Regular Savings Accounts: The Best Currently Available List!

lkmc01

Right ok, thanks.

the halifax web site doesn't make it very clear as I thought that the month started from when you opened the account and the 1st payment to the account was the opening standing order, and I thought it closed after the 12 months.

I have changed my next standing order to the 11th, as this is the next date that funds can leave my natwest account. I will now go through my budget and find out when is the earliest in each month. beginning the 1st, that I can fund this account. It will probably be the 1st of each month.

I'm glad I found this out.

Thanks alot.
:T :A

lkmc01

i'm glad I found out that it doesn't close automatically after 12 months, 23rd oct as I won't be able to afford it for a second year

YorkshireBoy

lkmc01 wrote: »

the halifax web site doesn't make it very clear...

To address your two points...

as I thought that the month started from when you opened the account

Halifax wrote:

Minimum payments must reach the Regular Saver account on or before the 28th of each month

and I thought it closed after the 12 months.

Halifax wrote:

Maturity of term - after 12 months your savings and interest are simply transferred into your nominated savings account (which you'll be asked to open at the same time as opening your Regular Saver). Your Regular Saver account remains open and you can continue to save - the interest rate applicable at the time is then fixed for another year

http://www.halifax.co.uk/savings/ImportantInfo/ImpInfo_RegularSaver.asp

lkmc01

i have never seen this page before, but glad I have now, thanks

another question,

if I can not fund this account for a second year and so close it making my last payment the 1st oct 09, can I reopen the same acount in the future, say 5 years time if I want or open another one?

If I can't reopen the same account or a new one, then would it be best if I just tried to get together £25 each month to keep it open.

also I have the funds at the end, 23rd oct transferring into my variable rate web saver account, if I decide to try and keep it open, can I keep the funds from my first years account through into my second year?

lkmc01

i think I'm used to having web saver fixed accounts

YorkshireBoy

lkmc01 wrote: »

if I can not fund this account for a second year and so close it making my last payment the 1st oct 09, can I reopen the same acount in the future, say 5 years time if I want or open another one?

At the moment (with the current T&C's), you can open another as soon as you've closed the first one. Indeed, that's what many people did earlier this year when they launched the 10% version, ie closed their 7% regular savers and (more-or-less) immediately opened the 10% variant.

also I have the funds at the end, 23rd oct transferring into my variable rate web saver account, if I decide to try and keep it open, can I keep the funds from my first years account through into my second year?

Not sure what you mean here? Your regular saver funds (including interest) will have been transferred to the lower interest paying WebSaver and your regular saver balance reset to zero.

lkmc01

what 10% account is this then

YorkshireBoy

lkmc01 wrote: »

what 10% account is this then

It's no longer available.

lkmc01

sloughflint wrote: »

But you will ( or a better one) because your RS will have matured. You can then use the drip feed method for one or more RS.

so its best to empty the account at the end of the year and then start filling it again? this doesn't make sense as its going to take another 12 months for the funds to go in.

aren't I best keeping the account open with everything from the first year and adding as much as possible each month during the second year even if its only £25 per month?

In oct 2010, after 2 years with the account then I think I'll need all the cash I can get, so will not carry it on for a 3rd year.

lkmc01

ahhh

thats why I thought it would close after a year because it would be empied. again, I'm used to fixed rate fixed term accounts