Halifax Regular Saver To Pay 7% !!

johnllew

According to today's Working Lunch programme (BBC 2), the Regular Saver rate is being increased to 7%. Apparently we'll hear more about it in an announcement tomorrow.

kevtrader

I saw the program too!

Though it does seem as though Abbey's RS account is better value with up to £500 per month being paid in compared with Halifax's £250 max.

I would probably go with Abbey on this one!

Reestit_Mutton

Well...we don't know if they will be increasing their maximum monthly payment at the same time, or do we?

If not, then both are as good as each other, with Halifax's increased difference between its headline rate and the best alternative instant access rate (5.4%) partly making up for the lower maximum monthly investment.

At the end of the day, if you've got enough money to invest (e.g. you have the proceeds of a recent property sale looking for a good home over the next 12-24 months), you could always invest in both.

cheers,
Reestit Mutton

deemy2004

My question is this

Can you open more than one halifax monthly saver account , i.e. say 3 X £1000 7% accounts ?

Think I'll pop down to a branch tommorrow, maybe a couple branches to be sure I am talking to someone who knows that facts

ohit

No you can't.

7% is good, but not if you've already got an account with them 'cos you're stuck at the previous rate :-[

Robert_Sterling_3

This offer will be made on SATURDAY

deemy2004

Only one account per person

Speculator

Just called Halifax.

Apparantly, if you already hold the previous Fixed Rate Regular saver paying 6.05%, you can't open this new 7.00% Reg Saver unless you close the previous one!

Robert_Sterling_3

THey have probably hooked a lot of their existing customers at 6% so 7% might bring in some new customers.

Robert_Sterling_3

I cannot get too steamed up about it.
The extra 1% is worth at most £15 pre tax or £12 after 20% Tax or  £9 after 40% tax as the average amoutn in the account is approx  £1500.
I assume the rules, which I have not yet seen, are similar to those for the 6% version.
Credit Card hopping is a more lucrative game.
Halifax One is a winner!
or Halifax in the shape of a Sainsbursy Credit card

booogle

I was just about to pay my first SO into the 6.05% account, I think I'll hold fire and pop into my branch tomorrow to get the 7% account..