Halifax to relaunch regular saver @10%+

moominyak

10_66 wrote: »

After setting up SO from Halifax current account to make initial payment to Regular Saver, I've just tried to amend the existing SO online to the 1st July etc, and a message appeared saying that "this standing order can only be amended to pay other organisations. To pay an account with us, you'll need to set up a new standing order." I'd already spoken to Halifax about this and was told that I can make amendments to SO. Has anyone else managed to change a Halifax SO that goes to their Halifax Regular Saver account?

Sorry 10_66 (and Suzey and anybody else who's addressed this point!) - didn't see this before I vented my spleen

debbie42

I opened a RS in branch, with a transfer made directly from my current account by the cashier, and a mid-month SO. I've changed it without any problems to the 1st from my normal SO menu.

sloughflint

I've just tried to set up an internal transfer to the guaranteed saver. Seemed to set up fine but then wouldn't let me do a test transfer of £1.
Is it because the amount is too small? How did others fund the account?

tiptoe_mouse

According to their website the minimum opening balance for the guaranteed saver is £2500.

HTH

tiptoe

sloughflint

tiptoe_mouse wrote: »

According to their website the minimum opening balance for the guaranteed saver is £2500.

HTH

tiptoe

Many thanks tiptoe-mouse. I've literally just spotted this and came back to remove my post. Thanks for looking for me.

winebox

Hi all, I have a question I hope someone can help with re Halifax Reg saver:
I rang them & got a/c number(s) (had to open a websaver too) on the phone & a user name for online banking. A few days later, on the same day, I then received a letter with my password for online banking & another letter (applic form) to sign for the reg saver account. This latter letter (!) said, to complete the opening of the account I had to sign & return the applic form, which I did. On the same day I set up 12 monthly standing orders from my online current account. The first of these has arrived successfully in the reg saver account. HOWEVER, online the account is still classed as "awaiting information" (ie proof of identity) & therefore not activated even though there is money in there.
After all that drivel my qu is: the covering letter with the applic form made NO MENTION of providing proof of id it just said to sign & return form - do I really have to faff about with passport etc etc? I hate posting these things off & have no branch nearby - I wouldn't have bothered opening the a/c if the ts&cs had been clearer.

Chris_Quartly

I got some blurb in the post about this account (I have a current account with Halifax) and was thinking of moving £5k from the current account to the 12% save thing, I could leave it alone for 12 months to get the extra interest.

Is it really a good deal? Bank accounts are really something I need to look into more, I just have the one current account and have all my money in it. I also keep meaning to look at the cashback on credit cards to (seperate point I know).

LittleVoice

The £5K won't itself earn 12%. But if you have it in a Guaranteed Saver Reward account you will get 6.25% on that £5K and also get 12% on the money you save in the regular saver. You can't put the £5K in the regular saver as a one-off payment.

You can put up to £500/month in the regular saver to earn 12% on that (calculated cumulatively on the daily balance in the account - provided you have the £5K in the other account mentioned, or 10% if not in one of Halifax's nominated accounts).

You are currently probably getting just 5% on the current account's first £2.5K and only 0.1% on amounts above that.

In my view, getting the regular saver and moving the £5K to the Guaranteed Saver Reward would be a good way for you to get started in sorting out your savings. You also need to look at ISAs - as the above interest rates are all gross rates and I expect you will receive interest nett (ie after 20% tax has been taken off) and the ISA money earns a tax-free rate of interest.

Chris_Quartly

LittleVoice wrote: »

The £5K won't itself earn 12%. But if you have it in a Guaranteed Saver Reward account you will get 6.25% on that £5K and also get 12% on the money you save in the regular saver. You can't put the £5K in the regular saver as a one-off payment.

You can put up to £500/month in the regular saver to earn 12% on that (calculated cumulatively on the daily balance in the account - provided you have the £5K in the other account mentioned, or 10% if not in one of Halifax's nominated accounts).

You are currently probably getting just 5% on the current account's first £2.5K and only 0.1% on amounts above that.

In my view, getting the regular saver and moving the £5K to the Guaranteed Saver Reward would be a good way for you to get started in sorting out your savings. You also need to look at ISAs - as the above interest rates are all gross rates and I expect you will receive interest nett (ie after 20% tax has been taken off) and the ISA money earns a tax-free rate of interest.

Thanks for that

Compound_2

I was wondering what are people's views about making 30 June the anniversary of the account, to maximize the interest. I've spoken to Halifax staff who've told me that the clause in the T&C that accounts will be closed if no standing order is received by the 28th should be interpreted as 'by the end of the month'. The 28th is advertised as a precaution because of February.

For July onwards, I would make the payment on the 1st so it's just June that matters. It would be hard for anyone opening an account this week to get the standing order in by 28 June. Could Halifax 'close' the account and 'pay interest' at the Web saver rate when the account is still awaiting its 'opening' deposit? What about people who open their account in branch on 30 June with a manual deposit? The 10% offer was advertised for opening deposits between 9 June and 20 July with no exclusion of 29/30 June.

So, if you're planning to maximize your interest, would you make the opening deposit on 30 June, or play safe getting it in by the 28th? Staff seem to think the 30th is OK, but I'd welcome comments as staff do sometimes give incorrect info, and the T&Cs are being contradicted.

A word of advice: if doing the 30th, make a separate standing order for the 1st ASAP as there may not be time to amend a 30th standing order. If the money's coming from a Halifax current account delays are minimized and weekend dates can be used.