then apply for the 6% saver.

MoneySaverLog

When you say regular current account I'm assuming this is the bank account as you need this account i.e. did it say you have to fund the account with at least £500 a month?

AFAIK if you take the money out before the 12 months you don't get the 8% or 6% on the account but a pitiful rate of interest.

guitarman001

Yes, the normal HSBC bank account.
I can't find where it says about having to pay £500 into this account, though.

MoneySaverLog

It's in the eligibility requirements for the account...

"Will you be paying at least £500 per month into this account?
(Should you fail to make the £500 monthly payment required to maintain your account, we will either change it to a Current Account or give you notice that we will be closing your account. If you are under the age of 24, the qualification criteria will not apply)."

guitarman001

I see it now... Damn, they need proof of address and one month's bank balance slip... looks like I'll be waiting a while to complete that application!

Cypherite

I'm a bit confused.

With the Lloyds Vantage (3%) you can earn up to £148 a year yet with the First Direct Regular Savings Account at 8% you only earn £124.