Halifax to relaunch regular saver @10%+

Gambit

sloughflint wrote: »

I'm being silly now. I already had the KE account and didn't want the hassle of opening another account with a short term bonus but I just thought I'd very quickly compare the money involved:
Assuming £5500 in account on 1st August and nil on 1st July

difference in 6.5% and 6.25 %account: 0.0025*1004500/365=£6.88 gross

loss of 36 days interest on £500 in transit= £3.21gross ( not counting any transfer over weekends )

That's fair enough and I did think of that but the problem with opening a KE account would be that £100 must be kept in there as a minimum balance and I was planning to empty the drip feed account to zero by Feb and then probably close it. If KE is still a good rate when it comes to June, I may open one then to dump the money from the Halifax RS account.

Or I may open another regular saver and start this all again...

nadnerb_2

I signed up for the RS account on Sunday and now I'm unsure how to deposit the first amount.
Can I just set up a standing order right now online to deposit £500 ASAP or do I have to go to a branch to set it up? Would it be quicker to transfer if I went to a branch?
After the first payment has been made can I then change the date of the SO to 1st of each month?
Thanks

Gambit

nadnerb wrote: »

I signed up for the RS account on Sunday and now I'm unsure how to deposit the first amount.
Can I just set up a standing order right now online to deposit £500 ASAP or do I have to go to a branch to set it up? Would it be quicker to transfer if I went to a branch?
After the first payment has been made can I then change the date of the SO to 1st of each month?
Thanks

I was told that I had to go into the branch to make the first payment and that's when I set up the standing order too. After that you should be able to change the standing order to any date you wish with either the Halifax (if its with them) or your bank.

nadnerb_2

Cheers.
I now have £500 showing in my RS account on online banking.
However there's no sign of the 10% interest rate unlike my websaver which says at the top that its 6.35%
Is this normal behaviour for the RS account?

RayWolfe

Same on mine. Keep the T&Cs that state 10% and there should be an answer if there is a problem at the end of the period.

spamberler

If you apply online how long until they get back to you? It says upto 7days which will be too late??

atomicspaceship

Applied for and opened this account online this morning (none of those usual pesky ID checks for some reason - it seems to be done by electoral register), popped into the local branch at lunch time to pay in £25 (all I had on me). The woman behind the counter told me the account was now activated and I should set up a standing order with my bank which I've done.

Whatever the minutiae of how the interest is calculated and the pros and cons of the account, it should be a nice little nest egg in 12 months time!

spamberler

Great!! Fingers crossed then

sloughflint

Gambit wrote: »

I was told that I had to go into the branch to make the first payment

I wonder why you were told that. It's not mandatory at all.....unless it's to ensure arrival before 18th

atomicspaceship

sloughflint wrote: »

I wonder why you were told that. It's not mandatory at all.....unless it's to ensure arrival before 18th

I guess it's now so close to the closing date that if you don't have an existing Halifax account to transfer the cash in from (in other words an immediate transfer) it won't reach the RS account in time.