Halifax to relaunch regular saver @10%+

rb10

CJ wrote: »

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.

Check the Certificate of Investment that they sent out. You will see on there that it gives the interest rate of 10%, and at the bottom there is a paragraph explaining that you will get the higher rate of 12% if you meet the additional conditions.

CJ wrote: »

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

No, even the 10% was the best rate around, you wouldn't have got any higher than that.

LucyTheDwarf

CJ wrote: »

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 10% (or 12% if you had the 5k in the nominated account) didn't start until 9th June 2008 - https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=172092

If you opened in May, you would be getting 7%. When did you first fund the account?

opinions4u

CJ wrote: »

In May 2008 my husband and I both opened the Halifax regular saver at 12% and up to 500 a month.

Impressive, as the rate was 7% at that point in time. If you first funded the account between 9th June and 20th July you qualified for the 10%/12% rate.

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%.

They clearly marketed the 10% rate. No headline advertising showed the 12% rate - that was a 'small print' offer. The terms and conditions were very clear about what needed to be done to qualify though. From memory the £5k had to go in to the linked account (one of which offered 6.25% fixed for a year) within 14 days of the Regular Saver first being funded, and stay in the linked account until the Regular Saver matured.

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.

The certificate of investment does.

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

Not a chance. The only offer that ever ran this one close was Alliance & Leicester which had a condition that insisted on you spending £10 a month on some sort of life policy that nobody would want.

D1zzy

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?

Where's this 6% easy access?

kempstar

I have one more payment to make on this. I have been making £500 per month. Do I have to make a final payment of £500, or can I reduce the amount of the standing order? I dont think I can afford it this month, but really dont want to lose any interest if I can help it

rb10

kempstar wrote: »

I have one more payment to make on this. I have been making £500 per month. Do I have to make a final payment of £500, or can I reduce the amount of the standing order? I dont think I can afford it this month, but really dont want to lose any interest if I can help it

You can vary the standing order whenever you like.

The rules are:

* You must make one payment per calendar month.
* The amount must be between £25 and £500.

So it is fine to reduce it, as long as you put at least £25 in this month.

LucyTheDwarf

You must make a payment anywhere between £25 and £500. So reducing it this last month isn't going to be a problem - and you'll not drastically affect your interest either.

pcyam

have they launched the 10% regular saver yet?? I've checked online at its 4%??

cashbackproblems

pcyam wrote: »

have they launched the 10% regular saver yet?? I've checked online at its 4%??

LOL this thread was started in 2008, so such deals exist anymore!!

ray123

http://www.hsbc.co.uk/1/2/personal/savings/regular-saver;jsessionid=00008ejH8DqVPzYQruSi58srhes:12c58n73a

HSBC are offering 8-10%, but max payment per month is £250.

Also, Barclays are offering 6%, max of £250 per month (it is mentioned in this week's moneysaving newsletter).