Halifax to relaunch regular saver @10%+

sloughflint

My calculation gives something close but slightly different set up:
£500 from wages goes in on 18th July ( last possible date)
£500 from wages on 1st of August and September
then drip feed from current 6.35% paying account ( if allowed to make withdrawals) for 4 months followed by £250 from wages for 6 months ( note the extra month ie 13 payments in total). This gives:
500*0.1=£50
500*0.1*1653/365=£226.43
250*0.1*562/365=£38.49
Total from RS= £314.92

plus £41.75 from the drip-feed account paying 6.35%
Total £356.67 gross

nadnerb_2

Great! Thanks for your help guys!
I forgot about the interest from the drip-feed account, and didn't realise you can make 13 payments so that's even better

MiserlyMartin

YorkshireBoy wrote: »

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!Counted as the same month.

Just opened one of thse and the other account to get the 12%. I've tried to set up a future transfer from my Halifax current account to the regular saver as it should only take 1 working day to clear, but they seem to have been crafty and taken away the internal transfer facility for this account! Looks like i will have to make the 1st payment by standing order. Has anyone managed to get around this? I've been searching the halifcax site to see how long it takes a standing order to clear from one halifax account to the other but no joy. Which is the latest day in which to send the standing order, does anyone know please?

YorkshireBoy

MiserlyMartin wrote: »

I've been searching the halifcax site to see how long it takes a standing order to clear from one halifax account to the other but no joy.

In practice, it's a simultaneous debit/credit (from HICA=>Reg Saver).

However, I'm not sure how much notice you need to give on the initial set up, ie if you set it up today, when's the earliest it could go? Tomorrow?...Tuesday?

MiserlyMartin

Tried it online. It can be set up to go even today but i guess it won't actually go until tomorrow. Still don't know how long it will take to actually hit the reg saver acc. They don't make it easy for us. It takes them 2 working days to pay nationwide by standing order, you would hope that internal should be quicker but to be safe i have made the date the 16th to be certain. (20th is a sunday) Does that sound ok?

Re: the G.Saver Reward account: "Interest rates will track Bank of England base rate until 16 July 2008. After 16 July 2008, provided you keep at least £2,500 in your account, the interest rate is guaranteed to be no lower than 0.50% below the Bank of England base rate until at least 1 January 2013.

So it may drop to 4.5% and because they know they have a lot of reg savers linked to it people won't close it. Just a thought thats all, be careful they might be crafty and drop the rate, or more likely the base rate will rise and they won't move.

redrabbit29

Not sure if it's worth getting one of these accounts.

I have an ISA with halifax with just over £3000 in it. I haven't put any money in it this year (yet) so sitll have the full 3600 left to use.

I hope to have at least £500 spare to save each month until the end of the year. Not sure if it's worth the hassle to open a new account or just stick to transferring it to the ISA.

Gambit

redrabbit29 wrote: »

Not sure if it's worth getting one of these accounts.

I have an ISA with halifax with just over £3000 in it. I haven't put any money in it this year (yet) so sitll have the full 3600 left to use.

I hope to have at least £500 spare to save each month until the end of the year. Not sure if it's worth the hassle to open a new account or just stick to transferring it to the ISA.

According to Martin's calculator if you are a regular tax payer and the Regular Savings account pays more than 7.8% then it should give you more interest... not sure if that takes into account the time that the money is in your drip feeding account though.

sloughflint

nadnerb wrote: »

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

sloughflint wrote: »

My calculation gives something close but slightly different set up:
£500 from wages goes in on 18th July ( last possible date)
£500 from wages on 1st of August and September
then drip feed from current 6.35% paying account ( if allowed to make withdrawals) for 4 months followed by £250 from wages for 6 months ( note the extra month ie 13 payments in total). This gives:
500*0.1=£50
500*0.1*1653/365=£226.43
250*0.1*562/365=£38.49
Total from RS= £314.92

plus £41.75 from the drip-feed account paying 6.35%
Total £356.67 gross

I've just seen that the 6.35% account reverts to 6% on the 18th so if you leave the money in that account, the drip feed interest will be £41.75/0.0635*0.06= £39.44

Also it might be an idea to make your dripfeed account last a bit longer ( 8 months rather than 4) by using 250 from your wages each month after October and top up to £500 from the drip feed account.
[STRIKE] If you can be bothered, you might want to change the account to a better paying one.[/STRIKE]
Amended to say: definitely a good idea to change the account to a better paying drip feed account ( thanks YB)

YorkshireBoy

sloughflint wrote: »

I've just seen that the 6.35% account reverts to 6% on the 18th so if you leave the money in that account, the drip feed interest will be £41.75/0.0635*0.06= £39.44

It'll be a less than that sloughflint...

One withdrawal a year without loss of interest
Further withdrawals should you need them with just 30 days loss of interest on the amount you withdraw

http://www.halifax.co.uk/savings/websaverextra.asp

...which is why nadnerb said...

nadnerb wrote:

I currently have a Halifax Web Saver - Extra (6.35% Gross p.a) with a balance of £2000.

Withdraw £1999 from my WebSaver Extra account (or should I close it?)

sloughflint

Oh I see. Haven't got one of them. Just happened to spot the 0.35 % bonus until 18th. Definitely time to ship across to a new account then.
Mine's in KE @6.5% and others have recommended the Tesco one @6.25%