Halifax Regular Saver Early Closure

katey2kat

Greets all,
Martins article on Halifax Regular Saver says:

"Miss a payment or withdraw any cash and the account is closed and the interest up to that date is credited... "

Perhaps I misunderstood what this meant cos when I was about to open a HRS account the other day they said that if the account is closed - for whatever reason - *before* 12 months the interest is paid at 4% and not at the full 6%.

So I went for the Monthly Saver instead at 5.3% :'(

K

Milarky

I believe the interest earned reverts to the 'online instant access' rate - which would be about 5% [But I'm not au fait with the exact account and rates, and stand to be corrected]

However, if you 'default' on the Monthly Saver account also do you not lose interest as well - in which case, would it pay as much as the '4' [or '5'?] percent the Regular Saver woud pay on default?

What I'm suggesting is that you could have 'both' accounts if you don't trust yourself to make 12 payments into the higher rate account, and stand to lose very little by doing so..

However, with Abbey offering 6.5% now, you might be better advised to stick any 'extra' regular savings in that 'pot' instead

..as ever, check on all the conditions around the account - but it doesn't look to be that bad

katey2kat

>However, if you 'default' on the Monthly Saver account also do you not lose interest as well <

Apparently not! Well that's what I was told anyway and you can make 1 or 2 withdrawals each year w/out penalty.

Yes am gonna have a look at the Abbey 6.fiver ::)

K