Halifax to relaunch regular saver @10%+

COOLTRIKERCHICK

ray123 wrote: »

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).

thanks for the heads up,:beer: i have just opened a Hsbc account purely just to get the £50 cashback via quidco, so will take a toddle in the branch tomorrow and see about setting up a regular saver ...

opinions4u

Suzey wrote: »

I'm assuming that if I carry on with the deposits, the rate is going to be 4% for the next 12 months as opposed to 10%?

Spot on.

Never been in the position where I had to think about this before as it was always 7%!

Well, the world has changed in the last few months!

rb10

Suzey wrote: »

I'm assuming that if I carry on with the deposits, the rate is going to be 4% for the next 12 months as opposed to 10%?

Yes, if the rate on the date of maturity is 4%.

If the rate changes before then, then that will be the rate you get.

Essex123

Has anyones 10% deal finished yet? If so, was there any communication from Halifax?

123.

opinions4u

Essex123 wrote: »

Has anyones 10% deal finished yet? If so, was there any communication from Halifax?

123.

The first maturities will be 9th June - tomorrow!

If I've understood correctly, the proceeds plus interest will sweep in to the nominated account and the Regular Saver account will effectively start again unless the standing order is cancelled. I'm not expecting a communication to confirm this. Probably worth a look at their web site www.halifax.co.uk/savings to see what rate you're going to get if you leave things where they are and to establish what other account options may be a better bet.

As and when the first standing order payment goes through after maturity a new certificate of investment will be mailed confirming the new Regular Saver rate (currently 4%) and the whole process starts again.

Speculator

Might be best to fund the new regular saver as late as possible in case Halifax decides to increase the rate.

thriftymomma

JYK wrote: »

Bah ! This thread caught me out. I was jubilant , until I noticed the date this thread was started.

LOL Me too. Got quite a way into the thread before a I noticed. Ah well never mind!
I just kept thinking, but there is no monday the 9th of June this year, because it's today and it's the 8th!:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

apt

I doubt Halifax will raise or lower the rate from 4%. As I'm getting 6% elsewhere with HBOS I'll not be bothering keeping the Regular Saver. Might open a new one in November if there's nothing better available.

rb10

Speculator wrote: »

Might be best to fund the new regular saver as late as possible in case Halifax decides to increase the rate.

No, that wouldn't work. From the Terms and Conditions (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.

So the rate would be fixed on the anniversary of when you first funded the account, and so if you wanted to get a higher rate at another date you'd have to close this one and open a new one.

I would expect that if they did raise the rate in the next few months, it would be on 9th June, to coincide with the maturities of last year's accounts.

alared

rb10 wrote: »

I would expect that if they did raise the rate in the next few months, it would be on 9th June, to coincide with the maturities of last year's accounts.

On the other hand they know that throughout June there will be a lot coming up to maturity and hold the 4% rate to keep them in, but then maybe in July/August, increase the rate to attract "new money".

I`m cancelling mine and waiting to see what happens.