Halifax RS maturity question.

butterfly72

I might be wrong here, but I seem to remember a thread ages ago regarding the final SO payment of the Halifax RS and that you should bring it forward of the actual maturity date. Something to do with getting the full interest due?? Have I got this completely wrong or is there something I should know!! Mine matures next month.

thanks

Sillychuckie

Yes, you are correct.
The reg saver continues into the next year.

If i remember correctly, you get the balance 'swept' into your nominated account when it matures, and you continue saving.
What you need to make sure is that after your 12th payment, the SWEEP occurs BEFORE your 13th payment.
This may require you to adjust the date of the saver (make it later), so that you get £3000 sweeped out, and not £3,250.

If you let a further £250 go through, then you get little interest on it (since it sweeps out a few days later), and you can't put in another £250 that month.
i.e. for the next year, you only get to save for 11 months essentially (and that hurts the interest towards the end of the year).

Its something along those lines... Work the dates out according to the t's and c's and see if it applies to you.
Mine is long closed, so I can't remember the precise details.

SC.

Milarky

I have given up on changing the date of the odd payment in this way. My account matures on the '6th' (date I opened it originally, of course) so all my standing orders (through Halifax, and therefore 'instant') are set to '7th' - and I never have to touch it.

The 'best' day to open a Halifax Reg Saver is one late in the month rather than early. That way you can bring the first two payments closely together. Otherwise, fiddling with the payments isn't worth it.