Halifax to relaunch regular saver @10%+

KTF

My anniversary date is also showing as June 30 but the first payment went in on July 2. I assume the next payment is August?

amiehall

i'll just add that when i first got online access the anniversary was showing as the date i opened the account on, however, this later changed to the date i made my first deposit.

ih8stress

Advice needed please. I'm only up to page 10 of this HUGE thread and need some information by 4pm today.

I have got an appointment with the Halifax tomorrow to open the 10% RS account and could do with answers to the following PLEASE.

Details: I am looking to pay in the full £500 per month if possible.
At present I am a non-taxpayer though this would change IF I manage to find a job (yes, I am seriously looking for one).

1) Do I need to open a nominated account if I DON'T invest £5,000 for the extra £2,000

2) If the answer is yes (which I THINK is right), which account (non web based) would you recommend?

3) What date would be best to start payments for the maximum return? (s/o would be from A & Leicester).

I've probably got more queries but answers to the above would be a great help

Anyone out there got time to help, please?

LittleVoice

My answers included in your questions repeated below.

ih8stress wrote: »

1) Do I need to open a nominated account if I DON'T invest £5,000 for the extra £2,000 (extra 2% on the Regular Saver)

The "nominated account" is required only in respect of the process for getting the extra interest. No such account is required for the 10%.

2) If the answer is yes (which I THINK is right), which account (non web based) would you recommend?

See answer to 1) above. Their use of the term "nominated account" means one of their accounts which will be used to check that you keep the £5K in. It is not the same as a nominated account to receive matured funds which is a requirement of some other organisations' accounts.

3) What date would be best to start payments for the maximum return? (s/o would be from A & Leicester).

Safest SO date (if you don't want to change it regularly) is 1st of the month if you want to be sure of not going over the £500 in any one month. This is because of the roll out of Faster Payments to the SO process. Though A&L are not necessarily ever going over to FP. It also avoids the problems of varying lengths of months - they all have a first day but not always 29th, 30th or 31st.

ih8stress

LittleVoice wrote: »

My answers included in your questions repeated below.

So, I presume I don't need a nominated account to receive the matured funds in this case?

If I set up the SO for the 1st of the month, am I best setting up the first one for 15th July (to get in before the 20th July deadline), then 1st August, 1st Sept etc. OR would I be able to make a cash deposit for this month and then just set up (12?) SO's from 1st August etc?

Also, does the year start when I go in tomorrow to open the account, when I make the first payment (cash or SO), or when the account is fully processed?

Paul_Herring

LittleVoice wrote:

The "nominated account" is required only in respect of the process for getting the extra interest. No such account is required for the 10%.

An account is required to receive the matured account funds at the end of 12 months and must be opened (if not already) when opening the RS.

ih8stress

Paul_Herring wrote: »

An account is required to receive the matured account funds at the end of 12 months and must be opened (if not already) when opening the RS.

Thank you for clarifying the situation. Which account would you suggest? I don't want to tie up too much money as the interest doesn't seem all that great in any of their options.

The money will also be coming out of savings which I hope to move shortly to a new instant access account.

ctdctd

ih8stress wrote: »

Thank you for clarifying the situation. Which account would you suggest? I don't want to tie up too much money as the interest doesn't seem all that great in any of their options.

The money will also be coming out of savings which I hope to move shortly to a new instant access account.

Just open the default Web Saver account - you don't need to fund it. Matured funds from the RS will go into it after 1 year and you will then have instant access to them.

ih8stress

ih8stress wrote: »

If I set up the SO for the 1st of the month, am I best setting up the first one for 15th July (to get in before the 20th July deadline), then 1st August, 1st Sept etc. OR would I be able to make a cash deposit for this month and then just set up (12?) SO's from 1st August etc?

Also, does the year start when I go in tomorrow to open the account, when I make the first payment (cash or SO), or when the account is fully processed?

Any advice on the SO's, anyone? I've just read previous threads where there's a danger of going over the £500 monthly limit if the SO goes in too early.

Would it be possible to set up a SO for £25 per month (say on the 5th of the month), and then go into the local branch to pay the cash balance of £475 before the 28th of that month?

I've never dealt with SO's before so don't know much about them.

Also the clock is ticking before I need to get it sorted for my appointment with the Halifax tomorrow morning.

sloughflint

I seem to remember the 12 months start from deposit. I'd set up the SO for £500 to arrive close to 20th ( and then change to first of the month as soon as the payment goes through).