Regular Savings Accounts: The Best Currently Available List!

Wheres_My_Cashback

dekkard said:

Daliah said:

dekkard said:

t1redmonkey said:

With the Halifax RS, it says about needing to reach the account by the 25th of the month.  It's the 25th today.  So could a payment be sent to it today for October or is it too late?

"You can save £25 - £250 every month by one standing order. This needs to reach your account before the 25th of the month."

Reality is: You can make deposits into your Halifax RS right up to, and including on, the last working day of the month. It does not have to be by SO, either.

Thanks. Is that something you've checked with the Halifax themselves, out of interest?

There's no need to check with them, it's stated the 25th for years, yet past years experience of having these RS is enough for most.

But if you're still unsure, ask them directly and see how many different answers you get and how many 'I don't know'.

10_66

soulsaver said:

I've had unresolved tech probs round Halifax & BoS RSs for a few years, so I don't know for sure whether this is new or not:

Regular Saving Account | Savings | Halifax UK

And I know banks aren't good at being clear...

• If you close the Everyday Saver your savings will stay in your Regular Saver and after 12 months we’ll change that to an Everyday Saver. 

So I read that at the end of the initial 12 months, if you have closed the related ES,  the funds stay in your regular saver for another 12 months... .earning at the same interest rate? 

IIRC someone mentioned a loophole regarding an excess amount in a Halifax RS - but this doesn't appear to be a loophole, looks like a bonus?  

In my experience, if you've closed the ES, when the Reg Saver matures it changes into an ES at the relevant rate.

Daliah

dekkard said:

Daliah said:

dekkard said:

t1redmonkey said:

With the Halifax RS, it says about needing to reach the account by the 25th of the month.  It's the 25th today.  So could a payment be sent to it today for October or is it too late?

"You can save £25 - £250 every month by one standing order. This needs to reach your account before the 25th of the month."

Reality is: You can make deposits into your Halifax RS right up to, and including on, the last working day of the month. It does not have to be by SO, either.

Thanks. Is that something you've checked with the Halifax themselves, out of interest?

I have deposited into my various Halifax accounts by SO for years, and always make my 1st deposit by FP. Though my SO deposits happen on the 1st of a month, or the first business day after the 1st because I want to maximise the interest I get.

You are free to make your deposits by SO as close as you like before the 25th if you so desire.

Daliah

soulsaver said:

I've had unresolved tech probs round Halifax & BoS RSs for a few years, so I don't know for sure whether this is new or not:

Regular Saving Account | Savings | Halifax UK

And I know banks aren't good at being clear...

• If you close the Everyday Saver your savings will stay in your Regular Saver and after 12 months we’ll change that to an Everyday Saver. 

So I read that at the end of the initial 12 months, if you have closed the related ES,  the funds stay in your regular saver for another 12 months... .earning at the same interest rate? 

IIRC someone mentioned a loophole regarding an excess amount in a Halifax RS - but this doesn't appear to be a loophole, looks like an official bonus?  

The T&Cs are a bit clearer, and more logical, and contradict the web page to some extent. 

chris_the_bee

soulsaver said:

I've had unresolved tech probs round Halifax & BoS RSs for a few years, so I don't know for sure whether this is new or not:

Regular Saving Account | Savings | Halifax UK

And I know banks aren't good at being clear...

• If you close the Everyday Saver your savings will stay in your Everyday Saver. and after 12 months we’ll change that to an Everyday Saver. 

So I read that at the end of the initial 12 months, if you have closed the related ES,  the funds stay in your regular saver for another 12 months... .earning at the same interest rate? 

IIRC someone mentioned a loophole regarding an excess amount in a Halifax RS - but this doesn't appear to be a loophole, looks like an official bonus?  

If you let a Regular Saver mature without doing anything, then that account will automatically become an Everyday Saver paying a lower rate, currently 0.45%. You can withdraw from this account when ever you wish with instant access. 

You can only access funds in a Regular Saver prior to maturity by closure. This is accomplished by selecting "Renew Account". You will then only be given the option of "Renewing" into an Everyday Saver. Select this and then you can withdraw funds as above.

At this point you can also take out the newly released RS paying 4.5% which you could not have done whilst you had the previous RS @ 2.5%.

This applies to Halifax accounts and I suspect it probably applies to BoS accounts as well.
Whichever you have, Halifax or BoS, you will be able to see both in either online account and will also be able to apply for either Halifax and/or BoS RS as previously discussed.

cricidmuslibale

There currently is at least one massive bank and one major building society who are letting themselves down badly compared to their rivals as far as their present regular savings account is concerned, namely HSBC UK and Coventry Building Society!

HSBC’s regular saver is STILL languishing very badly indeed with its now way lower than virtually everyone else’s interest rate of 1% paid annually. By stark contrast Lloyds has two regular savers, paying 5.25% and 4.5% respectively, NatWest / RBS have one each paying up to 5.12%, B of S and Halifax have one each paying 4.5%!

Coventry B S’s regular saver, not long ago one of the best available interest rate wise for a monthly deposit of up to £500, is now significantly poorer than some of those available from its competitors, a mere 2.4% annually compared to 5.0% annually from Yorkshire BS, soon to be 3.5% annually from Nationwide BS, currently 3.25% annually from Principality BS, to name but three of its rivals!

So come on HSBC and Coventry, it’s high time you delivered on your regular savers too!

gt94sss2

cricidmuslibale said:

HSBC’s regular saver is STILL languishing very badly indeed with its now way lower than virtually everyone else’s interest rate of 1% paid annually. By stark contrast Lloyds has two regular savers, paying 5.25% and 4.5% respectively, NatWest / RBS have one each paying up to 5.12%, B of S and Halifax have one each paying 4.5%!

HSBC don't need the money. 

I am sure they will increase the rate eventually but in the interim they seem to prefer offering 3% on their Online Bonus Saver account (up to £10k).

First Direct (owned by HSBC) offer 3.5%

It could also be that they are wanting the number of  regular saver accounts to decline to prevent too many customers closing accounts and reopening then when they do increase rates.

phillw

dekkard said:
Thanks. Is that something you've checked with the Halifax themselves, out of interest?

I opened mine today. As part of the application they told me to add money to it & I did.

phillw

soulsaver said:

So I read that at the end of the initial 12 months, if you have closed the related ES,  the funds stay in your regular saver for another 12 months... .earning at the same interest rate? 

It's worded clumsily, the T&C are clearer. https://www.halifax.co.uk/assets/pdf/savings/pdf/savings-account-conditions.pdf

If you don’t have an account for us to transfer your savings and interest into, for example because you’ve closed the account the interest should have been paid to you chose originally, your savings will stay in your Regular Saver account and we’ll change that account to an Everyday Saver. Your regular payments will continue. We’ll write and let you know, and if you keep your savings in your Everyday Saver account we’ll regard you as having agreed to the new account conditions.


What they mean is that 12 months after opening the regular saver, if you closed the everyday saver, they will convert the regular saver to an everyday saver. They don't convert it to an everyday saver 24 months after opening the regular saver.

Millyonare

IanManc said:

dekkard said:

"You can save £25 - £250 every month by one standing order. This needs to reach your account before the 25th of the month

You could have quoted the whole paragraph, which qualifies the first sentence somewhat:

"You can save £25 - £250 every month by one standing order. This needs to reach your account before the 25th of the month. You can also make a bank transfer to top up your savings as long as the total amount of your deposits does not exceed the monthly limit of £250. The amount that you save each month can vary but needs to stay between the £25 to £250 monthly limit. 

The Halifax site also says, in a different place: "Ideal for savers who want to save £25-£250 every month by one standing order. This needs to reach your account by the 25th of the month."

And it says: "You can change the amount you save at any time. You can top up your savings by bank transfer as long as you don’t exceed the £250 monthly limit."

I interpret the Halifax 4.50% regular saver as:

* Standing order = 1st to 25th of month
* Bank transfer = 1st to 31st of month

Given the (sometimes) lag for a standing order (SO), I would be inclined to setup the payment before the 20th of each month, to be on the safe side, in case there are long weekends, processing delay, etc.

Dyor, etc.