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Halifax to relaunch regular saver @10%+

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Comments

  • nicko33
    nicko33 Posts: 1,125 Forumite
    Judwin wrote: »
    effectively getting an extra £500 at 10%?
    I think it's extra interest of 10% on 11/12 of £500
  • kanchhelskis
    kanchhelskis Posts: 425 Forumite
    wow what a excellent rate, this will make others stand up. got a headache now got to move sum funds around lol.
  • Dagobert
    Dagobert Posts: 1,625 Forumite
    I will be totally scunnered if my 7% Regular Saver, which matures in November, will preclude me from this account.
    Dagobert
  • LongTermLurker
    LongTermLurker Posts: 1,998 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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!
    You've never seen me, but I've been here all along - watching and learning...:cool:
  • matttttttttt
    matttttttttt Posts: 14 Forumite
    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
    quinlanmd Posts: 92 Forumite
    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).
    Up Tipp!
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    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
    .....under construction.... COVID is a [discontinued] scam
  • nicko33
    nicko33 Posts: 1,125 Forumite
    available until 20th July
  • nicko33
    nicko33 Posts: 1,125 Forumite
    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)
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