Halifax Regular Saver Maturity

buses7675

Hi All,

I set my account up this week, first payment accepted on 25th of April, thus the maturity date is now 25/04/2007, exactly 12 months later.

In order to maximise interest on the other months, I've altered by SO to now pay in on the 1st of any month, so the May payment will arrive next week. This now means though that by March 2007 the account will already have 12 payments in (thus £3000 as I intend to pay in the full £250), so what happens with the next payment that would be on April 1st, as the account won't mature for another 25 days after that!

Anyone any ideas?

Cheers

Steve

Kazza242

buses7675 wrote:

Hi All,

I set my account up this week, first payment accepted on 25th of April, thus the maturity date is now 25/04/2007, exactly 12 months later.

In order to maximise interest on the other months, I've altered by SO to now pay in on the 1st of any month, so the May payment will arrive next week. This now means though that by March 2007 the account will already have 12 payments in (thus £3000 as I intend to pay in the full £250), so what happens with the next payment that would be on April 1st, as the account won't mature for another 25 days after that!

Anyone any ideas?

Cheers

Steve

What you'll need to do just before April 2007, is change your SO date, to the date after your regular saver matures. In your case, you would need to ensure that your payment hits your RS account no earlier than the 26th April (but before the end of the month).

If you allow another payment to go in, before your regular saver matures, thus making it 13 payments, this will cause a problem if you wish to save into your regular saver for a second year. When your RS account matured, Halifax would sweep out the £3250 + interest into your nominated account. They would not allow you to re-deposit your April 2007 deposit - effectively your first payment, in your second year, in the month of April (2007), because of the 13th payment made earlier in the month. This means that for your second year, you may only be able to add 11 deposits instead of 12. A situation to be avoided, as it causes all sorts of hassle to resolve.

buses7675

Hi Kazza,

Thanks for that, I was thinking that may be a solution, only thing is it'll have to hit the account within three days, either 26th, 27th or 28th as the payment must be made by the 28th in any given month!

Should be okay is I set the SO next April to leave my account on the 24th, that way it should arrive on the 26th or 27th!

Cheers

Steve

Kazza242

buses7675 wrote:

Hi Kazza,

Should be okay is I set the SO next April to leave my account on the 24th, that way it should arrive on the 26th or 27th!

Cheers

Steve

Hi Steve,

What you've just said above is what I was suggesting in my post above yours . Alter your SO so that the payment hits the regular saver no earlier than the 26th, but before the 28th to ensure you don't miss the April payment.

someone

buses7675 wrote:

Hi Kazza,
...

Should be okay is I set the SO next April to leave my account on the 24th, that way it should arrive on the 26th or 27th!

...

Halifax messed my acount up and told me that i could pick any day between 1st and 28th for the SO (they got confused). I chose the 27th becaues my wages were been chaged to be paid in on the 26th. The SO went into the acount on the 29th and i contacted them several times to make shure would be ok. Dont know if they do this all the time but might do.

One more thing, the 1st or May is a bank holiday and i think this adds a day onto the SO procesing time (banks making money). You might want to move it to the 2nd so you get an extra days intrest and them move it back to the 1st

buses7675

Kazza242 wrote:

Hi Steve,

What you've just said above is what I was suggesting in my post above yours . Alter your SO so that the payment hits the regular saver no earlier than the 26th, but before the 28th to ensure you don't miss the April payment.

Hi Kazza,

I do have a habit of repeating what has already been said, just to make sure I've got the right end of the stick!

If I didn't make any payment at all next April, would it be possible to start payment for the next year in May 2007 to then run for 12 months from the first payment, or does it have to be the day after the previous years regular saver matures?

At a guess, they might close it if you didn't deposit next April, but it does make the boundaries quite tight for making the payment!

Cheers

Steve

Kazza242

buses7675 wrote:

Hi Kazza,

If I didn't make any payment at all next April, would it be possible to start payment for the next year in May 2007 to then run for 12 months from the first payment, or does it have to be the day after the previous years regular saver matures?

At a guess, they might close it if you didn't deposit next April, but it does make the boundaries quite tight for making the payment!

Cheers

Steve

Hi Steve,

Hmmm. I was wondering whether missing the April 2007 payment would cause you a problem, because Halifax will be expecting the 1st payment (in year 2) of the 12 consecutive monthly deposits to be made. If you didn't make a payment in April 2007, then I'm thinking this will cause a problem.

What I would do is:
After your 12th payment (in March 2007) into your RS (in year 1) change your SO, so that your first payment of year 2 would arrive in your RS on the 26th or 27th April 2007. After it hits your RS account, change your SO again, so that your second deposit (of year 2) and those thereafter hit the account on the 1st of each month (or as early in each month as possible).

I suppose it'd be like this:
Year 1 - RS 12th payment, hits account 1st March 2007 (or slightly later in the month).
* SO changed to later date in April 2007. Payment to hit account after RS (year 1) matures.
Year 1 RS - matures 25 April 2007.
Year 2 RS - first deposit hits account on 26th or 27th April.
* After the (year 2) first deposit has hit the RS, the SO is changed so that the second deposit and subsequent deposits hit the RS on the 1st of the month (or as early in the month as possible).
Your RS (year 2) final deposit would be made in March 2008.

I operate mine like described above. I have an external current account (CA) that receives my salary and a Halifax current account (CA). I send £250 from my external CA to my Halifax CA. My Halifax CA has an internal SO set up on it to send my monthly deposits to my RS on the 1st of every month. As they are internal, even if the 1st of the month falls on a Saturday, Sunday or bank holiday, it still goes into the RS on the 1st. I suppose I could change the SO so that my Halifax Web saver receives the deposits before forwarding them to the RS, but I'll leave it as is, as it's worked without problem for the last 2 years.

lipidicman

I decided to avoid the hassle this year and leave my SO alone. ie. the april payment went in on the 5th and took the balance to £3250, this is not a problem and all the money transferred out on the maturity date (21st april).

The disadvantage here is that the account will sit empty until may 5th when the next payment goes in. I could have delayed the payment until after the maturity, then on may 5th the balance would be up to £500 and I would earn a little more interest. I decided however not to mess with the SO for a few pounds after the problems I had last year (see above, when the staff told me I could pay in after the maturity even though the '13th payment' before had not be stopped. I couldn't, they were wrong, and my money went into holding and it took a meeting with the manager to get it back!)

david78

I have just found this thread. And very useful it is.

My first year matures on February 6th 2007 (the balance is now 12 X £250 = £3000), and most SO payments have been reaching the halifax regular saver account on 5th or 6th. So I have cancelled my standing order and set up a new one that leaves my current account on the 7th February (and subsequent months).

Does the maturity date change for the second (and subsequent) years, or will it remain the 6th February (2008, 2009 etc)? If it won't change then I think I will keep the 7th of each month as the date of the standing order and so will avoid having to change it each year.

Kazza242

david78 wrote:

Does the maturity date change for the second (and subsequent) years, or will it remain the 6th February 2007? If it won't change then I think I will keep the 7th of each month as the date of the standing order and so will avoid having to change it each year.

It will remain the 6th February 2007, 2008, 2009...,etc.

The dd/mm of maturity never changes from year to year.