Halifax to relaunch regular saver @10%+

PosterBoy77

worried3 wrote: »

I opened one of these today in branch they tried the hard sell on a shares isa (not what i went in for but they seem to be trying to push longer term products)
I also have a 7% one of these I opened about 5 months ago but she looked through my account list & made no reference that I had to close it.
but they are different regular savers
10% up to £500 per month against
7% up to £250 per month.
are you sure you are not needlesly closing your 7% accounts.?

Well I walked into my local branch yesterday, and asked to setup a new 10% regular saver. I also immediately asked them if I could keep my existing 7% regular saver. They said it was fine and not a problem at all. They proceeded to setup the new regular saver and the standing order from my halifax high interest current account. I have therefore also got both!

Paul_Herring

mikael wrote: »

Well I walked into my local branch yesterday, and asked to setup a new 10% regular saver. I also immediately asked them if I could keep my existing 7% regular saver. They said it was fine and not a problem at all.

Assuming you are planning on contributing the presumed requisite £750/month to service both regular savers, the person you spoke to was wrong. Somewhere down the line, someone or something will see you have two regular savers, and then something will be done about closing one of them and retrospectively calculating interest at a lower rate.

If, on the other hand, you stop contributing to the 7% it will lapse, the rate will drop to 4.whatever% for the whole term of the account, and it will close automatically.

The_Fiddler_2

Can it be set up online?

Paul_Herring

The_Fiddler wrote: »

Can it be set up online?

If you don't currently have an open 7%RS open, yes.

Mikeyorks

worried3 wrote: »

but I now have a 7% & a 10% !!

As YorkshireBoy correctly says - 'you think that's the case'. The T&Cs are quite clear cut and people who have attempted to do both online have been declined. You need to choose whether to risk it all running to satisfactory conclusion or contacting them to ensure it doesn't blow up and you finish with one running at 4.36 % / 4.4% Websaver rate :-

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.

gelato_cat

Hi all

Been following this thread with interest. My problem is that I can commit to saving £500/month, but have stupidly tied up all my money in six-month fixed-rate accounts. The earliest any of them mature is October. So, I don't have £5k that I can transfer into a Guaranteed Saver within the next few weeks to get 12%.

I spose it's hard to say how much I am losing, given that we don't know what fixed-rate products will be on the market when mine mature, but what are people's gut feelings about this - do you think I will be losing a lot by having to go with 10% as opposed to 12%, given I'm making 6.86% AER at Icesave and 6.84% AER at Birmingham Midshires?

If anyone is able to make me feel better about this, I'd be really grateful! I'm not even sure why I've tied all my money up - must have been a major lapse in concentration

Suze

savingpennies

Rang this morning to make an appointment to open new RS. Already had 7% RS but told couldn't have both that I would have to close one to open the 10% one.
Went in and it was reasonably straighforward: closed 7% and money plus interest paid into websaver (this will go to fund cash ISA for this year which is what it was intended for anyway). New account opened and SO changed to new account to go out on 20th as usual. I was asked what I was saving for and what i was going to do with all this money and would I like a financial review and consider stock market investments. I told them I already had ISA's: cash as well as investment portfolio, that I regularly checked my portfolio as it was a bit of a hobby. Left shortly after all paperwork done. That's next year's ISA sorted.

carpy

so my existing 7% regular saver wont be upgraded to a 10% one?

i just tried applying online for the 10% but it wouldn't let me (having already got a 7% one)

is the only way of having the 10% RS by closing the 7% RS?

Mikeyorks

carpy wrote: »

1) so my existing 7% regular saver wont be upgraded to a 10% one?

i just tried applying online for the 10% but it wouldn't let me (having already got a 7% one)

2) is the only way of having the 10% RS by closing the 7% RS?

1) No

2) But you've just clarified ("but it wouldn't let me (having already got a 7% one)" - that's the case! If not - it's clarified in the post immediately above yours :

savingpennies wrote:

Already had 7% RS but told couldn't have both that I would have to close one to open the 10% one.

Mikeyorks

Suzey wrote: »

do you think I will be losing a lot by having to go with 10% as opposed to 12%,

No - you will lose if you deliberately tie up £5k in one of the nominated accounts .... in order to get the extra 2%.

The maximum benefit is from new money direct into the 10% account. The next best is teaming the 10% with an external feeder account (preferably utilising FP transfers) at circa 6.3% / 6.5%.

The 12% is really only viable if you just happen to have £5k 'tied up' in one of the nominated accounts.

http://forums.moneysavingexpert.com/showpost.html?p=11498941&postcount=98