A&L 12% regular saver is back on

Mikeyorks

They have no onerous requirements on the funding. This is all it says :-

Anyone who can pay in at least £1,000 or more every month can apply

.

..... so the SO obviously satisfies the 'pay in'? Before I put my Mother online .... one of the Halifax staff actually set up an SO from her current account to a Liquid Gold account - then back again. In order she got the 6.17%. So they do consider it a legitimate mechanism.

I've just updated it by ditching the Liquid Gold and substituting the Websaver. Come 27th May ..... if the Halifax Websaver rates don't pick up .. I'll be moving her Websaver cash elsewhere. So the funds will then come in from ex-Halifax.

bgscotty

Mikeyorks wrote: »

It's 6.17% ..... and it is £1k per month. But that does not have to come from salary ..... and it is quite legitimate to SO the £1k into the current account and then SO it out again the following day. Or, perhaps more sensibly, you SO the £1k out of the Halifax High Interest Account .... then SO it back in again the following day.

I use one of their Websavers to do the latter on my Mother's current account.

Mikeyorks,

Could you please explain what you mean and why you do this?

I've just applied for the Halifax current account- and I'm interested to find out your reasons.

Cheers,

BG

Mikeyorks

bgscotty wrote: »

and I'm interested to find out your reasons.

You're required to fund the high Interest account with a minimum £1k monthly? If you don't do that the following applies :

**If you don't make payments of at least £1,000 for two or more consecutive months, you will earn 0.1% AER/gross p.a. on any balance until you start funding with £1,000 or more for three consecutive months.

My Mother has several small pensions ..... but they don't sum to £1k monthly. So we satisfy the funding .. and attain the 6.17% .... by moving £1k out of the current account, and then back in again next day. I then keep her current account topped up to around the £2.5k mark to maximise the interest.

Halifax don't lose out overall ..... as her 'close to hand' money is kept in a Websaver where the rate has dipped to 4.65%. But I will be moving that if the rates don't improve by end-May when 'faster payments' arrive. As that means SO's into / out of her current account happen on the day even if the source / target accounts are elsewhere?