Halifax to relaunch regular saver @10%+

ih8stress

Gambit wrote: »

That's what I decided to do. I'm drip feeding my regular saver so have opened a Tesco Internet Saver and will be transfering the money over to my Halifax current account the day before the SO hits as faster payments will allow this! :j

Does this mean you are transferring the money from (a) the Tesco Internet Saver into (b) a Halifax current account, which then has a SO for it to go into (c) the Halifax RS or am I reading it wrong and you are in fact transferring from (a) directly into (b)?

ih8stress

YorkshireBoy wrote: »

Disclaimer: The above is my understanding from reading the T&C's/FAQ's. 'ih8stress' should check for him/herself that what they want to do is possible.

Thanks, Yorkshire Boy. I'll look into this. I'm a 'yorkshire girl' by the way.

Do you know if it is possible to change your SO 'issuer' (not sure what the right term is) once this has been created?

For instance, I have told the Halifax that the SO will be coming from my current account (A&L) but if I did manage to direct transfer it from an instant savings account (eg. Tesco), would the Halifax allow me to do this?

YorkshireBoy

Halifax don't care where the money comes from (if it comes from outside Halifax).

deano72_2

once iv sold some property will have 35k-75k to put into a savings account,,
heres few facts,, i dont want to be tied in for any period..so am looking at the e savers with alliance & leicester @ 6.5% as not being financial minded could do with just some basic help in laymens/black or white terms to see if this would be a good choice,,tnx

Gambit

ih8stress wrote: »

Does this mean you are transferring the money from (a) the Tesco Internet Saver into (b) a Halifax current account, which then has a SO for it to go into (c) the Halifax RS

Yes, that's right. The reason for this is that after a few months when my Tesco Internet Saver starts to run dry, I will be paying money into the Halifax RS from my wages. So instead of transfering that money (which goes straight into my current account) back to Tesco and then back to the RS, I thought it would be best to do it this way.

Hope this makes sense... there is usually a method behind my madness... :rotfl:

tiptoe_mouse

deano72 wrote: »

once iv sold some property will have 35k-75k to put into a savings account,,
heres few facts,, i dont want to be tied in for any period..so am looking at the e savers with alliance & leicester @ 6.5% as not being financial minded could do with just some basic help in laymens/black or white terms to see if this would be a good choice,,tnx

You could do with starting a new thread with this question - you'd probably get a better response. This thread is about a regular savings account where the maximum you can deposit is £500 each month.

tiptoe

sloughflint

After my faux pas a couple of pages back, it's probably worth mentioning that the 20th is a Sunday so the last possible date to maximise interest would be the 18th and paying in the maximum should give:

[strike] 500*0.12*(1+6.5-149/365)=£425.50 gross.( hopefully)[/strike]

500*0.12*( 1 + 2215/365)= £424.10 gross

humfer

sloughflint wrote: »

After my faux pas a couple of pages back, it's probably worth mentioning that the 20th is a Sunday so the last possible date to maximise interest would be the 18th and paying in the maximum should give:
500*0.12*(1+6.5-149/365)=£425.50 gross.( hopefully)

Still haven't got round to opening mine as still need to change my address details with Halifax. Will try and do it next week and open in branch. What are the options for making the first deposit - £500 cash the best?

nadnerb_2

Hopefully someone can give me a hand with figuring this out...

I currently have a Halifax Web Saver - Extra (6.35% Gross p.a) with a balance of £2000.
I'm thinking about opening one of the 10% RS and am wondering what's the best way to go about it.

My plan is as follows:
- Open 10% RS account and deposit £500
- Deposit £500 from wages/normal account balance for as long as I can manage (probably only 2 months)
- Withdraw £1999 from my WebSaver Extra account (or should I close it?)
- Open any old instant access savings account and deposit the £1999+1
- Drip feed the RS from the £2000 in the other savings account for 4 months.
- Drop my monthly deposit to the RS to a more manageable amount and finish the remaining months. (probably £250)

Following that example of depositing £500 for the first 7 months, then £250 for the remaining 5 months I should have about £4790 which is £290 interest.
Can someone confirm that is correct?
I'm a student so shouldn't have to pay tax so would I get the full 10%?

I hope that makes sense!
Thanks for any help I may receive

Gambit

nadnerb wrote: »

Following that example of depositing £500 for the first 7 months, then £250 for the remaining 5 months I should have about £4790 which is £290 interest.
Can someone confirm that is correct?
I'm a student so shouldn't have to pay tax so would I get the full 10%?

I've made a spreadsheet based on the following formula:

Capital Amount x (Interest Rate/12 months of the year) / 100
So after the first month it would be £500 x (10/12) / 100 = £4.17

Using this simple formula I worked out that you should receive about £294 interest as you are not a tax payer.

Then if I was you I would put the £2000 that you have from the websaver into another instant access savings account such as the Tesco Internet Saver that pays 6.25%. Then using the same formula and drip feeding it out by £500 a month in 2 months time you should get about £47.

This gives you a closing balance of £5090 of which £340 is interest.

That's what I've worked it out as anyways. Can anyone confirm?