Halifax to relaunch regular saver @10%+

nicko33

Judwin wrote: »

effectively getting an extra £500 at 10%?

I think it's extra interest of 10% on 11/12 of £500

YorkshireBoy

From the horse's mouth...

http://www.hbosplc.com/media/pressreleases/articles/halifax/2008-06-05-HalifaxLau.asp?section=halifax

kanchhelskis

wow what a excellent rate, this will make others stand up. got a headache now got to move sum funds around lol.

Dagobert

I will be totally scunnered if my 7% Regular Saver, which matures in November, will preclude me from this account.

LongTermLurker

Dagobert wrote: »

I will be totally scunnered if my 7% Regular Saver, which matures in November, will preclude me from this account.

I'm sure it will... I have one that's 2 months old so I'm gonna phone on Monday and ask if there's anything stopping me closing that and opening a new one.

The only thing that worries me is a line in the Hx page that YorkshireBoy posted which says "only one regular saver account per person per year"

Could be worse - you could be one of the potential suckers who open one this weekend!

matttttttttt

I am glad that the advice from the Halifax financial advisor that met with me was wrong.I will gladly invest £500 a month not the £250 that I was led to believe was the maximum.
Next time I am in that branch I will complain about incorect financial advice.

quinlanmd

I'm suspect any complaint will fall on deaf ears as the information was not officially in the public domain when you visited them. There is nothing requiring them to disclose planned product launches/changes that have not been announced to the general public - sharp practice if they answered a specific question about changes on Monday with what we know is incorrect information but many other banks would do exactly the same thing I'm afraid.

I closed the Halifax regular saver I have had since 2004 today (anniversary March) - many thanks to those "in the know" for providing us with the information. I hope the "one regular saver per year" doesn't catch us but if it does there 7% fixed rates in the market to fall back on anyway (and the net cost to me would be less than £5 in interest loss on my old regular saver - worth it for the possible 10/12% rate).

Milarky

Judwin wrote: »

Don't suppose you've got any details on the payment options ?

Basically is this one of those accounts you can open on the 30th June and pay in £500, and then on 1st July set up the standing order to pay in £500 on the 1st of every subsequent month, effectively getting an extra £500 at 10%?

Hope it is, although I'll probably need to close my current HxRS wich was only opened on 28th May.

This is not clear yet from the posted link above - but if it is the maximum benefit is about (10% - 6.5%) x (£3708 - £3250) = £16* out of £6000

*This is worked worked out assuming instead of 12 months plus 11 months plus 10 months (and so on) there are 12 months (opening S/O) plus 12 months (second S/O following day) plus 11 (and so on)

So instead of

1+2+3.. ..10+11+12 =78/144 = 0.5417. 0.5417 x £6,000 = £3250 for the average balance, earning 10%, it is

2+3+4.. ..11+12+12=89/144 = 0.6181. 0.6181 x £6,000 = £3708

Another way to work this out is +11/144 = 0.0764 average balance times the differential interest from the assumed feeder account - here 6.5%

Therefore 3.5% x 11/144 = 0.02674 x £6,000 = £16.04

nicko33

available until 20th July

nicko33

Milarky wrote: »

the maximum benefit is about (10% - 6.5%) x (£3708 - £3250) = £16* out of £6000

or about £45 for those of us using new money rather than a feeder account. (before tax)