Halifax to relaunch regular saver @10%+

Mikeyorks

amiehall wrote:

can anyone see any conditions relating to the consistancy of funding

As post #104 .... you can vary between £25 to £500 each month. No consistent values required ... so long as each monthly payment fits that criteria. If it (likely) follows the 7% model ... must be a payment each month and before the 28th?

johnmoney05

Mikeyorks wrote: »

Try actually reading the existing Halifax Regular Saver T&Cs allied to the Key Facts in the Press Release from yesterday (posted above if you trouble to find it) ..... and you will find there is no guesswork.

Did you think I didn't read before I posted? Well, expert. As you said, "Key Facts"...did it answer all our questions? Don't get annoyed. I can bet if you walk into any Halifax branch today and ask about this product, different staff will give you different answer. Why? Because this product is not on the market untill 9th June.

amiehall

yeah i stuck my head into a branch today and i knew more about it than the lady i spoke to.... either that or she was lying.

johnmoney05

Key features:

* Open to new and existing customers, one account per adult. Account available for a limited period ending 20th July 2008. One regular saver account per customer, per year.

Question: Does it mean I can close a current regular saver account, then open this new 10% regular saver account before 20th July 2008? One regular saver account per customer, per year. Certianly if I close a current regular saver account anytime before 20th July 2008, then I can re-apply this new one.

* Each year the capital and interest are swept into one of six nominated accounts. The regular saver account remains open and deposits can continue to be made

Question: What the rate will be for the next year?

Now, expert. Should we wait untill Monday to see the answer or just guess?

debbie42

quinlanmd wrote: »

I understand your attitude towards the previous post, but to be fair the "press release" Key Facts may be introducing a new condition (one per year) which may mean that customers who have closed a 7% Regular Saver this year are excluded, so for that at least, we (i.e. customers such as myself) are waiting to see whether we will be prevented from opening the new 10% Regular Saver or whether that Key Facts are just poorly worded.

I was concerned about that. I've only just started a new one, so may be precluded from it (in which case I'll be well and truly miffed).

Dagobert

johnmoney05 wrote: »

I can bet if you walk into any Halifax branch today and ask about this product, different staff will give you different answer. Why? Because this product is not on the market untill 9th June.

I did and I know more about the product than the advisor, not because it has not been launched yet though. They have all the staff training information already but had not read it yet.

Paul_Herring

debbie42 wrote: »

I was concerned about that. I've only just started a new one, so may be precluded from it

If by 'only one' means closing a 7% to get the 10% you'll have lost a lot less than those who, say, have one that matures in 6 months or less.

I was tempted earlier, but am sure someone else has done the maths...

Assuming closure of a 7% RS reduces the interest on what you've already saved, where would the cut-off where cancelling the 7% (assuming you'll be put down the the websaver rate for cancelling - 4.6%?) be actually profitable?

For anyone prepared to do the calcs, please provide 2 scenarios where the current #250 is all that can be contributed, and the new #500 limit.

peawack

johnmoney05 wrote: »

Did you think I didn't read before I posted? Well, expert. As you said, "Key Facts"...did it answer all our questions? Don't get annoyed. I can bet if you walk into any Halifax branch today and ask about this product, different staff will give you different answer. Why? Because this product is not on the market untill 9th June.

That's right - not available until Monday !

obsessed_saver

This is exciting!

mary

Press Office today told me that you can't definitely have both 7% and 10%. I then rang the Savings Dept and asked in advance and was told the best thing to do and quickest would be to ring on Monday, close one and open the other.