Halifax to relaunch regular saver @10%+

KeithEssex_2

darksider wrote: »

Hi everyone. long time lurker but this is my first post.
Ive just been reading this article about regular savings accounts and the "Drip Feed" method. http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

I hope Im posting in the right place and that my questions haven't already been answered elsewhere

I've got quite a large sum sat doing nothing in my current account. I had abit of inheritance recently (not the nicest way of gaining money though) and had no other account to have it deposited into.

Ive done alot of research into how i can make this money work for me, im sure if i get it right, the interest could pay my mortgage each month (retrospectively of course, Id still have to work)

Anyway, my questions are these:

What is the maximum I could 'dripfeed' into a regular savings per month?
What would be the best savings account to 'dripfeed' from (opinions please)?
could i do this dripfeeding more than once, (ie, could I have 2 savings and 2 regular savings accounts) if so, would I get hammered with tax?
Could i use this method and spread it about using my kids and avoid the big tax bills?

the person who left me the money was an accountant, so i feel it's only right i try and squeeze as much out of his gift as possible. it's what he would have wanted!

Would suggest the following :-

1. That you open a general savings account (possibly with your current bank). The choice of account depends upon who you currently bank with. It is very useful to be able to have instant transfers between current and savings accounts. Most current accounts only pay 0.10% which it pitiful.

2. That you consider opening a cash ISA account to use your annual £3,600 allowance.

3. That you drip feed the account from your current account and make sure that this is funded with the £500 monthly maximum before the Standing Order goes out.

p.s. You can gift a total of £3,000 to anyone (incl. your children) free of tax each year but it then remains their money.

Just opened a Halifax Regular Saver on-line and made the initial £500 payment via Faster Payments from my HSBC Premier account (moved from Savings account today).

The money was in the Halifax RS account earning the 10% rate within minutes.

tiptoe_mouse

darksider wrote: »

Hi everyone. long time lurker but this is my first post.
Ive just been reading this article about regular savings accounts and the "Drip Feed" method. http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

I hope Im posting in the right place and that my questions haven't already been answered elsewhere

I've got quite a large sum sat doing nothing in my current account. I had abit of inheritance recently (not the nicest way of gaining money though) and had no other account to have it deposited into.

Ive done alot of research into how i can make this money work for me, im sure if i get it right, the interest could pay my mortgage each month (retrospectively of course, Id still have to work)

Anyway, my questions are these:

What is the maximum I could 'dripfeed' into a regular savings per month?
What would be the best savings account to 'dripfeed' from (opinions please)?
could i do this dripfeeding more than once, (ie, could I have 2 savings and 2 regular savings accounts) if so, would I get hammered with tax?
Could i use this method and spread it about using my kids and avoid the big tax bills?

the person who left me the money was an accountant, so i feel it's only right i try and squeeze as much out of his gift as possible. it's what he would have wanted!

Your best bet is to start a new thread on this forum, rather than replying to a post on this one, since your question is about more than just the halifax 10% regular saver. You will probably find you get more responses that way.

tiptoe

borntobefree

debbie42 wrote: »

You will need to fill out an R85 form if you want your interest paid gross (for both RS and niminated account). I have several Halifax accounts, yet still have to go to a branch to have my id validated .

Thanks I've just read through the whole thread:eek: and I'll go into the branch Monday. Cheers everyone for your useful posts.:money:

uk1

A possible trick that many might have missed by some is that a single joint "nominated account" can be shared by a couple. In other words a single deposit of £5000 in a qualified nominated account that is also a joint account could earn the extra 2% for two people.

matttttttttt

I have just opened a Regular Saver on line and the finish message was we will contact you within 7 days to let you know the next step.
I was not able to state how much I wanted to deposit or the amount I wanted to pay monthly.

heatherw_01

I finally managed to set up a SO online. They must have fixed the site.

Lavendyr

matttttttttt wrote: »

I have just opened a Regular Saver on line and the finish message was we will contact you within 7 days to let you know the next step.
I was not able to state how much I wanted to deposit or the amount I wanted to pay monthly.

No, you need to set up a standing order for that. There should have been a link to a standing order form on that page, or alternatively you just need to set one up using the sort code/account number that you were given when you completed the application.

liverpoolcarl

Matt, my understanding is you do not state how much you want deposit or pay each month, you simply set up a SO to the RS with amounts not less than £25 and not more than £500 in any month, i.e make as many deposits you want in a month so long as you don;t go over £500 in that month.

If you login online and view the account it should list the account details for the SO.

matttttttttt

I have now re submitted an application and it took me through to the funding and SO.
Is it not possible to fund this account from my Halifax current account.My 7% Halifax Regular Saver was funded from this account?

free4440273

matttttttttt wrote: »

I have now re submitted an application and it took me through to the funding and SO.
Is it not possible to fund this account from my Halifax current account.My 7% Halifax Regular Saver was funded from this account?

good question: anyone know thanks all:)