Halifax to relaunch regular saver @10%+

jodders

After the 1 year is up, when is the best time to withdrawl the money?

YorkshireBoy

jodders wrote: »

After the 1 year is up, when is the best time to withdrawl the money?

You won't have to make that decision. Your balance, including interest, is transferred automatically to your nominated account on the anniversary of your first payment to the account (as detailed in the account T&C's).

dkmax_2

Sillychuckie wrote: »

Doing things my way does maximise it. Its basic regular saver technique.

By applying say on 29th of June and first funding on 30th June (forget the fact its a week end, this is just an example), and then paying your 2nd payment on 1st July, you already have £1000 in your account and have only had it open for a few days..

Yes, but while you are waiting to do your timing trick (people typically get paid at the start of the month) your first deposit is losing out on interest. If it is earning zero percent (as it would in many current accounts) you lose about the same as you gain by the timing sophistry. You can minimise the loss only to the extent that you can gain as much interest as you would in the regular payment account - at which point the regular payment may not be the best place for your money.

dkmax_2

Paul_Herring wrote: »

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

Exactly. Looks like they didn't think of that one.

uk1

Mikeyorks wrote: »

Yes ... but at 4.4% (?) ... do you really want to do that? Why not open the (can't remember the exact title ) Guaranteed ?? Reward at 6.25% and set that as your 'nominated' account?

Later

Link to it here. It's not directly referenced as a 'nominated' type of account. But it's actually the same as the Guaranteed Saver (which is a nominee) - you just get the extra 1% 'Reward' if you only make 0 -1 withdrawals. Which, of course, you must not do if you only have the min £5k in there to generate the extra 2% on the Reg saver :-

http://www.halifax.co.uk/savings/guaranteedsaver.asp

Many thanks.

The reality is I already have a fair bit of fixed higher interest at Halifax (from around 6.3% upto 6.85%) and I'm using the combination of Web Saver to enable me to keep my High Interest account fed to as little above the £2.5k where the interest plummets.

I'm currently looking for an alternative current "type" account that allows unlimited transactions with max interest without the £2500 limit - but this changes weekly and I'm finding it tough to find one that beats this combination! All others seem to have a 1 transaction per year limit with a non-existant interest rate for deposits over £2.5k - but a headline grabbing rate for £1 to £2500. 4.45% in this environment seems quite good?

trashcan_2

£6000 would be my limit for the year. Have you got to have a single application or can you also have it in a joint application. I have been reading it all but have only seen single and not joint.

Thanks.

Dagobert

uk1 wrote:

I'm currently looking for an alternative current "type" account that allows unlimited transactions with max interest without the £2500 limit ...

May I suggest that you start a new thread for a new topic with an appropriate subject line? You will find that you get more attention if it is not buried in another discussion while keeping existing threads on topic.

obsessed_saver

dkmax wrote: »

Paul_Herring wrote:

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

Exactly. Looks like they didn't think of that one.

Well, nothing because I don't get paid until the 24th of each month.

Poor me has no big lump sum to "drip feed" into the RS. Just the regular monthly income.

Dagobert

Guaranteed Saver brochure:

Reward interest rate applies for a year following account opening.

While the regular saver matures 12 months after initial deposit the fixed Guaranteed Saver rate expires 12 months after opening.

Therefore, ideally these two accounts should be opened and funded on the same day.

Speculator

Just logged on to Halifax online and no sign of my 10% regular saver so I added the a/c using the roll no. I was given.

After adding the a/c, this message appears..

Thank you for opening a Regular Saver, before we can activate your new account we are required by law to confirm your identity. To do this simply call into any Halifax or Bank of Scotland branch with original documents from this list, and we'll be happy to help.