Halifax to relaunch regular saver @10%+

Dagobert

JimBoB wrote: »

So is it now possible to deposit £5000 into the qualifying Halifax account, start the (fixed rate) regular saver at 12% and then withdraw £4999?

For the purposes of ghetting 12%? No. How stupid do you think they are?

Quietgirl

I have just been on the phone to the Halifax. As I was wanting to work my regular saver for instance pay in a minimum of £50 per month. Then, if I have any cash left over from my wages pay that into it too. They told me that you can only have one standing order to the regular saver, but you can go into a branch and pay into the regular saver over the counter as often as you want aslong as you don't go over £500 max monthly funding.

Just a question on my standing order, today i have sent £50 to the account to get it opened so in order to stay within the terms and conditions, I could set my standing order for July to the 9th and have it go out on the 9th of each month?

Speculator

One payment each month by standing order from £25 up to £500. No standing
orders from other Halifax savings accounts.

Am I allowed to set up a standing order from my Halifax Websaver a/c?

amiehall

well obviously you already have the answer..... :S

Speculator

Speculator wrote: »

One payment each month by standing order from £25 up to £500. No standing
orders from other Halifax savings accounts.

Am I allowed to set up a standing order from my Halifax Websaver a/c?

To answer my own question, I've just spoken to Halifax and was advised that the S/O must come from a current account.

Speculator

oldfella wrote:

how about making a payment from Barclays to the web saver, then a SO from the web saver to the RS. I guess you would need to get the payment to Halifax the day before the SO, but it would save a day, assuming the web saver to RS is instant.

johnmoney05 wrote: »

I applied one online this morning. And arranged a payment from my websaver scheduled at tomorrow.

Did you set up a S/O from your websaver? If so, according to the halifax advisor I've just spoken to, it's not allowed.

Mikeyorks

Speculator wrote: »

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To answer my own question, I've just spoken to Halifax and was advised that the S/O must come from a current account.

This is the precise quote :-

Halifax Regular Saver
Minimum age 16. Sole accounts only. Only one account per person. Regular monthly payments of at least £25 by standing order. (No standing orders from other Halifax savings accounts.) If you fail to make a payment of at least £25 by standing order to reach the Regular Saver account on or before the 28th of each month, we will close your account, pay interest up to the date of closure at the current rate for Halifax Web Saver (no card) account and transfer the account balance to your linked easy access savings account.

...... the bit I've made bold is the relevant bit. It's been there for at least a couple of years, to my knowledge, and had applicability to the 7% Reg Saver. So - Halifax have always maintained you can't SO from one of their Savings accounts ......BUT the software disagrees and many people SO from a Websaver.

Therefore - unless they've tweaked the code - you should still be able to SO from a websaver. But whether (at 4.36%) it's desireable to use that as a feeder account .. is a different issue?

Speculator

Cheers Mikeyorks. Thats what I thought.

adrian2000

I have just spoken with the Halifax and asked about the total interest that I would receive after the 12 month term, if I deposited £5000 pounds in a Guaranted Saver Reward account, Rate at 6.25 % to gain the additional 2% interest.

Then did the Maximum £500 pound a month into the regular saver account.

Total £6,000 plus £5,000 original deposit Grand Total £11,000

I was informed that the interest at the end of the 12 month period on the regular savings account would be £317.98 after tax, plus £250.00 on the original investment of £5000 in the Guaranteed Saver Reward account making it a total of £567.98

Does this sound about right?

Hope these figures help someone.

Thanks

Adrian

Mikeyorks

Speculator wrote: »

Cheers Mikeyorks. Thats what I thought.

And some earlier posts (eg #159) seem to suggest the code hasn't been amended and funding (as opposed to 'nominating') from one of their Websavers remains viable.