Halifax to relaunch regular saver @10%+

regularsaver1

yep, not been fully announced yet

I understand the £5k must be in one of the nominated accounts - not any halifax accounts

Frugality_2

Please can somebody kindly explain to me (and I'll Thank you) how monthly interest works?

For example: If a Online/Internet/Web saver pays you 3.25% on the MONTHLY option, does this mean I will accure 3.25% on the savings EVERY month??

E.g.

If I had £500 in June - by July I will have earned £16.25, as easy as that??

LongTermLurker

Frugality wrote: »

Please can somebody kindly explain to me (and I'll Thank you) how monthly interest works?

For example: If a Online/Internet/Web saver pays you 3.25% on the MONTHLY option, does this mean I will accure 3.25% on the savings EVERY month??

E.g.

If I had £500 in June - by July I will have earned £16.25, as easy as that??

Unfortunately, no. It would be 3.25% per annum, meaning that it would be 3.25/12 per month (I've kept it simple and only taken gross rate into account, not AER, so I haven't taken account of compounding)

The "monthly" bit just means it will pay the interest out every month rather than hold it for a full year.

Baldur

Frugality wrote: »

For example: If a Online/Internet/Web saver pays you 3.25% on the MONTHLY option, does this mean I will accure 3.25% on the savings EVERY month??

E.g. If I had £500 in June - by July I will have earned £16.25, as easy as that??

Afraid not, the 3.25% is paid over 365 days, so your monthly interest in July would be roughly £1.34 before 20% tax is deducted, leaving about £1.06 interest for the month.

regularsaver1

ok so:
The rate is for accounts open between the 9/6/08 and 20/7/08. the initial deposit into reg saver must be made during offer (on or before 20th july)

To qualify for the extra 2% AER custs must maintain at least £5k in their NOMINATED account for the duration of the reg saver 12 month term

Nominated accounts are ONLY THESE: Guaranteed saver, Bank of Scotland Instant Access Savings Account, Saver reward, instant saver, premium savings direct and varaible websaver (with or without a card).

Nominated account must be funded within 14 days of funding reg saver. (£5k)

Is going up to £500 per month

hope that answers a few questions

oldfella

the nominated accounts list is not attractive - the guaranteed saver has the highest IR and you would be just ahead saving £500 per month, the rest you would be better accepting 2% less.

LongTermLurker

regularsaver1 wrote: »

ok so:
The rate is for accounts open between the 9/6/08 and 20/7/08. the initial deposit into reg saver must be made during offer (on or before 20th july)

To qualify for the extra 2% AER custs must maintain at least £5k in their NOMINATED account for the duration of the reg saver 12 month term

Nominated accounts are ONLY THESE: Guaranteed saver, Bank of Scotland Instant Access Savings Account, Saver reward, instant saver, premium savings direct and varaible websaver (with or without a card).

Nominated account must be funded within 14 days of funding reg saver. (£5k)

Is going up to £500 per month

hope that answers a few questions

Do you know if it's only open to new business? I have an Hx RS @ 7% but it's only taken 2 payments - I think I am allowed to close it - right? So could I close it and open a new one at 10%?

regularsaver1

just new reg savers opened in between them dates and also initial credit received

LongTermLurker

regularsaver1 wrote: »

just new reg savers opened in between them dates and also initial credit received

But am I allowed to close my existing one and would they accept me for the new one?

Milarky

just new reg savers opened in between them dates and also initial credit received

How can it be the same account if there are different paying in limits (yet to be confirmed)? That would imply that existing 7% accounts would be £500 per month also...

I am dubious about that figure.. ..but we won't have to wait long to know..