Halifax to relaunch regular saver @10%+

YorkshireBoy

adrian2000 wrote: »

Does this sound about right?

For the regular saver it's a little out...

£6,000 x 12% / 12 x 6.5 x 0.8 = £312

Assuming payments made on the same date each month.

Mikeyorks

AP wrote: »

I have already closed my existing Regular Saver account last Friday but when I tried to apply online a moment ago I still got the same message - now what?

If you closed it online - it's likely you will have to wait until they've gone through their Batch processes tonight (Mon) before it's fully clear? Have experienced a similar problem before where hitting the limit of the 5 x Websavers they allow. The Friday night Batch appears to be a stripped down version and doesn't fully remove acounts in the process of closing.

Allegedly they can close accounts centrally via 'phone over a 2 hour period ... but I've never personally known that to work.

Paul_Herring

Nikko5 wrote: »

Can someone please just confirm to me... Am I allowed to make a SO payment of £500 on, say, 20th of this month and then another payment of £500 on 20th of July (and so on each month). Or is it only ONE payment allowed before 20th July then once a month after that?

It's one payment on any date between the 1st and 28th of July. Then one payment on any date between the 1st and 28th August. Then one payment on any date between the 1st and 28th of September.

The dates don't matter, and can be different each month. But one payment must be made between the 1st and 28th of each month for the whole 12 months or you lose the RS and only get the websaver rate of interest on all money saved since the start of that RS.

Lavendyr

But you can also make a payment in June, if you open the account in June, surely?

See this post.

Speculator

Mikeyorks wrote: »

Allegedly they can close accounts centrally via 'phone over a 2 hour period ... but I've never personally known that to work.

I managed to close it over the phone this afternoon. The advisor said it would take a day to close but I logged back in after an hour to find it had already been closed and the balance transferred to my nominated a/c.

Paul_Herring

dkmax wrote: »

obsessed_saver wrote:

Sillychuckie wrote:

I don't want to apply too early though, as I like to fund towards end of month then switch to start of month to maximise interest.

Is that allowed?

First funding 28th June £500.
Then second funding 1st of July add £500.
And the first of every month after that?

Yes, it's allowed. First funding whenever you can, subsequent months on the 1st of each following month. It gets you a few days extra interest equivilant to interest on the amount of one monthly payment over 11 months. (Average 15/31*10%*£500*80%*11/12 = ~£17/£18)

dkmax wrote:

obsessed_saver wrote:

Interesting idea though.

Eh? As interest is calculated on a daily basis how does that maximise anything?

The idea as stated doesn't. It stems from the "first payment ASAP this month, second payment ASAP (i.e. the 1st of next month.)" idea to gain the extra 20 or so days 'extra' interest from the second calander month.

Naturally, if you delay the first payment, then you're losing the 20 or so days from the first month, so wiping out some of your potential gain.

The only time this maximises anything is if it already near the 28th of this month satisfying the "ASAP this month" bit.

uk1

I'm totally confused now. If Halifax's software only allows me to feed the account from my web saver account - the only option offered when I opened it online - not my high interest current account - then surely that must qualify as a feeder account?

As anything over £2.5k in the high interest current account earns minimal interest then using it for a feeder account to the Regular Saver means keeping money in it that would be otherwise in a higher interest account thus slicing some of the advantage.

AP

Mikeyorks wrote: »

If you closed it online - it's likely you will have to wait until they've gone through their Batch processes tonight (Mon) before it's fully clear? Have experienced a similar problem before where hitting the limit of the 5 x Websavers they allow. The Friday night Batch appears to be a stripped down version and doesn't fully remove acounts in the process of closing.

Allegedly they can close accounts centrally via 'phone over a 2 hour period ... but I've never personally known that to work.

I actually closed the account last Friday at a branch over the counter, with the balance plus interest transferred to my BoS High Interest Current Account - went through instantly.

I spoke to them on the phone through callback and opened the account this afternoon. The advisor did ask if I had another Halifax Regular Saver account. I told them that it was closed last Friday and he said that it was ok.

However, I have not been able to add this account to online banking, set up a S/O through my BoS HICA or make the 1st deposit by T/F from the same account. I contacted the online helpdesk and was told that it would take a day for the system to be updated.

TomJ

Surely if you open the acct at the end of the month, can squeeze more days out of the high rate of interest, minimising the time dueing which you only have £500 and can squeeze in an extra payment?

Taking the broadest difference in opening times, the begining and the end of the month:

28 Jun, Open, P1
1 J P2 £1000
1 A P3 £1500
1 S P4 £2000
1 O P5 £2500
1 N P6 £3000
1 D P7 £3500
1 J P8 £4000
1 F P9 £4500
1 M P10 £5000
1 A P11 £5500
1 M P12 £6000
1 J P13 £6500
28 J Close

As opposeed to opening on 1 Jul:

1 Jul P1
1 A P2
1 S P3
1 O P4
1 N P5
1 D P6
1 J P7
1 F P8
1 M P9
1 A P10
1 M P11
1 J P12 £6000
1 Jul Close

LongTermLurker

Paul_Herring wrote: »

Nikko5 wrote:

Can someone please just confirm to me... Am I allowed to make a SO payment of £500 on, say, 20th of this month and then another payment of £500 on 20th of July (and so on each month). Or is it only ONE payment allowed before 20th July then once a month after that?

It's one payment on any date between the 1st and 28th of July. Then one payment on any date between the 1st and 28th August. Then one payment on any date between the 1st and 28th of September.

The dates don't matter, and can be different each month. But one payment must be made between the 1st and 28th of each month for the whole 12 months or you lose the RS and only get the websaver rate of interest on all money saved since the start of that RS.

I think Nikko5 is getting confused around the offer dates - Nikko5, those dates are just the offer period - you can pay in £500 on any day before 28 June and then £500 every month on any day before the 28th. Hope that makes sense.