Halifax to relaunch regular saver @10%+
Options
KAB_3
Posts: 31 Forumite
If you're about to commit to a new regular saver then it may be worth hanging on a while as I gather that Halifax are about to re-launch their regular saver with an eye catching 10% headline rate.
Details are obviously sketchy but ...
- it will be launched during June
- big TV/radio/poster advertising campaign
- 10% rate for a 12 month term
- extra 2% bonus if you also keep at least £5k in your nominated linked account
There may be other conditions as it's aimed at new customers and new money.
Details are obviously sketchy but ...
- it will be launched during June
- big TV/radio/poster advertising campaign
- 10% rate for a 12 month term
- extra 2% bonus if you also keep at least £5k in your nominated linked account
There may be other conditions as it's aimed at new customers and new money.
0
Comments
-
Cracking deal. I'm sure the restrictions will be significant though.You've never seen me, but I've been here all along - watching and learning...:cool:0
-
I've decided to only go with two year regular savers - like the Lloyds TSB one (now coming to an end). I mean, 10% over one year only really adds up to 5% in real terms and you can get either a one-year or a six-month saver for 6.5% or 7%. They'll have to do better than this.0
-
10% over one year only really adds up to 5% in real terms and you can get either a one-year or a six-month saver for 6.5% or 7%. They'll have to do better than this.
Strictly speaking, it's still 10% in real terms - but you can only feed the money in bit by bit one month at a time so the average amount held over the year is half your investment. Handy if you want to save a portion of your wages, but not so good if you have a lump sum to invest.
Of course, there's nothing to stop you storing the money in another account while it is transferred to the regular saver one. Your effective rate of interest would then be between the rates of the 2 accounts. If you were to hold the total amount of money transferable in one year in an internet account earning 5%, then transfer the maximum payment each month into the 10% regular account, your accumulated interest would be the same as a single account paying 7.5%.Saved over £20K in 20 years by brewing my own booze.
Qmee surveys total £250 since November 20180 -
to let you know that from monday barclays is launching new monthly saver. it will pay 7.75% you need to save between £20-£250/month by standing order.
you don't have to have an account with barclays and interest rate is fixed for 12 months. it is also instant access. in a month when you make a wdr, you will get a reduced interest rate.0 -
I mean, 10% over one year only really adds up to 5% in real terms
If it's new money from salary / pensions ... it's an undiluted 10%. It's only mitigated if you have a lump sum in a feeder account.
But consider £3k in a 6% easy access account dripping into the 10% account - that's essentially 8% average on the £3k. Which beats most fixed rate products - albeit with a bit more work?
Currently Halifax must be having Reg Savers (7%) closed in droves ... as their ideal feeder accounts (their websavers) have dropped to ridiculously low ratesIf you want to test the depth of the water .........don't use both feet !0 -
and you can get it to be 12% if £5k in nominated account over a certain period0
-
Currently Halifax must be having Reg Savers (7%) closed in droves ... as their ideal feeder accounts (their websavers) have dropped to ridiculously low rates
not sure i agree with this, as as you say its only a feeder account, meaning money only has to stay in there for one day, and then can be put in something of a higher rate0 -
I've just closed 3 of them!
As I'm not prepared to sit the feeder account outside Halifax until everyone is fully functioning on FP. And the Halifax variable rates are awful at the moment. I've got a transient 5.5% on the 'with card' option but (7% + 5% / 2) the average interest of 6% can be bettered elsewhere with a lot less hassle. And you'll gather from these threads that the general taste for Regular savers has waned a bit ... so Halifax must be realising they need more vodka in the punch?;)If you want to test the depth of the water .........don't use both feet !0 -
yeah i only opened one for someone in the last 6 months
at the end of the days banks are going to have to increase savings rates as they want new money so are going to do deals, and do less on credit cards and loans due to credit crunch.
I just saw it more, that say you've built up your £3k for the year plus the interest, you then decide where to put the money (not leave it in the feeder account)
they are increasing the monthly contribution to £500
but if anyone wants to do regular savings there are more options with more potential from the same institution - hence why i do £333 in my ISA investor0 -
regularsaver1 wrote: »1. ) I just saw it more, that say you've built up your £3k for the year plus the interest, you then decide where to put the money (not leave it in the feeder account)
2. ) they are increasing the monthly contribution to £500
1. Guess I'm lazy ... just tend to let the same money re-cycle around the feeder / Reg Saver for the past 3 years. But the sudden (OK - not so sudden) dip in Halifax variable rates has led me to re-cycle it elsewhere.
2. 10% (and you mentioned 12%) allied to £500pm is quite a significant change? Any clues on the criteria? They aren't just going to upgrade existing accounts with those benefits on offer .. are they.If you want to test the depth of the water .........don't use both feet !0
This discussion has been closed.
Categories
- All Categories
- 343.6K Banking & Borrowing
- 250.2K Reduce Debt & Boost Income
- 449.9K Spending & Discounts
- 235.8K Work, Benefits & Business
- 608.8K Mortgages, Homes & Bills
- 173.3K Life & Family
- 248.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards