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Halifax to relaunch regular saver @10%+

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  • ernieburt
    ernieburt Posts: 2 Newbie
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    Hi Folks,

    My first post so be gentle on me.

    Read through a lot of the posts though not all of them and I am a little confused.

    I am thinking of opening one of these RS accounts. I currently have £16k in their web saver w/o card and was going to put £10k of it into the RS account as I don't want to tie up the full amount due to moving house soon, so not bothered about trying to get the extra 2%. I am going to put the minimum of £25 a month into the RS account from my HSBC current account.

    Some of the earlier posts suggest that the interest will be more like half of the 10% quoted by HFX, why is this?

    Am I right in thinking if I have £10k in a 10% intrest account after 12 months I will walk away with approx £11k.

    Forgive me if I am being naive but I am not very good with money.:rolleyes:
  • MORPH3US
    MORPH3US Posts: 4,906 Forumite
    Combo Breaker First Post
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    ernieburt, I could and probably will be wrong, but the 10% interest rate it ONLY on the regular saver account...

    Therefore if you only pay in "the minimum £25 per month" then there is no way you will have £10,000 in there at the end of the year....

    I'm confussed though because first you say you are going to put £10k into the RS (which is impossible, max is £500 per month = £6k over the year) but then you say you'll only put the minimum £25 a month into the RS....
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    ernieburt wrote: »
    ...was going to put £10k of it into the RS account
    At 12 x £500, the most you can put in is £6,000 over the year.
    Some of the earlier posts suggest that the interest will be more like half of the 10% quoted by HFX, why is this?
    Because your average balance, for interest earning purposes, is "more like half" the final balance.

    The formula is...

    £6,000 x 10% / 12 x 6.5 x 0.8 = £260 (net of tax)
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
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    lindos90 wrote: »
    Not sure what the last bit ment though, do you mean you set it up over the phone?

    Yes ... had to close 7% Savers first and attach a Guaranteed Saver (to get the 12%) ..... both of which means you have to do it over the 'phone / Branch.
    My SOs (£500 each to the RS's and £5k to the Guaranteed) both worked fine overnight. And you can see the value in the accounts ....... despite all of them still say 'Awaiting Details' !!
    If you want to test the depth of the water .........don't use both feet !
  • Drives_Too_Much
    Drives_Too_Much Posts: 15 Forumite
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    Does anyone know if other banks are looking to up rates to compete with HBOS? I've been holding off for a few weeks in case a better offer emerges.
  • liverpoolcarl
    liverpoolcarl Posts: 165 Forumite
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    I am planning on opening a RS on 1st July.

    I already bank with the Halifax so will be opening online.

    I already have a variable rate web saver that I use to hold some small bills money like car insurance and car tax etc.

    Can anyone tell me if I can nomiate this existing account to take the funds plus interest when it matures or do I have to open another web saver?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    liverpoolcarl wrote: »
    I am planning on opening a RS on 1st July.
    Why? (if it's not too personal a question). Far better to open, and fund, now...and then make your second SO payment on 1/7/08.
    I already have a variable rate web saver that I use to hold some small bills money like car insurance and car tax etc.

    Can anyone tell me if I can nomiate this existing account to take the funds plus interest when it matures or do I have to open another web saver?
    If it's on the list of qualifying accounts (on their website*), yes. Otherwise, no!


    * http://www.halifax.co.uk/savings/regularsaver.asp
  • jimclark1967
    jimclark1967 Posts: 499 Forumite
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    liverpoolcarl wrote: »
    Can anyone tell me if I can nomiate this existing account to take the funds plus interest when it matures or do I have to open another web saver?

    Yes, you can nominate an existing websaver.
  • liverpoolcarl
    liverpoolcarl Posts: 165 Forumite
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    Thanks for the quick replies.

    Yorkshireboy, I maxed my ISA in April, about a month ago I put all my other money into a fixed rate web saver for 9 months (6.65% gross) so I have no extra cash yet until next pay day, not £500 to spare anyway.

    Get paid on 1st July.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    liverpoolcarl wrote: »
    Yorkshireboy, I maxed my ISA in April, about a month ago I put all my other money into a fixed rate web saver for 9 months (6.65% gross) so I have no extra cash yet until next pay day, not £500 to spare anyway.
    Feel bad for asking now. :o :rotfl:
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