Halifax to relaunch regular saver @10%+

LongTermLurker

Well some seem to have been able to close old accounts and open new ones over the phone but when I rang this morning I was told I'd have to go into a branch. Did that, no cross selling and - hopefully - tomorrow should show the right accounts available.

obsessed_saver

The account 1 year maturity starts when the first payment is received.

So if you pay in £500 on the 28th of June 2008, your account will mature 28th June 2009.

Therefore, if you pay in another £500 on the 1st of July, you almost have a full year's interest on that £1000.

Special_Saver2

Hi everybody,

Aplogies if somebody else has mentioned this elsewhere already (I am reading this thread quickly as I am in an internet cafe) but I thought I should also point out that the Halifax off-shore version (Halifax International Regular Saver account) has also increased its rate to 10%, so you can fund that with £2,000 per month, which seems very attractive if you have that kind of money. So in total, you could actually save £2,500 per month at 10%. Beware though that the off-shore version is not covered by the UK compensation rules. See post 4 in this thread for more details: Regular Savings Accounts: The Best Currently Available List!

I can also confirm that you cannot have the 7% version and 10% version of the Halifax regular savings account - I just tried the online application and it won't let me proceed because I already have a regular savings account.

Nixxx

I've read through the whole post and have made a branch appointment to open one of these tomorrow.

Thanks everybody

Mikeyorks

joHal wrote: »

any other halifax related questions, please ask *wink wink*

Regret that if they're as accurate as this - you won't find much winking going on!

If you've read the rest of the thread it's clearly established you simply determine if it's beneficial and close the 7% one in order to open the 10%. You don't have to await maturity of an existing 7% one - and thereby miss the 20th July deadline.

joHal_4

Mikeyorks wrote: »

Regret that if they're as accurate as this - you won't find much winking going on!

If you've read the rest of the thread it's clearly established you simply determine if it's beneficial and close the 7% one in order to open the 10%. You don't have to await maturity of an existing 7% one - and thereby miss the 20th July deadline.

as i have just clarified, i think working for them gives enough information as to how the accounts work

Paul_Herring

uk1 wrote: »

I'm totally confused now. If Halifax's software only allows me to feed the account from my web saver account

You can 'push' money in from any account that supports standing orders going out. You cannot specify this from the Halifax website.

the only option offered when I opened it online

The wording of that page is misleading. That page is asking which account you want the mature regular saver to be put in after one year, despite the wording to the left of that drop down (which gives the impression that this is where funds will come from - this is not what that selection is actually asking you.)

- 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.

Put £5000 in the websaver if you are after the 12% and feed the RS from some other account.

Paul_Herring

TomJ wrote: »

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?

What interest is that £500 getting while it isn't in the 10% account?

YorkshireBoy

joHal wrote: »

as i have just clarified, i think working for them gives enough information as to how the accounts work

When in a hole, it's always best to stop digging.

if you have one at the 10% rate at the moment

How on earth can you have one "at the moment"?...it's only been launched today!


EDIT: Did I deal with you earlier today? See post #159

Mikeyorks

obsessed_saver wrote: »

The account 1 year maturity starts when the first payment is received.

So if you pay in £500 on the 28th of June 2008, your account will mature 28th June 2009.

Therefore, if you pay in another £500 on the 1st of July, you almost have a full year's interest on that £1000.

Which means the 12th payment goes in 1st May 2009. You can then make a 13th payment, to maximise the interest, 1st June 2009.

If you choose not to make the 13th payment .... but therefore make no payment in June .... I am working on the assumption the maturity sweep on the 28th takes precedence over a default because no payment is received in the month!

If you're intending to run the account into a 2nd year ... I always make the 13th payment (it's only an issue in the 1st year).