Halifax to relaunch regular saver @10%+

Calchas

Am I correct in thinking that if one funded the 10% account with £500 per month for the full period the interest generated will be around £220 after 20% taxation?

I personally funded on 18 June 2008 and 1 July 2008 recurring. I intend to make a thirteenth payment on 1 June 2009.

alared

For 13 payments the interest will be £350-14 minus tax at 20% = £280-11

Steve_xx

Are you allowed to make 13 payments?

Paul_Herring

Steve_xx wrote: »

Are you allowed to make 13 payments?

Yes. Account opened late January, payments made:

31st Jan, 1st Feb, 1st March....1st Jan = 13 payments before the end of the following January.

This technically meets the requirements of one payment per calendar month. Of course you can only make 12 payments in subsequent years.

Parisian

Heyyy this account will be maturing soon for me (June 21st 2009)..........
I have a regular saver which should pay 12% as I also opened a guaranteed saver at the same time and fixed 5k....

Does anyone know what will happen on the date the regular saver matures? Will it all consolidate into a guaranteed saver?
& Is the best option to now open a 4% regular saver or am i missing something?

Any advice much appreciated, I can't seem to figure it out from the articles!

sloughflint

Parisian wrote: »

Heyyy this account will be maturing soon for me (June 21st 2009)..........
I have a regular saver which should pay 12% as I also opened a guaranteed saver at the same time and fixed 5k....

Does anyone know what will happen on the date the regular saver matures? Will it all consolidate into a guaranteed saver?
& Is the best option to now open a 4% regular saver or am i missing something?

Any advice much appreciated, I can't seem to figure it out from the articles!

Yes, if the GSR is your linked account, funds will be swept into that.

If you are interested in having the 4% RS, rather than closing and reopening an account, you could just amend your June standing order to pay on 22/6 before reverting to beginning of month thereafter.

skitskut

Is the anniversary date for the regular saver fixed? What I mean is when the whole balance is swept into the linked account does the next year start immediately or does it start from when you next initially fund the account?

Paul_Herring

What I mean is when the whole balance is swept into the linked account does the next year start immediately or does it start from when you next initially fund the account?

From past experience, it starts on the anniversary of first opening (i.e. the former.)

rb10

skitskut wrote: »

Is the anniversary date for the regular saver fixed? What I mean is when the whole balance is swept into the linked account does the next year start immediately or does it start from when you next initially fund the account?

As Paul said, it's the anniversary of when you first funded the account.

Confirmation here (the T&Cs, page 4):

Interest rates are fixed for 12 month periods on the day we receive your opening deposit, and on each anniversary of that date if you continue to make standing order payments to your account.

CJ

In May 2008 my husband and I both opened the Halifax regular saver at 12% and up to 500 a month. We were told that we had to open a nominated account at the same time for the 6k to go into at the end. There was no mention at all of any money having to be put into the other account. They tell me today that to get the 12% there would need to have been 5k in the nominated account account from the beginning and we will only get 10%.

The confirmation letter doesn't tell you that either, but it doesn't even tell you what the interest rate was set at at the time of opening. If we had been told about the 5k we would never have opened the accounts with the halifax and would have found a better offer