Cheshire BS regular saver 8% Gross

Hobo_2

Hi, my halifax regular saver is fed by standing order from Cahoot savings instant access.

Going to an appointment at the Cheshire later,hope to get definitive info.

loobs40

Dagobert wrote:

some more details:



After the 12 months, the money will bemoved to an "easy saver" a/c, where it will have to stay for 60 days.

Cheshire rang me back earlier to start an application for me and the lady on the phone definitely said the money was immediatley available after the 12 month period, once it was placed in the easy save account

Hobo_2

Yes just had face to face @ Cheshire, ditto same info as loobs40.
Easysaver is an "Instant access account" thats it, just choose annual or monthly payment of interest at outset.

P.S. In conversation it was mentioned a Cash ISA regular saver seems to be in the pipline.

Something to compete with the Scarborough offering perhaps?

ericpode

my halifax regular saver is fed by standing order from Cahoot savings instant access.

I had assumed I would have to transfer from Cahoot instant savings to my Halifax current account and then transfer to the Cheshire regular saver, which would lose interest on TWO lots transfer periods

It would be great if I could set up my Cahoot to pay DIRECTLY into the Cheshire account. Is that possible?

Can it be set up as an automatic monthly transfer from Cahoot (like a standing order) or do you have to trigger each payment manually?

loobs40

off the top of my head, I think the cahoot savings withdrawal facility is a manual one i.e. it only allows one off withdrawals either immediate or future dated.

However I don't think there is anything to stop you creating 12 future dated withdrawals

Hobo_2

Hi,ericpode/loobs40
Yes i have to manually set up each month the next payment works for halifax Regular Saver & others from Cahoot Saving acc.
Not managed it with the Cheshire though, they insisted a S/O request form to be filled in for my bank to action the 12 payments !
As i was`nt sure Cahoot (savings acc) would accept this, i have put my current account in the transfer route.

cjn_2

Interesting. However, in working out the rates the calculations above seem to assume that you put the full £250 each month, but this may not be the best strategy.

Money entered on day one will earn 8% for twelve months and 3.15% for two months (AER = 7.31%) - a good rate. However, money entered on the first day of month twelve (i.e. the last installment) will only get the 8% rate for a month, and still be tied up for two months at 3.15% (AER only 4.77%).

So presumably to get the best overall rate you should put lots of money in early on and then reduce to the minimum £25 contribution as your account nears maturity.

Hobo_2

Regarding the Cheshire Regular Saver there is "NO 2mths @3.15%" ( been confirmed) & the max monthly payment is £500 @ 8% gross AER Fixed

jb478914

I've opened mine today and have had it confirmed that there is none of this 2 months at 3.15% business. The girl on the phone said she had answered a few calls regarding this today!

booogle

I opened this account today,12 months fixed rate 8% (no 2 months at lower rate). Seems a very good offer with no nasty conditions. Hobo, they do set up a standing order for you, but I think you can just cancel that with your bank and fund from whichever account you like as long as you stick within the £25 - £500 range.