Halifax to relaunch regular saver @10%+

cundall

Mikeyorks wrote: »

You can't put the £11k into the Guaranteed Saver and then fund the RS from there ... as there is a maximum of 1 withdrawal to keep the 6.25% fixed rate. You can only go to 4 withdrawals at the 5.25% rate (which you've just made variable by going over 1 withdrawal) .... so it's not a viable option?

thanks thought so...

cundall

blizeH wrote: »

Hang on a second, can someone explain the 12% thing please? I assumed it just meant that if you deposited £5k over the course of the 12 months (out of the £6k possible) then you'd get the extra 2% bonus?

No.......

You have to keep £5k in one account such as the guaranteed saver then you have a regular saver account too (up to £500 per month)

blizeH

Oh, I see - cheers.

Edit: Do I have to deposit the £5k into the gauranteed saver before I open the regular saver?

uk1

Mikeyorks wrote: »

Agree with your post #435 .... but not this one. I would be amazed if you could 'nominate' an account in which you didn't have either a sole or a joint interest. Notwithstanding how you read it .... the software isn't going to allow a link to an account that has no underlying relationship to you.

In that case it wouldn't work!

Diamond_geezer_2

I have had a reg saver with Halifax for years at 7% so the new 10% rate looked very attractive. Big downside. You cannot have two accounts running, therefore the existing account has to be closed. As it runs from March my current capital would be paid out at 4.something% because I'd be deemed to be closing the account mid year. They really appreciate existing customers!

Mikeyorks

blizeH wrote: »

Edit: Do I have to deposit the £5k into the gauranteed saver before I open the regular saver?

No - apparently (there's no published T&C's I can see?) you have 14 days from opening the RS.

blizeH

That's great then, thank you I'll give them a call tomorrow and see if they can sort my account, if so I'll open the guaranteed saver and transfer the money across asap.

TRUSt_NO_1_2

KAB wrote: »

...Halifax are about to re-launch their regular saver with an eye catching 10% headline rate.

10% ? 12%
Almost keep up with inflation (NOT)

My suspicious mind at work here,but why offer something so high above base rate ?

They know what's coming soon and some other banks/building societies are going to collapse through lack of funds.They are protecting themselves with this offer.Back to basics...use savers to fund lending !

They are speculating to accumulate !..and it will work.

Some of you could remortgage at 7% and save at 10%

You're going to have to put up with their naff adverts 24/7.

cepheus

TRUSt_NO_1 wrote: »

My suspicious mind at work here,but why offer something so high above base rate ?

They dump it in an account of their choice after a year and rely on investor lethargy keeping it there to make profits. To get the whole 12% for the regular saver part also requires you to put money into a less attractive account which brings the overall rate down to less than 10% if you do this. 10% sounds a lot more than other rates as well so I suppose they get good PR.

ctdctd

TRUSt_NO_1 wrote: »

My suspicious mind at work here,but why offer something so high above base rate ?

Because they need the funds?