Regular Savings Accounts: The Best Currently Available List!

EagerLearner

Hi all, I have current accounts with both First Direct and Halifax.

I see that FD offer an 8% regular saver (1 year), but if you make a withdrawal you loose ALL the interest.

However, Halifax offer 10% and a withdrawal reduces the rate to just 4.36 as per the above post. Is that rate reduction for the month when you withdraw, or for the whole year?

Looks like for me the Halifax wins over FD, unless anyone has any tips/warnings?

quinlanmd

The Halifax account is the better one if you have to choose between the two.

You do not lose all the interest with First Direct - they pay on early closure the Savings Account rate (3.05%AER for balances between £250 and £4999).

EagerLearner

Thanks Quinlanmd - I guess Halifax still beats FD both on normal rate, and also on closure/withdrawal rate.

Overall, I am hoping this Regular Saver account with Halifax is better than any normal savings instant access account, as my ISA is now full?

Special_Saver2

Okay, I could not resist popping into an internet cafe to get online and check out the new Halifax regular savings account.

I have updated post 4 with information on the Halifax Regular Saver accounts - both the Halifax Regular Saver (UK based, now up to £500 per month) and Halifax International Regular Saver (offshore account, up to £2,000 per month, not covered by UK compensation rules, see post 4 for details) have increased their rates to 10% but you cannot simultaneously hold the old 7% versions and the new 10% versions. I have also provided a link to the discussion going on in another thread on all of this. I will also point out that the Halifax Regular Saver can now be opened over the internet if you are already signed up for online banking.

evosy1978

hello

what is the situation with the £5000 being in an halifax account to get you 12% on the regular saver.. Also what is the rate of the halifax account in question to get this extra rate on the regular saver?

Also could anyone tell me how much interest would be earnt if I put £500 p/m for 12 months at 10% and 12%.

thanks.

YorkshireBoy

evosy1978 wrote: »

what is the situation with the £5000 being in an halifax account to get you 12% on the regular saver.. Also what is the rate of the halifax account in question to get this extra rate on the regular saver?

Also could anyone tell me how much interest would be earnt if I put £500 p/m for 12 months at 10% and 12%.

At 240 posts, it's quite long...but the 'official' Halifax 10% thread should answer all your questions...

http://forums.moneysavingexpert.com/showthread.html?t=942779

Woodyrocks

I see that the YBS reg saver is no longer mentioned but I still have one that has been open for over a year now and funded with the max allowed per month. Whilst the rate has got steadily worse as we all know and with the emergence of the rather attractive Halifax 10%, I am now considering opening one and closing my YBS (transferring the closing balance to my A&l esaver) -

BUT after using the new reg saver calculator fandangle posted by MSE Dan, I see that even with the low rate YBS is currently offering I would still be earning more interest in the coming year keeping the YBS account going as is rather than switching to Halifax.

Has anyone got any views on this? Am I right in sticking or should I be jumping ship (yet again) in search of a few percent?! I guess I could keep the YBS and open an Halifax...so confused!

YorkshireBoy

Woodyrocks wrote: »

BUT after using the new reg saver calculator fandangle posted by MSE Dan, I see that even with the low rate YBS is currently offering I would still be earning more interest in the coming year keeping the YBS account going as is rather than switching to Halifax.

Has anyone got any views on this? Am I right in sticking or should I be jumping ship (yet again) in search of a few percent?! I guess I could keep the YBS and open an Halifax...so confused!

YBS pays 6.35% AER if you meet the conditions.

You can get more than this in 'clean' accounts with several other institutions...and a lot more than this by fixing.

I'm not sure of your logic when you say you'll earn more by paying £500 a month into YBS rather than Halifax. YBS pays 6.35% and Halifax pays 10% on the same monthly deposit.

Personally, I'm currently withdrawing all but £100 from my YBS regular saver (to deposit in a 'clean' 6.50% account), but keeping it going with the minimum £10 per month just in case it comes good again!

Paul_Herring

Woodyrocks wrote: »

BUT after using the new reg saver calculator fandangle posted by MSE Dan, I see that even with the low rate YBS is currently offering I would still be earning more interest in the coming year keeping the YBS account going as is rather than switching to Halifax.

I beleive you might have been using the calculator incorrectly.

Can you state which version of the calculator you were using, and what figures you entered?

Special_Saver2

I have updated the first posts of this thread. I cannot see any new accounts or any that have disappeared. I have added the following information to post 4 regarding the new Halifax 10% regular saver accounts.

For the Halifax International version, according to this thread, if you have the old 7% interest rate then you might have been automatically upgraded to the 10% version, so it might be worth your while checking.

For the UK version, I have added the fact that you need to open and fund this account by 20th July 2008 to get this interest rate. (Once you fund the account, the interest rate is fixed on that day.) I have also added the fact that you cannot open a 10% account if you currently hold the old 7% version but you can close the old account down (with interest paid at the Web Saver without interest rate) and then open the new 10% version. I managed to do this over the telephone in a few minutes earlier this week.

SS2