Halifax to relaunch regular saver @10%+

antispam246

Hi, I have a question about this account that's sort of been asked above, as above I'd just like verification on something.

I opened this 26th June and made my first payment (£25) 20 July (right on the cut-off point, as I was short on fund to begin with). Since then I've made a £500 payment every month including this month which brings me to £5750 and a total of 12 payments. The anniversary of this account is 20th July. All my payments were made by standing orders I set each one up manually myself.

Question is,
1) Do I need to make a 13th payment in July?
2) Can I make a 13th payment in July?
3) Is there any benefit to making a 13th payment in July?
4) Is there any negative effect to making a 13th payment in July?

I have the funds to do it if necessary. I know someone above said, as long as you've made 12 payments. Some are saying they've done 13, so I'm guessing this should accrue more interest and won't break any of the t+c's of the account? I was reading through the original t+c's I printed off when I made the account and couldn't see anything, specifically to limits. The Barclays 7.75% for example had a 3k limit so I was worried this one may have had a 6k limit...?

opinions4u

antispam246 wrote: »

Hi, I have a question about this account that's sort of been asked above, as above I'd just like verification on something.

I opened this 26th June and made my first payment (£25) 20 July (right on the cut-off point, as I was short on fund to begin with). Since then I've made a £500 payment every month including this month which brings me to £5750 and a total of 12 payments. The anniversary of this account is 20th July. All my payments were made by standing orders I set each one up manually myself.

Question is,
1) Do I need to make a 13th payment in July?
2) Can I make a 13th payment in July?
3) Is there any benefit to making a 13th payment in July?
4) Is there any negative effect to making a 13th payment in July?

I have the funds to do it if necessary. I know someone above said, as long as you've made 12 payments. Some are saying they've done 13, so I'm guessing this should accrue more interest and won't break any of the t+c's of the account? I was reading through the original t+c's I printed off when I made the account and couldn't see anything, specifically to limits. The Barclays 7.75% for example had a 3k limit so I was worried this one may have had a 6k limit...?

1) No
2) Yes, as long as it's by standing order and received by the 19th July
3) Yes, you'll earn a high rate of interest on it, albeit for just a few days - best date for it to be received is 1st July!
4) No

jackieblack

Sorry if this has already been covered (I have read back and can't see it, but could have missed it )

As I understand it (and I may have mis-understood), if you don't cancel the standing order, the account carries on but, I assume, not at a much lower rate? Would that be the current Regular Saver rate (4%?)? And does it drop from the anniversary date the account was opened?

rb10

jackieblack wrote: »

Sorry if this has already been covered (I have read back and can't see it, but could have missed it )

As I understand it (and I may have mis-understood), if you don't cancel the standing order, the account carries on but, I assume, not at a much lower rate? Would that be the current Regular Saver rate (4%?)? And does it drop from the anniversary date the account was opened?

Yes, you are correct.

jackieblack

Thank you for such a speedy response!

d4vid

My regular saver matured on the 23rd June and the balance automatically transferred to my guaranteed saver. However the standing order paid in another £500 on that day, and the regular saver remains open and now states a maturity date of 23rd June 2010! Does this mean I will get 12% interest rate for another 12 months? Don't tell Halifax!

In seriousness, I presume the regular saver will now adopt the interest rate quoted on the Halifax website of 4% for the forthcoming year.

opinions4u

d4vid wrote: »

My regular saver matured on the 23rd June and the balance automatically transferred to my guaranteed saver. However the standing order paid in another £500 on that day, and the regular saver remains open and now states a maturity date of 23rd June 2010! Does this mean I will get 12% interest rate for another 12 months? Don't tell Halifax!

In seriousness, I presume the regular saver will now adopt the interest rate quoted on the Halifax website of 4% for the forthcoming year.

It will be 4% from 23rd June 2009. Shame!

d4vid

I see this has been covered already in the preceding pages, my apologies.

ray123

What a shabby service! The money was release in the morning, but am unable to transfer out of the web saver, however, I am able to transfer more money into it!

Checked the account just now and my regular saver is showing a balance of -£270 and I am still unable to move money.

Newly_retired

My regular saver @ 12% matured on 23rd June. I had interest of £367.35 from a total of £5998.93. This is because I opened the account by a transfer from a previous Halifax a/c of £253.93, paid in £250 by SO for the next 11 months, plus a further £250 each month whenever funds permitted- all but one. I even managed a thirteenth payment in June of £500.
The final sum of £6366.28 ( after tax) has been transferred to my Guaranteed Saver Reward at 6.25% which finishes in a few days. Anybody tell me what the rate on this acount will be after the 12m fix?
Where next?
I am not desperately keen to keep it in HBOS, nor to fix for more than a year. I do not need the money for probably 2-3 yrs.
I have of course maxed out my cash ISA. I do not want to put it in any equity based investment.
Rates are improving but only if you fix for more than 2 yrs. Any suggestions?