Regular Savings Accounts: The Best Currently Available List!

RayWolfe

Yes it is.

lkmc01

Special_Saver2 wrote: »

I would suggest making your very first deposit to this account at the end of the month (but no later than 28th of the month as per the terms and conditions) and get the account open at least a few days before that first payment. Then make your standing order from the first day of each subsequent month. This will maximize the interest you earn.

I'm a bit confused about this statement on the first page.

I have a halifax reg savings account which I opened on 23rd October 2008 and my first payment went in on the 23rd October 2008. I have then set standing orders up for the 23rd of each month. Doesn't the month for this account run from the 23rd of each month through to the 22nd of each month, thus closing on the 23rd october 2009? So if I make my 'standing order from the first day of each subsequent month' then I will have put in two payments that month won't I. One on the 23rd at the start of the new month for the account and one about a wek later.

help, I'm confused

opinions4u

The maximising of interest thing makes sense, but don't book the restaurant on maturity on the back of it.

£500 at 7% = £35 / 12 months = just under £3 minus 20% tax = around the £2.30 extra mark minus the interest you would have earned in a different savings account = better than nothing but not a lot.

Good practice for the disciplined, not ideal for the confused!

lkmc01

opinions4u wrote: »

The maximising of interest thing makes sense, but don't book the restaurant on maturity on the back of it.

£500 at 7% = £35 / 12 months = just under £3 minus 20% tax = around the £2.30 extra mark minus the interest you would have earned in a different savings account = better than nothing but not a lot.

Good practice for the disciplined, not ideal for the confused!

pardon was that for me

YorkshireBoy

lkmc01 wrote: »

help, I'm confused

I believe a Halifax Regular Saver month runs from the 1st to the 28th of the month.

If you use the forum search tool (top right of your screen) and enter "Halifax regular saver month standing order" (without the quotes) you'll see the issue of when to fund has been discussed many times, and some of the threads have worked examples.

YorkshireBoy

lkmc01 wrote: »

pardon was that for me

You really are "confused" aren't you.

sloughflint

lkmc01 wrote: »

I'm a bit confused about this statement on the first page.

I have a halifax reg savings account which I opened on 23rd October 2008 and my first payment went in on the 23rd October 2008. I have then set standing orders up for the 23rd of each month. Doesn't the month for this account run from the 23rd of each month through to the 22nd of each month, thus closing on the 23rd october 2009? So if I make my 'standing order from the first day of each subsequent month' then I will have put in two payments that month won't I. One on the 23rd at the start of the new month for the account and one about a wek later.

help, I'm confused

Try to make payments on the 1st. Too late for December....keep that at 23/12 but immediately change to the 1st of the month up to and including 1st October 09.

For future RS you might open,the best idea would have been to get 13 payments rather than 12 eg
23/10,1/11,1/12,1/1,1/2,1/3,1/4,1/5,1/6,1/7,1/8,1/9,1/10=13

rather than 23/10, 23/11,.......23/9=12

Actually nothing to stop you getting a few extra pennies ( unless you haven't the funds yet of course) and transferring your December amount now rather than wait until 23rd.;)

lkmc01

i can pay another 500 payment tomorrow as I already have it, but I thought I had to wait until the 23rd of dec for the start of my 3rd month. so if I pay the 500 on say the 12th of dec it will not be classed as 2 payments for the 23rd nov - 22 dec month as I paid 500 in on the 24th nov?

so I thought

account opened on 23rd October

1st month 23rd Oct - 22nd Nov 500 went in on the 23rd of oct
2nd month 23rd nov - 22nd dec 500 went in on the 24th of nov
3rd month 23rd dec - 22nd jan
4th month 23rd jan - 22nd feb
5th month 23rd feb- 22nd mar
6th month 23rd mar- 22nd apr
7th month 23rd apr - 22nd may
8th month 23rd may - 22nd jun
9th month 23rd jun - 22nd jul
10th month 23rd jul- 22nd aug
11th month 23rd aug - 22nd sep
12th month 23rd sep- 22nd oct

500 in on the 23rdof each month, last one is 23rd sep

account closes on 23rd oct

when in fact its actually

account opened on 23rd October 500 went in on the 23rd of oct

1st month 1st nov - end nov 500 went in on the 24th of nov
2nd month 1st dec - end dec
3rd month 1st jan - end jan
4th month 1st feb - end feb
5th month 1st mar - end mar
6th month 1st apr - end apr
7th month 1st may - end may
8th month 1st jun - end jun
9th month 1st jul - end jul
10th month 1st aug - end aug
11th month 1st sep - end sep
12th month 1st oct - end oct

500 in on the 1st of each month. won't I end up putting 13 lots of 500 in then?

account closes on 23rd oct

YorkshireBoy

lkmc01 wrote: »

won't I end up putting 13 lots of 500 in then?

That's the idea.

account closes on 23rd oct

No. The account continues*, but the balance is swept into your nominated account.

Your next deposit is the 1st November 2009.

* Unless the rate is dire and you close the account/cancel your standing order.

Did you take a look at the previous threads?

steveteach

Hi Special_Saver
Unfortunately my passbook does not state which issue it is. When I get the chance I will call into the branch and try to open a new account and see what happens.