Halifax Regular Saver - rate increase

Band7

VXman said:

I'm not sure I can be bothered with these regular savers any more. Even at 5.5% what's the real annual rate taking into account that most of the money will not be there for a year and you are limited in how much you can put in.

I've put most of my savings into Chip instant access at 3.4%

5.55% is the real annual rate

Drip feeding from 3.4% to 5.55% etc still gives you more than keeping everything at 3.4%

The more savings you have, the more it makes sense to drip feed.

Band7

ForumUser7 said:

refluxer said:

flaneurs_lobster said:

What unnecessary admin? Just ignore it.

My finances are fairly complex so I'd prefer not to have any unnecessary entries on an already-too-large spreadsheet ! But yes, I take your point

Same with me - it's annoying they insist on opening the everyday saver if you already have a current account with them

It takes less than 30 seconds to close a Halifax everyday saver. Though keeping it open/active-ish might be worth 100 point towards your yougov.finance bribe if you are partaking in that sport

ForumUser7

Bridlington1 said:

ForumUser7 said:

refluxer said:

flaneurs_lobster said:

What unnecessary admin? Just ignore it.

My finances are fairly complex so I'd prefer not to have any unnecessary entries on an already-too-large spreadsheet ! But yes, I take your point

Same with me - it's annoying they insist on opening the everyday saver if you already have a current account with them

On the contrary it's another account you can link up to YouGov finance for £1 every 3 months.

Good idea - I'll link that across! I wonder if I'll actually get points though, because it does have a NIL balance

Band7

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

refluxer said:

flaneurs_lobster said:

What unnecessary admin? Just ignore it.

My finances are fairly complex so I'd prefer not to have any unnecessary entries on an already-too-large spreadsheet ! But yes, I take your point

Same with me - it's annoying they insist on opening the everyday saver if you already have a current account with them

On the contrary it's another account you can link up to YouGov finance for £1 every 3 months.

Good idea - I'll link that across! I wonder if I'll actually get points though, because it does have a NIL balance

just put a quid through it now and then. We will probably never know what they consider 'active' but nothing ventured nothing gained

ForumUser7

Band7 said:

ForumUser7 said:

refluxer said:

flaneurs_lobster said:

What unnecessary admin? Just ignore it.

My finances are fairly complex so I'd prefer not to have any unnecessary entries on an already-too-large spreadsheet ! But yes, I take your point

Same with me - it's annoying they insist on opening the everyday saver if you already have a current account with them

It takes less than 30 seconds to close a Halifax everyday saver. Though keeping it open/active-ish might be worth 100 point towards your yougov.finance bribe if you are partaking in that sport

Yes, they are quick to close, but like @refluxer I have a spreadsheet and record each different account I hold on it. I just hide the rows after they are closed, but it's just a little extra admin that'll stack up as Halifax releases more of the regular saver issues. That said, you and @bridlington1 have given a good suggestion - I do dabble on yougov.finance, so perhaps I'll link it and see if I get any points

VXman

flaneurs_lobster said:

VXman said:

I'm not sure I can be bothered with these regular savers any more. Even at 5.5% what's the real annual rate taking into account that most of the money will not be there for a year and you are limited in how much you can put in.

I've put most of my savings into Chip instant access at 3.4%

It's because 5.5% is greater than 3.4%. 

If, as you say, you can't be bothered then the overheads involved with setting up and funding these regular savers probably means they are not for you. 

Others clearly differ.

It is a restricted time account. E.g Your last payment of £300 will not get 5.5 % APR. It will get 11/12ths of 5.5%% Only month one will get 5.5% for the year.

I don't really understand what you mean by 'overheads' . I do have a few of these accounts. 2 with First direct, 4 with Lloyds, 1 with HSBC. I just don't think it's worth the hassle of starting a new Halifax one to gain a proportion of a 1% increase.

https://becleverwithyourcash.com/regular-savings-accounts-explained/

Band7

VXman said:

flaneurs_lobster said:

VXman said:

I'm not sure I can be bothered with these regular savers any more. Even at 5.5% what's the real annual rate taking into account that most of the money will not be there for a year and you are limited in how much you can put in.

I've put most of my savings into Chip instant access at 3.4%

It's because 5.5% is greater than 3.4%. 

If, as you say, you can't be bothered then the overheads involved with setting up and funding these regular savers probably means they are not for you. 

Others clearly differ.

It is a restricted time account. E.g Your last payment of £300 will not get 5.5 % APR. It will get 11/12ths of 5.5%% Only month one will get 5.5% for the year.

I don't really understand what you mean by 'overheads' . I do have a few of these accounts. 2 with First direct, 4 with Lloyds, 1 with HSBC. I just don't think it's worth the hassle of starting a new Halifax one to gain a proportion of a 1% increase.

https://becleverwithyourcash.com/regular-savings-accounts-explained/

Each and every penny in your account will get 5.5%, or whatever the AER of an RS is, for each and every day the money is in the account. The daily rate is AER divided by 365.

Any money that's deposited for 365 days will get 365 times the daily rate.
Any money that's deposited for just 1 days will get 1 times the daily rate

The same principle obviously also applies to the interest calculation of an instant access account. 

flaneurs_lobster

VXman said:

It is a restricted time account. E.g Your last payment of £300 will not get 5.5 % APR. It will get 11/12ths of 5.5%% Only month one will get 5.5% for the year.

Not sure what point you're making. £250 held for a month in an account paying 5.5% APR will earn more interest than £250 held for a month in an account paying 3.4% APR.  

metrobus

Is it £250 per calendar month?

The T&Cs says the money needs to be deposited  by the 25th of each month, so does anything deposited after that count towards the next months £250 allowance?
Thank You.

ForumUser7

metrobus said:

Is it £250 per calendar month?

The T&Cs says the money needs to be deposited  by the 25th of each month, so does anything deposited after that count towards the next months £250 allowance?
Thank You.

It is per calendar month, but bear in mind Standing orders are only processed on weekdays. They say 25th to allow time for these to process in case of bank holidays/weekends etc.

Best practice is to set up a standing order/do a manual transfer on the 1st of each calendar month imo