Halifax regular saver

housebuyer143

Because it's not really clear from the details on Halifax site, I opened the regular saver today and have some questions:

1.  The website says money must get to them by the 25th of the month, so will I have to make a payment before this date or do they start it next month?

2. What will the maturity date be? 19th may 2024?

3. How do I get the money at the end? Do I need to open a normal savings account before maturity?

4. I don't bank with Halifax so it is easy to get your money out at the end?

5. Can I just deposit money with a bank transfer and forgo the standing order?

ForumUser7

housebuyer143 said:

Because it's not really clear from the details on Halifax site, I opened the regular saver today and have some questions:

1.  The website says money must get to them by the 25th of the month, so will I have to make a payment before this date or do they start it next month?

2. What will the maturity date be? 19th may 2024?

3. How do I get the money at the end? Do I need to open a normal savings account before maturity?

4. I don't bank with Halifax so it is easy to get your money out at the end?

5. Can I just deposit money with a bank transfer and forgo the standing order?

1. It is £250 per calendar month - the 25th date is just so if you have an SO late in the month, it won't be affected by BH/weekends etc. You can pay in in by faster payment today, and then faster payment on 1st June, 1st July etc.
2. Yes
3. The RS matures into the everyday saver that they should've opened at the same time. If you close this before maturity, the RS itself turns into an everyday saver
4. I cannot answer this for sure as I haven't experienced this, but I imagine you could just move it through the everyday saver they set up if you can add payees there
5. Yes - I don't do SOs

Hope this helps

housebuyer143

ForumUser7 said:

housebuyer143 said:

Because it's not really clear from the details on Halifax site, I opened the regular saver today and have some questions:

1.  The website says money must get to them by the 25th of the month, so will I have to make a payment before this date or do they start it next month?

2. What will the maturity date be? 19th may 2024?

3. How do I get the money at the end? Do I need to open a normal savings account before maturity?

4. I don't bank with Halifax so it is easy to get your money out at the end?

5. Can I just deposit money with a bank transfer and forgo the standing order?

1. It is £250 per calendar month - the 25th date is just so if you have an SO late in the month, it won't be affected by BH/weekends etc. You can pay in in by faster payment today, and then faster payment on 1st June, 1st July etc.
2. Yes
3. The RS matures into the everyday saver that they should've opened at the same time. If you close this before maturity, the RS itself turns into an everyday saver
4. I cannot answer this for sure as I haven't experienced this, but I imagine you could just move it through the everyday saver they set up if you can add payees there
5. Yes - I don't do SOs

Hope this helps

Thank you, , this is so helpful. So you say the 1st, so once a month is calculated from 1st - 30/31st? So I can pay money in once during that period? 

I have others and the month period is day 18th - 17th so it gets confusing lol

ForumUser7

housebuyer143 said:

ForumUser7 said:

housebuyer143 said:

Because it's not really clear from the details on Halifax site, I opened the regular saver today and have some questions:

1.  The website says money must get to them by the 25th of the month, so will I have to make a payment before this date or do they start it next month?

2. What will the maturity date be? 19th may 2024?

3. How do I get the money at the end? Do I need to open a normal savings account before maturity?

4. I don't bank with Halifax so it is easy to get your money out at the end?

5. Can I just deposit money with a bank transfer and forgo the standing order?

1. It is £250 per calendar month - the 25th date is just so if you have an SO late in the month, it won't be affected by BH/weekends etc. You can pay in in by faster payment today, and then faster payment on 1st June, 1st July etc.
2. Yes
3. The RS matures into the everyday saver that they should've opened at the same time. If you close this before maturity, the RS itself turns into an everyday saver
4. I cannot answer this for sure as I haven't experienced this, but I imagine you could just move it through the everyday saver they set up if you can add payees there
5. Yes - I don't do SOs

Hope this helps

Thank you, , this is so helpful. So you say the 1st, so once a month is calculated from 1st - 30/31st? So I can pay money in once during that period? 

I have others and the month period is day 18th - 17th so it gets confusing lol

No worries.

That's right, with this account you can pay in:
19/05/2023 - 31/05/2023
01/06/2023 - 30/06/2023
01/07/2023 - 31/07/2023
01/08/2023 - 31/08/2023
etc.

N.B. FPs with Lloyds Banking Group on a bank holiday/weekend have the statement dated as the next working day, so it is best to pay in as early in the month as you can.

You're right that some operate by account month, it does get quite confusing and harder to remember when to fund. I've set reminders on my phone - that usually helps

jaypers

Question 4 is something I still need clarification on as I also don’t bank with Halifax. Confused how you can move/pay money out at the end.

ForumUser7

@housebuyer143 @jaypers - I've now checked re 4.

As mentioned before, Halifax automatically opens their everyday saver (ES) when you open their Regular Saver (RS). If you close the ES but keep the RS, upon maturity the RS itself turns into an ES.

I have checked on my ES, and I am able to add an external payee - so I believe you would be able to move/pay out money at the end at the end.

Hope this helps - no guarantees of course, YMMV etc., but it seems to be ok

Do you both have the ES as well as the RS?

https://www.halifax.co.uk/savings/fixed-term/regular-saver.html

How it works

• We will open an Everyday Saver account as part of this application. After 12 months any money you’ve saved in your Regular Saver plus interest will transfer into your Everyday Saver account. Then your Regular Saver will renew for another 12 months. 
• 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. 
• You can only access your savings during the 12 months term if you close the Regular Saver account. 

housebuyer143

ForumUser7 said:

@housebuyer143 @jaypers - I've now checked re 4.

As mentioned before, Halifax automatically opens their everyday saver (ES) when you open their Regular Saver (RS). If you close the ES but keep the RS, upon maturity the RS itself turns into an ES.

I have checked on my ES, and I am able to add an external payee - so I believe you would be able to move/pay out money at the end at the end.

Hope this helps - no guarantees of course, YMMV etc., but it seems to be ok

Do you both have the ES as well as the RS?

Thank you for checking, that sounds so good. I can't get on online banking yet so I'm not sure, but will know for sure once I get access. Glad you can add payees to the everyday saver 🙂

Wheres_My_Cashback

Astonishing that someone opens an account without reading the summary page or T&Cs where all is this is readily available (apart from knowing that the 25th of the month can be ignored)

No wonder people run into problems

housebuyer143

Wheres_My_Cashback said:

Astonishing that someone opens an account without reading the summary page or T&Cs where all is this is readily available.

No wonder people run into problems

I did read it, but from what I read it didn't really give all the info that I wanted or it wasn't that clear.  Saved me a phone call to the call centre asking here.

AmityNeon

housebuyer143 said:

1.  The website says money must get to them by the 25th of the month, so will I have to make a payment before this date or do they start it next month?

If the posting date of a deposit is forward-dated to the next workday day and that working day is in the next month, then the deposit will count for the next month and you will lose the current month's contribution. You will still earn interest from the date the deposit is credited to the account. E.g. You can make an internal transfer on Sat 29 Apr 2023 and interest will accrue from that date, but the deposit will count for May's contribution and you won't be able to make another deposit until June.