Halifax savings accounts

mars_2

Hi Martin

what do you think of this.

At the moment the rate for a Halifax regular saver account is 6.05.

I have a Halifax web saver at 4.80 which i put money into now and again.

This is after i fill my ISA

If i saved the maximum £250 each month into a regular saver from my earnings and when i need to because it's above what i can save every month I transfered money from my web saver to my current account so it could be transferred once again back again to the Halifax as my regular monthly savings.

This would give me 1.25 % extra on the year and it all gets transferred back to my web saver at the end of the year.

Question how much would i lose transferring money arround if i did it every month if only for a couple of days and the intrest rate is fixed on the regular savings account when the web saver might go up in the next few months, I'm not sure if the regular savings rate will go up if i wait for month or two.

Robert_Sterling_3

The Haliax websaver pays 4.9% not 4.8%
You don't say whether your current account pays 3.0% or not.
Having a regular saver at the Higher Rate brings in an extra £16.50 approx  per annum before tax
and £13.20 after 20% tax as compared with leaving the same money in the Websaver.
The loss of interest from shifting the money around would be insignificant.
The reason there is not a lot to be gained from the Regular Saver account is because on average you only have £1500 in it.
Some people will consider the regular saver is worth the hassle some will decide it is not worth the hassle.
You also have to watch your back once the year ends.  If you are not careful they will transfer your money to a 30 day notice account I think

mars_2

Yes i just noticed on the Halifax site 4.9%

My current account is only 1.75% at present (maybe thats something to look at)

The money can be paid direct into my existing web saver.

Thanks for the help maybe £13.20 is not worth the hassle the web saver rate might go up in the next year I did read they havn't changed the rate for the regular saver for a while then if the interest rate is going to drop i will get 6.05% fixed for a year so maybe wait and see.

mitesh

I went in to the Halifax today to enquire about the regular saver. The nice chap behind the counter told me to wait till tommorrow as they are launching a new regular saver account with a new rate of interest.

Robert_Sterling_3

I wait with baited breath (Not).

johnllew

According to today's Working Lunch programme (BBC 2), the Regular Saver rate is being increased to 7%. Presumably we'll hear more about it in an announcement tomorrow.

Robert_Sterling_3

At first sight, or should I say before first sight, it looks rather tasty.
Will we be able to have one if we have already got a Halifax Regular Saver? Hmmm.