Halifax to relaunch regular saver @10%+

KTF

The SO is done via your bank not Halifax (its a push, not a pull). You will need to log in to your Internet Banking (or visit your branch) to see if the SO to Halifax appears on the list of regular payments.

oldfella

the difference between funding initially on 11th or 20th on £500@12% is £1.18 net

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Sloughflint - could you check your figures - I make it around £428 gross investing initially on the 20th, then the 1st thereafter, and £408 gross investing initially on the 11th. Thats a difference of £16 net.

thumshie

sloughflint wrote: »

By opening as late as possible in the month, your last £500 payment will earn a few more pennies.
I think I need to remove my earlier posts as they are confusing.
Example:
If opened account on 2nd of July with £500, that will earn a full 12 months at 10% or 12%. The last payment of £500 on 1st July 2009 will only earn two days interest.
If it was possible to open on 28th ( it's not), then the last payment on 1st July 2009, would earn 28 days interest.( the first £500 still earns a full 12 months interest regardless)

So here, the difference between funding initially on 11th or 20th on £500@12% is £1.18 net
Sorry for the confusion.

Sloughflint - Your calculations only take into effect on the first (no effect) and last payments.. the 10 payments in between also benefit from the extra 26/9 days interest the last payment does..

edit: i.e. the difference for £500@12% between opening on the 11th or 20th(assuming SO then changed to the 1st) is approx £13 net

Gambit - I make it that you would be better to the tune of £11.12 net (approx)....

sloughflint

thumshie wrote: »

Sloughflint - Your calculations only take into effect on the first (no effect) and last payments.. the 10 payments in between also benefit from the extra 26/9 days interest the last payment does..

edit: i.e. the difference for £500@12% between opening on the 11th or 20th(assuming SO then changed to the 1st) is approx £13 net

Gambit - I make it that you would be better to the tune of £11.12 net (approx)....

OMG, what an idiot.:eek:
Good job someone's on the ball. Apologies.

Lychee

I've opened the Halifax Regular Saver online, along with the nominated Web Saver. It seems that the Web Saver has opened without any deposits i.e. balance is at nil. Regular Saver has been funded with £25.

Any problem if I leave the Web Saver balance at nil? Just that I read the web saver needs to be opened with £1. Don't want it to affect the 10% rate on the regular saver though.

Many thanks

LongTermLurker

Lychee wrote: »

I've opened the Halifax Regular Saver online, along with the nominated Web Saver. It seems that the Web Saver has opened without any deposits i.e. balance is at nil. Regular Saver has been funded with £25.

Any problem if I leave the Web Saver balance at nil? Just that I read the web saver needs to be opened with £1. Don't want it to affect the 10% rate on the regular saver though.

Many thanks

Some others posted that their WS account had been closed through having no opening deposit - that left them with no nominated account and a need to open one at the time they closed the RS.

Simple answer is just throw £1 into the WS account and job's a good 'un. You will lose about 7p on the alternative option of that pound being in a 7% Term Deposit account for a year.

trilby_2

The online confirmation page and the welcome letter both talk about 23rd being the last date to make payments from a non-Halifax account, but I'm pretty sure they're just erring on the side of caution and I should be able to make payments up to 28th using Faster Payments (which I have confirmed to be working). Does that sound right? And is there any way to know for sure which month Halifax consider a payment to be paid in?

LongTermLurker

trilby wrote: »

The online confirmation page and the welcome letter both talk about 23rd being the last date to make payments from a non-Halifax account, but I'm pretty sure they're just erring on the side of caution and I should be able to make payments up to 28th using Faster Payments (which I have confirmed to be working). Does that sound right?

Correct; what's more, people have said that you actually just need to pay in by the last day of the month - 28th is the safe bet.

trilby wrote: »

And is there any way to know for sure which month Halifax consider a payment to be paid in?

Sorry - don't know what you mean. You need to put cleared funds into the RS account each month - if you transferred money across on 31 July and it didn't clear until 1 August you would be in default and the account would be closed.

There's no reasonable benefit to holding back to the last minute for a few pence - you're best putting it in on 1st (or first working day) of each month anyway.

Don't forget you need to make your first cleared payment before 20 July.

trilby_2

LongTermLurker wrote: »

Sorry - don't know what you mean. You need to put cleared funds into the RS account each month - if you transferred money across on 31 July and it didn't clear until 1 August you would be in default and the account would be closed.

I just meant that, since Halifax say that even (instant) deposits from Halifax accounts should be done by 28th of the month, what happens to any deposits between then and the end of the month? Does it count towards that month's £500 allowance or the next month's?

But I think it's clear now that Halifax are just playing it safe with their wording and that as long as a deposit hits the account on or before the last day of a given month it'll be considered part of that month's allowance.

YorkshireBoy

trilby wrote: »

I just meant that, since Halifax say that even (instant) deposits from Halifax accounts should be done by 28th of the month, Does it count towards that month's £500 allowance or the next month's?

The reason they say the 28th is because the account is 'supposed' to be funded by SO, ie set up and forget, and there are only 28 days in February!

what happens to any deposits between then and the end of the month?

Counted as the same month.