Halifax Regular Saver

Lady_K

Thanx I wondered if I might have to do that.

Has anyone made a mistake and put 13 payments in during the year?

Paul_Herring

Lady_K wrote: »

Has anyone made a mistake and put 13 payments in during the year?

13 payments went in during my first year with them (first payment was 24th of the month; I moved the SO to the 1st after and didn't change it,) I managed to get slightly more interest that year, and they moved all the money on the anniversary, so the account was empty from the 24th to the 1st.

They didn't penalise me if that's what you're wondering.

mau408

I've had a Regular Saver with Halifax for 3+ years but never closed it and it has just run through however I'm toggling with thw the idea that when the interest and final balance goes to nominated account at the end of the year (anniversary date 17th), closing the account and opening a new regular saver straight away.
My Reasoning:
(Note it would happen if the account was opened mid to late in a month.)
Year 1 Opened say 17th with £250
Then change SO to 1st of each month.
End of year 1 paid 13 payments.
shut account just after anniversary
open new account same/next day pay £250
change SO to 1st.....etc

Can anyone find fault with this? Or has anyone already done this?

Paul_Herring

mau408 wrote:

Can anyone find fault with this?

Yes. It's a lot of effort to gain less than a quid. I wouldn't bother with it.

mau408

Thanks for the reply Paul, 'less than a quid'. Crikey - thats less than I thought, but pondering it through I guess you are right. I guess its a question of whether you really have a philosophy about pennies making a pound, etc or not and shifting paper.

cookieliz

When I started a regular saver 3 years ago I was told that at the end of the 12 months I should transfer the savings to another account so I transfer to my ISA. If the 7% is carried forward then why did they advise me to transfer, surely I would have been better leaving it in the regular saver.
Any advice?

RayWolfe

No, you can't leave the money in the account. It has to start over each year even though it's automatic.

elektra

Opened a regular saver today with £250.

Now I need to setup standing order, I'm a little confused. Asked him if it had to be from th 14th next month. He said no, it can be anyday but should be the same day thereafter. So can I set it for say 4th of the month ?

He also implied I can only change the amount once, but it seems to imply on websites I can make other deposits up to max £250. Do these other deposits also have to be standing order ?

Have just closed monthly saver to open this one, so what I can thinking is setting the standing order up with the same amount it was, then use some of the balance of closed mthly saver to top reg saver up to £250 each month.

Paul_Herring

Now I need to setup standing order, I'm a little confused. Asked him if it had to be from th 14th next month. He said no, it can be anyday but should be the same day thereafter. So can I set it for say 4th of the month ?

My first deposit was dated 24th of Feb. Thereafter I set the SO to be transfered on the 1st - the 1st March being the first.

He also implied I can only change the amount once, but it seems to imply on websites I can make other deposits up to max £250. Do these other deposits also have to be standing order ?

Pass. I've never bothered messing with the amount or attempting to add more than one deposit at a time.

Kazza242

elektra wrote: »

Now I need to setup standing order, I'm a little confused. Asked him if it had to be from th 14th next month. He said no, it can be anyday but should be the same day thereafter. So can I set it for say 4th of the month ?

Your standing order can be set to any day of the month, provided the payment hits the regular saver no later than the 28th of the month. See the terms and conditions regarding this stipulation, here.

elektra wrote: »

He also implied I can only change the amount once, but it seems to imply on websites I can make other deposits up to max £250. Do these other deposits also have to be standing order ?

He has advised you incorrectly here. The monthly amount can be changed as many times as you like, but your monthly payment must be at least £25 to a maximum of £250. You can also make multiple payments in one month provided they do not, when added together, exceed £250 in one month. They must be by standing order.