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Halifax Regular Saver - rate increase

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Comments

  • Bridlington1
    Bridlington1 Posts: 3,654 Forumite
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    refluxer 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.
  • Band7
    Band7 Posts: 2,285 Forumite
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    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
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    edited 14 March 2023 at 1:33PM
    refluxer 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
    ForumUser7 Posts: 2,423 Forumite
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    refluxer 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
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • Band7
    Band7 Posts: 2,285 Forumite
    1,000 Posts Name Dropper
    edited 14 March 2023 at 1:35PM
    refluxer 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
    ForumUser7 Posts: 2,423 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Band7 said:
    refluxer 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
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • VXman
    VXman Posts: 636 Forumite
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    edited 14 March 2023 at 2:38PM
    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.
  • 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
    metrobus Posts: 1,784 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    edited 14 March 2023 at 4:04PM
    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.
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