Cheshire BS regular saver 8% Gross

Dagobert

This is going a bit off-topic now:

For those of us who have to apply through the post, the usual id stuff needs to be submitted. Every bank seems to have their own set of acceptable proof of id. I usually submit photocopies of passport and driving licence certified by my local priest.

But I was told by the Cheshire BS that this would not be acceptable: they require the copies to be signed by a bank, a member of the FSA, an accountant or solicitor. I haven't got an accountant or solicitor and my bank refuses to certify copies for use with other banks.

shropslad

Has anybody recieved their application form yet through the post?

Also, a bit off topic here ...but can someone tell me the answer to this question. I have 25 K placed in ICICI paying 5.4% gross...would I be better off leaving my money in there or would I gain more interest over the 12 month period if I placed £500 each month into the Cheshire account and another £250 per month into the Halifax regular saver paying 7% gross.

Dagobert

shropslad wrote:

I have 25 K placed in ICICI paying 5.4% gross...would I be better off leaving my money in there or would I gain more interest over the 12 month period if I placed £500 each month into the Cheshire account and another £250 per month into the Halifax regular saver paying 7% gross.

Follow the calculations in when a regular saver is worth it: This is exactly the question that thread answers.

You'll need to work this out for both regular savers separately (and hence get two possibly different answers).

Beware: The Halifax regular saver has to be fed from a Halifax "websaver", which the HiSave account cannot transfer into directly. That means you have to transfer the instalment from
HiSave --> current account -> Websaver -> Halifax reg-saver
The latter is an instant transfer.

You need to work your transfer days out to plug them into the break-even point formula.

grumbler

Dagobert wrote:

Beware: The Halifax regular saver has to be fed from a Halifax "websaver", ...

This is incorrect. The Halifax Regular Saver can be fed by SO from any current account.

NabCom

grumbler wrote:

The Halifax Regular Saver can be fed by SO from any current account.

Correct.
The Halifax insist on setting up a websaver just to sweep the funds from the Regular Saver after one year.

shropslad

Ermm lads I have read the thread with all the calculations...on it. I'm confused fellas. If it was you what would you do in my situation?

grumbler

shropslad wrote:

Ermm lads I have read the thread with all the calculations...on it. I'm confused fellas. If it was you what would you do in my situation?

Well,....I'd use both regular saving accounts.
Combination of 5.4% (ps) and 7% (pr) results in effective (actual) rate 6.13% (pd) over 12 months with 9 (d) days lost.
Combination of 5.4% and 8% results in effective (actual) rate 6.68% over 12 months with 9 days lost. If information about extra 2 months with 3.14% is correct effective annual rate drops to 6.13% over 14 months that is still higher than 5.4%.

dealseeker

Rikki wrote:

Can be held by a sixteen year old so I know where some of my sons EMA is going.

Can it be opened in Trust for Children to take advantage of tax allowance / parental limits applying?

Milarky

NabCom wrote:

Correct.
The Halifax insist on setting up a websaver just to sweep the funds from the Regular Saver after one year.

And just to be confusing, you can't do a standing order from Websaver to Regular Saver BUT your can transfer it in two stages from the Websaver if you go:

HFX Websaver ---S/O----> Halifax current a/c --S/O---> HFX Regular Saver

This allows 'same day' transfers [because they are internal] without loss of interest and [potentially] can be left indefinitely, because the RS is swept into the WS at anniversary and a S/O can be made from WS into RS [via current a/c] the following day [in the month]

Chesure regular saver:

From speaking to Cheshire this morning [who called back to start application, which can only be over the phone as previously stated], they can 'electronically' verify identification by running special checks with your opening cheque provided you sign and return a waiver to allow them to do so. I'm not sure if additional ID is called for - it didn't sound like it.

They set up the S/O for you - which is a service - using the account the cheque is drawn on. And of course you only have to deposit £25 minimum each month by this method and can make up to a max of £500 by any separate number of payments [I assume] reaching the account before the next S/O date.

Finally, they require you to open a linked 'Easysaver' account [both accounts are passbooks - like Abbey RS is] at the same time to recieve the swept proceeds and then start a new 'issue' into the old book at anniversary.

Dagobert

Milarky wrote:

And just to be confusing, you can't do a standing order from [Halifax] Websaver to [Halifax] Regular Saver

Yes it is! They set up a standing order from the websaver to the regular saver for me.