Halifax Regular Saver

Paul_Herring

buses7675 wrote: »

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

Apparantly this was (still is?) a condition of opening the account, but I learnt from other people on here who've been doing it for ages, that it still works anyway.

buses7675

Paul_Herring wrote: »

Apparantly this was (still is?) a condition of opening the account, but I learnt from other people on here who've been doing it for ages, that it still works anyway.

Ah, that does sound good then, even if you keep the money elsewhere (to get a better rate), you could send it to the Halifax Online Saver a few days before, (especially if the 1st of the month is a Monday for example, so you don't lose the weekends interest) and then tranfer into the Regular Saver on the 1st!

Cheers

Steve

ctdctd

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.

WRONG - Ignore me completely - I was thinking of my Abbey RS - Sorry, too many RS accounts:-(

Ted_Bloke

It seems to definitely say on their site http://www.halifax.co.uk/savings/savingsatglance.asp
that it is for 1 year. I also get confused between the various RSs, but I think I got a letter at the end of a year took out money and restarted, no reason for me to restart otherwise.
You should maybe check with them else you may be keeping it in a low interest acct.
Hfax is a bit chaotic in things like communications and keeping track of you if you change address.
I would also like to know hi-int accts. that let you accumulate yr after yr.
Only one I remember offhand is Scarboro BS.

ctdctd

Here it is straight from the Halifax site:T


"When the year’s up, your savings and interest are transferred into one of a choice of four Halifax savings accounts - you will be asked to choose which one when you open a Halifax Regular Saver. Your Regular Saver account remains open, the interest rate applicable at the time is fixed for another year and you simply continue to save. The ‘nominated account’ can be:

Variable Rate Halifax Web Saver – 5.00% AER (without cash card option), easy access and the convenience of managing your savings online
Halifax Premium Savings Direct - A telephone savings account giving you 24/7 access to your account, offering tiered interest up to 4.75% AER
Halifax Saver Reward - Traditional branch service with a passbook - get higher rates for larger balances and fewer withdrawals
Halifax Instant Saver - An instant access savings account with a cash card and tiered interest rates so the more you save, the more interest you earn"

regularsaver1

Basically by saying a year they are relating the year to the fixed interest rate (the following year may be different, but so far it has always been the same) and the fact you can't do any withdrawals until the money has transferred to the nominated account after a year

debbie42

buses7675 wrote: »

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

I recently set up one of these regular savings accounts (within the past two weeks). They actually automatically set up a SO from my Halifax current account when I asked them to. I wasn't aware of that as a condition, but as they said I could do it from my current account, it seems that it isn't necessarily the case.

david78

Once your account matures at the end of year 1, you can start saving for year 2. You will get whatever the fixed rate on this account is when you make the first payment at the start of each year -- currently 7%.

However, It is very important to move your standing order on a few days once the 12 payment has been made. This is needed to prevent the month 13 payment from reaching the account before the year 1 matures. Then you can just leave the standing order date alone, and carry on saving for years 2, 3, ...

Lady_K

I'm a bit confused about my regular saver final payment for the first year, I want to continue paying it once the money goes into my web account on the anniversary date.

My anniversary date is sept 4th 2007

I have made payments as follows:

(1) opening transaction sept 4th 2006 - £250
(2) oct 1st 2006 - £250 = bal £500
(3) nov 1st 2006 - £250 = bal £750
(4) dec 1st 2006 - £250 = bal £1000
(5) jan 1st 2007 - £250 = bal £1250
(6) feb 1st 2007 - £250 = bal £1500
(7) march 1st 2007 - £250 = bal £1750
(8) april 1st 2007 - £250 = bal £2000
(9) may 1st 2007 - £250 = bal £2250

So I'm confused as what to do with final payment and the first payment of the second year as my further payments for this year will go like this:

(10) june 1st 2007 - £250 = bal £2500
(11) july 1st 2007 - £250 = bal £2750
(12) aug 1st 2007 = bal £3000
(13) sept 1st 2007 = bal £3250

I thought you were only supposed to have £3000 in the saver at the end of the year?

How do I go about making my first payment for year 2 should I leave it to come out on October 1st 2007?

Should I be cancelling the sept 1st payment?
At the moment my standing order is set to come out the 1st of every month continual without an end date

Careful_ly

Lady_K

Alter your standing order payment for September to arrive after the 4th, you can then adjust back for your next 11 payments to the 1st.

HTH