Regular Savings Accounts: The Best Currently Available List!

tiptoe_mouse

Special_Saver2 wrote: »

That is what I did last year and it very much worked out to my advantage. I was able to close my existing Halifax Regular Saver and open a new 12% account at the same time over the telephone within the space of a few minutes. My existing account had only been open for about a month so the loss of interest was minimal.

Did they transfer funds from your existing account as the first payment to the new one? If not, where did they put them?

Thanks,

tiptoe

Special_Saver2

tiptoe_mouse wrote: »

Did they transfer funds from your existing account as the first payment to the new one? If not, where did they put them?

Thanks,

tiptoe

When you open the Halifax regular saver account, you have to nominate an account for the maturing funds to be paid into. I had nominated a variable rate Web Saver. They paid the money into that when I closed it. There is nothing to stop you using that money straight away to open up a new regular saver account.

SS2

tiptoe_mouse

Special_Saver2 wrote: »

When you open the Halifax regular saver account, you have to nominate an account for the maturing funds to be paid into. I had nominated a variable rate Web Saver. They paid the money into that when I closed it. There is nothing to stop you using that money straight away to open up a new regular saver account.

SS2

Ah - that makes sense. However, I thought you weren't allowed to fund the regular saver from a Halifax savings account?

Thanks,

tiptoe

Special_Saver2

You are right, for the subsequent monthly payments the money cannot be transferred from a Halifax savings account. I tried it once but Halifax's online banking would not let me do it - the only way to get money into the regular saver was to set up a standing order from my Halifax current account or to send the money by BACS / standing order from another institution.

For the initial payment, they can take the money from a savings account - I have just had a look at my statement from last June and that is what they did to open my account.

SS2

pittspitch

Apologies if I have this wrong though I have just checked........My Halifax regular saver (Nov 08) is being funded by my hHalifax Variable Web Saver. I only have those 2 accounts. There were problems in month one but it has been working fine since (I thought) they were resolved. Just hope I get the annual interest in Nov 09.

tiptoe_mouse

On the halifax webpage it says

Standing order - should be set up from your current account or account with another bank of building society to make regular payments, but not from a Halifax savings account

However, whether they enforce this may be a different issue. I got the full interest on my 10% regular saver after sending each payment as a separate FP from my barclays current account (ie not as an SO). So they might be flexible on the other bit too.

tiptoe

tupelotomemphis

Hi,
im thinking if starting a HSBC regular saver account at 8% and as my wife works for them she has to have her bank account with them, which is the bank account plus but she gets it at half price, £5.99 a month and we use the benefits like free annual travel insurance and free breakdown cover.

Is there anything better out there, or would you go for it? we would be saving the max of £250 a month

i know Martin says ignore this particular account but surely seeing as we get it half price with all the benefits, its worth it?

Thanks in advance

nicko33

tupelotomemphis wrote: »

but she gets it at half price, £5.99 a month and we use the benefits like free annual travel insurance and free breakdown cover.
...
i know Martin says ignore this particular account but surely seeing as we get it half price with all the benefits, its worth it?

You've got the current account anyway, so there's no reason not to take advantage of the Regular Saver. I don't think there's a better rate available anywhere else at the moment (although we are waiting to see what Halifax announce next week...but I would have thought it unlikely to beat 8%)

cashbackproblems

i recently set up my 3rd regular saver account in 2 months with abbey at 4% but they have really messed me about setting up a simple standing order from another account, last months payment couldnt go through as their system wasnt set up, so im thinking of cancelling the account before this months payment is due and opening another one, ppl have mentioned halifax is opening one soon, does anyone know when they will launch it? So far have hsbc and barclays.

jimbow25

The original post mentioning an upcoming account (linked further up this thread) suggested next Monday, 20th.