Halifax Regular Saver

Lady_K

When the end of the 12 months is up and they transfer the amount plus interest into your selected account has anyone been successful in carrying on this saver for another year? I know that some people have said you can still credit the account but its if they acually recieved the full interest at the end of the second year that I'm wondering?

LittleVoice

I'm not at the end of the second year but why do you think you wouldn't get the full interest as you do for the first?

Lady_K

Well because its really supposed to be a one year account isnt it. The Lloyds one specifically stated before they changed it recently that thiers was for 2 years which is why people were saying it was a big advantage over halifax reg saver so I just wondered if anyone had problems actually getting the proper interest at the end of a second year with them because you can still credit it

You never know they could just pull it at any time in the 2nd year if they wanted to so I'm wondering even though I dont have a current account with Lloyds to just start a new one with them when this ones finished wit halifax, its just a bit more hassle to set up another current account but theirs seems less strict on loss of interest if you cant pay in at some stage or forget or something

Old_Slaphead

I'm in my 3rd year and have received (and expect to receive) the full 7% interest.

ctdctd

I think at the end of year one, the regular saver is converted to a different low interest account - you can still contibute to it, but at the lower rate of interest.

If you want a regular saver for another year, I think you need to start a new Regular Saver from scratch.

RayWolfe

Lady_K wrote: »

Well because its really supposed to be a one year account isnt it. The Lloyds one specifically stated before they changed it recently that thiers was for 2 years which is why people were saying it was a big advantage over halifax reg saver so I just wondered if anyone had problems actually getting the proper interest at the end of a second year with them because you can still credit it

You are getting confused by the fact that the Lloyd's scheme keeps the first years contributions and thus gives you interest at the end of year two based upon 24 months payments. Halifax, and most of the others wipe the slate at the end of each year and therefore you get interest based upon 12 months each year.
I have had the Halifax account for three years and can assure you that you get the FULL interest for a year every year.

Careful_ly

I to have had this account for 3 years and comfirm that gets the 7% interest.
I haven't carried on making payments since mine matured, as I'm hoping that with all the talk of an interest rate rise, that they may release an updated one with a higher interest rate. I'm directing my cash in the meantime to Yorkshire Building society, which is 7%, but variable.

Old_Slaphead

ctdctd wrote: »

I think at the end of year one, the regular saver is converted to a different low interest account - you can still contibute to it, but at the lower rate of interest.

If you want a regular saver for another year, I think you need to start a new Regular Saver from scratch.

You don't need to start new RS - just keep SO, or whatever in place, and continue making payts. The accumulated RS balance + interest at end of year gets swept into a websaver. Just keep an eye online to make sure that it happens - then you can transfer funds or use it to continue making regular payments with.

butterfly72

ctdctd wrote: »

I think at the end of year one, the regular saver is converted to a different low interest account - you can still contibute to it, but at the lower rate of interest.

If you want a regular saver for another year, I think you need to start a new Regular Saver from scratch.

I'm not sure you are correct here. When I opened mine I had to open a bog standard low interest savings account at the same time. When the Regular Saver matured the money was automatically transfered to the low interest savings account. The RS remained opened and I just continued with the payments. I'm into my 3rd one now and its been 7% each year.

Paul_Herring

I'm in my 3rd year

I merely kept the SO going from my current account for the 2nd year.

For the 3rd (this) year I swapped the SO from my current account to my websaver account for the first month's payment, so at the end of year 2 the money (+interest) went from the Regular Saver to the WebSaver, then the WS now funds the RS.

This gives me 2 benefits:

1) There are now 0 days transfer delay (instead of the usual 3-5 days delay from my current account) between the two accounts since they're with the same institution.

2) I no longer have to factor in the £250 per month coming from my current account.

Granted this only works if you have £3000 to spare at the end of the RS period.

To answer your other question, they've calculated the interest correctly for the first 2 years.

buses7675

Paul_Herring wrote: »

I'm in my 3rd year

I merely kept the SO going from my current account for the 2nd year.

For the 3rd (this) year I swapped the SO from my current account to my websaver account for the first month's payment, so at the end of year 2 the money (+interest) went from the Regular Saver to the WebSaver, then the WS now funds the RS.

This gives me 2 benefits:

1) There are now 0 days transfer delay (instead of the usual 3-5 days delay from my current account) between the two accounts since they're with the same institution.

2) I no longer have to factor in the £250 per month coming from my current account.

Granted this only works if you have £3000 to spare at the end of the RS period.

To answer your other question, they've calculated the interest correctly for the first 2 years.

Doesn't the money into the Regular Saver have to come from a non-Halifax/Bank of Scotland account?

Cheers

Steve