Halifax to relaunch regular saver @10%+

Baldur

CYPER wrote: »

I hope someone can help me

I have exactly 5K to invest. What should I do? And how much interest will I have after 1 year?

From your interest query, it sounds as though you mean "I have exactly 5K to save" - investments tend to be long-term (5 years plus).

Have you used your annual tax free Cash ISA allowance of £3,600 yet?

YorkshireBoy

sloughflint wrote: »

I've just realised what that nice chappy of yours was suggesting to you..... Two high interest current accounts that require £1000 pcm funding to get the 5.12%.
What an idiot!
I presume your Mum doesn't have a spare 2k per month to fund two current accounts?

The £1K per month doesn't have to be 'new money'. You can meet the funding requirements by internal transfers, so parallel monthly SO's from a pair of HICA's would suffice.

I agree though, that there are better options (6.17% AER might have been OK, but 5.12% AER is easily beaten elsewhere).

tiptoe_mouse

As a feeder account the best I've found so far is tesco internet saver at 6.25% for a year. It apparently allows transfers out of it to any UK bank account in my name. I say apparently because I've only just applied for it.

I'll be using it to fund 2 halifax regular savers (10%), 2 barclays monthly savers (7.75%) and my West Brom Magic 8 account (7.35%) (no longer available, I think).

Now I just have to figure out if I'm best filling up my ISAs now, or waiting until towards the end of the tax year.

Head is spinning!

tiptoe

CYPER

Baldur wrote: »

From your interest query, it sounds as though you mean "I have exactly 5K to save" - investments tend to be long-term (5 years plus).

Have you used your annual tax free Cash ISA allowance of £3,600 yet?

Yes, 5K. I called Halifax and the guy said if I invest 410 each month after one year I'll have 4920 + 214 interest. How exactly do they calculate these 10%?

BallandChain

debbie42 wrote: »

I couldn't find it either. I wanted to close down an old websaver I opened a while back, but couldn't. It still has £1 in and it's annoying me!

I went into Halifax today, closed the old Regular Saver (7%) and opened the new one. I was able to use the money from the old RS to fund the new a/c. I mentioned how do I access the money once it goes into the websaver a/c. Apparently I wasn't told when I first opened it that it had to be opened with £1.

The lady I saw put my little bit of interest from old RS to websaver a/c and when I check online it is now activated. (Websaver a/c was 'greyed out' before.) No wonder I couldn't find the option to move money as the only a/c activated was the RS which obviously doesn't have this facility. For some reason I thought it was meant to be 'greyed out' until the anniversary date, lol. There is a drop down menu to the right of the amount in the websaver a/c, so you can close it from there, Debbie.

The new RS a/c isn't showing up online but when I rang Halifax today they told me to wait 24 hours before it shows up to view. I just thought I'd mention that incase anyone else was having the same problems.

LittleVoice

CYPER - Going back to your original question, do you mean you have £5K and you want to save it or that you need to end up with £5K at the end of a year?

It sounds as though the Halifax answer was for someone who wanted to end up with £5K.

If you have £5K right now, you could put it into an account paying a good rate and then pay it into the Halifax regular saver over time. In total you would have more interest because the capital (your original £5K) would be earning interest in both accounts through the year.

MORPH3US

Hi guys, sorry if these questions have been answered, but this thread is looooong and I don't have all week to read it....

1. Have just opened up my halifax regular saver and I have set up a regular transfer from my Nationwide current account to my RS. Is this enough to satisfy the t&c's (i.e. the money doesn't have to come from another Halifax account into the RS?

2. I noticed that the RS webpage says "you can make additional deposits by standing order too, as long as the total each month doesn’t exceed £500".... so basically on top of my £100 per month regular transfer, I can also put up to £400 a month in the account also to top it up, but it doesn't have to be every month that I top up by the same ammount?

3. It also says "Change the monthly amount you save whenever you want in branch, by phone or online" So if I start off putting in £100 a month, but in 2 months reduce that to £25 and then later maybe I up it to £500, I still get 10% interest on the whole balance at the end of the year?

4. When I log in they also seem to have set up a "Nominated Account" called a "Halifax Web Saver"... Is this just for the end of the year when the RS finishes? So I don't need to put anything in it in the meantime or do anything with it?

Sorry for all the questions and thanks very much for your help!!!!

M

LittleVoice

My understanding is within your post repeated below:

MORPH3US wrote: »

Hi guys, sorry if these questions have been answered, but this thread is looooong and I don't have all week to read it....

1. Have just opened up my halifax regular saver and I have set up a regular transfer from my Nationwide current account to my RS. Is this enough to satisfy the t&c's (i.e. the money doesn't have to come from another Halifax account into the RS? Yes, that's fine.

2. I noticed that the RS webpage says "you can make additional deposits by standing order too, as long as the total each month doesn’t exceed £500".... so basically on top of my £100 per month regular transfer, I can also put up to £400 a month in the account also to top it up, but it doesn't have to be every month that I top up by the same ammount? Correct, you can vary from month to month.

3. It also says "Change the monthly amount you save whenever you want in branch, by phone or online" So if I start off putting in £100 a month, but in 2 months reduce that to £25 and then later maybe I up it to £500, I still get 10% interest on the whole balance at the end of the year? Fine - you will get 10% on the daily balance on your account. (You probably knew this but some people expect to get 10% on whatever their account totals at the end of the year.)

4. When I log in they also seem to have set up a "Nominated Account" called a "Halifax Web Saver"... Is this just for the end of the year when the RS finishes? So I don't need to put anything in it in the meantime or do anything with it? I had one set up for me years ago which had a nil balance until the matured regular saver monies were transferred to it a year later. Mine currently has just £1 to ensure it is kept open now that it has been activated.

Sorry for all the questions and thanks very much for your help!!!!

M

anticlaus105

I intend to set this up next month. The leaflet from in branch says it is available till 20th July.

Is this correct and is it possible if popular it could be pulled sooner?

cundall

anticlaus105 wrote: »

I intend to set this up next month. The leaflet from in branch says it is available till 20th July.

Is this correct and is it possible if popular it could be pulled sooner?

Don't think it will be as all banks need / want money at the moment