Halifax to relaunch regular saver @10%+

Calchas

Presumably they will wait to see how many people carry on with the new regular saver. A nice percentage would mean they continue to offer the 4% and a mass exodus would mean HBoS will have to consult their drawing board.

YorkshireBoy

Calchas wrote: »

...a mass exodus would mean HBoS will have to consult their drawing board.

I'm doing my bit, having cancelled the SO (will formally close the account on Thursday).

Paul_Herring

alared wrote: »

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'll be keeping mine open (less hassle) and if they do this then I'll do what I did when they made the change from 7% to 10% last year - canceling the old one and opening a new one, if it works out better.

Calchas

Paul_Herring wrote: »

I'll be keeping mine open (less hassle) and if they do this then I'll do what I did when they made the change from 7% to 10% last year - canceling the old one and opening a new one, if it works out better.

If too many take that option, chances are the 4% rate will not change. I am not suggesting the fate of the rate is totally in your hands Paul_Herring .

Barclays are currently offering 6% and Lloyds 5%. Although only £250 maximums, when added togerther they are more attractive places for HBoS regular savings money.

Norwich and Peterborough are also 6% I believe.

Abbey and HSBC are also worth a look, although it may be that HSBC is tied to a paid current account: something I will not entertain under almost any circumstances.

Paul_Herring

Barclays are currently offering 6% and Lloyds 5%. Although only £250 maximums, when added togerther they are more attractive places for HBoS regular savings money.

If, and only if, you have sufficient money to only fund two, or if, and only if, your time spent opening those accounts is worth it.

I'll take the latter: Assuming an average rate of 5.5% gross (over HBOS 4% gross) we're talking, on a sum of £6,000pa/£500pm:
£500 (per month) x 1.5% (difference in rates) x 6.5 (usual RS multiplier) x 60% (marginal tax rate) = ~£30 extra for my time spent opening two more accounts.

I could save more than that by not going out one Saturday evening.

I'm sure it would be worth it for some, but it's more hassle than it's worth to me, at least until such time I can start another RS over and above those I have already

Calchas

£271.45 interest.

A nice way to start the day. :j

tara747

Has anyone's RS matured after putting in £500 per month? Mine's due to mature on the 30th and I would like to know how much interest I can expect (I am a basic rate taxpayer). I have £6500 in it at present.

Thanks.

YorkshireBoy

tara747 wrote: »

Has anyone's RS matured after putting in £500 per month? Mine's due to mature on the 30th and I would like to know how much interest I can expect (I am a basic rate taxpayer). I have £6500 in it at present.

See the post before yours (but you'll have slightly more).

MONEYME

The year is up on RS in a week or so.
Do I need to cancel my SO to them or does it stop automatically. I thought I would receive a letter by now saying where I want the funds transferred to?

YorkshireBoy

MONEYME wrote: »

Do I need to cancel my SO to them or does it stop automatically.

Your T&C's will explain (but if you can't find them you have to cancel yourself if you don't want to continue). See also the last 20 posts or so where this has been discussed.

I thought I would receive a letter by now saying where I want the funds transferred to?

You nominated a receiving account when you applied for the account last year. See your welcome letter...or check online (where the nominated account is shown).