Halifax to relaunch regular saver @10%+

4leafclover_2

Opened the 10% regular saver online and paid in the first payment by cheque at a counter in a local branch, took a few minutes, very quick, no hard sell or need to see an advisor.

richcope1

Heres a challenge for some of you money saving folk. Since the max you can squeeze into the regular saver is £6000 over 12 months and if you have £5000 in one of their eligible accounts below you get 12%:
Halifax Guaranteed Saver
Variable rate Halifax Web Saver
Halifax Premium Savings Direct
Halifax Saver Reward
Halifax Instant Saver
Halifax Web Saver Extra < This one pays 6%, the highest out of this list

Since that comes to a total of £11000, can you find a better way to save £11000 than with
£5000 in the Halifax Web Saver Extra @ 6%
£6000 in Kaupthing Edge @ 6.5% feeding into the...
Halfix Regular Saver @ 12%

This averages just over 7.77% for the whole £11000 making it £11855 after 12 months (ignoring tax)

Can anyone else do any better?

YorkshireBoy

richcope1 wrote: »

Can anyone else do any better?

8.01% here...

http://forums.moneysavingexpert.com/showpost.html?p=12401869&postcount=15

(The Halifax Guaranteed Saver Reward pays 6.25% )

sloughflint

or a sneaky 8.5% here......
http://forums.moneysavingexpert.com/showpost.html?p=12085961&postcount=23

LongTermLurker

Kaupthing Edge isn't a hugely suitable feeder account, as it can't be set up for automatic payments and manual payments have to go into your nominated account - and the RS can't be a nominated account. Thus, it would be messy & long winded.

(edit - inserted after Sloughflint's reply, but before I'd read it) Best way to make this work would be to have a Halifax current account as your KE nominated account. Each month you would manually push £500 from KE to Hx CA and then move it instantly online to the RS - or juggle a standing order

sloughflint

LongTermLurker wrote: »

Kaupthing Edge isn't a suitable feeder account, as it can't be set up for automatic payments and manual payments have to go into your nominated account - and the RS can't be a nominated account. Thus, it would be messy & long winded.

It can be used though if one already has the account (like me) and is prepared to make manual tranfers to a Halifax current account each month.
I was in a silly mood the other day and compared the outcome with the Tesco account @6.25% and surprisingly KE came out a minuscule amount better even allowing for transfers over some weekends and Tesco allowing FP.
In my case I thought it would be more hassle opening a new account than 12 (13) manual transfers

LongTermLurker

Originally Posted by LongTermLurker
And let's take it further, let's say you have £17k - you could tie up £5k for a year in the Hx GS a/c and get 12% on the Halifax RS, giving you £750pm @ 12% and £250pm @ 7.75%. That's nearly 11% on £1000 every month, 6.3% (flat 1 year term) on £5000 plus the original 6.5% holding area for the £12k - I'll let Milarky or YB work that lot out but it sounds as good as it gets to me :T

Originally Posted by YorkshireBoy, edited down to 10% rate
£6,000 x 10% / 12 x 6.5 = £325.00
£6,000 x 6.5% / 12 x 5.5 = £178.75

£3,000 x 12% / 12 x 6.5 = £195.00
£3,000 x 6.5% / 12 x 5.5 = £89.37

Starting with £9000 in a 6.5% account, drip feed £500pm into Hx RS @ 10% (no GSR) and £250pm into A&L RS @ 12% (A&L requires you to move your current account to them)

End result is £9000 @ about 8.75%

The full "£17k hattrick" is possible but drops the average down to 8.12%
Explanation:
£5000 in Halifax GSR for a year @ 6.25%
£12000 starting in a 6.5% no notice account, feeding:
£500pm into Halifax RS @ 12%
£250pm into A&L RS @ 12%
£250pm into Barclays RS @ 7.75%

LongTermLurker

sloughflint wrote: »

It can be used though if one already has the account (like me) and is prepared to make manual tranfers to a Halifax current account each month.
I was in a silly mood the other day and compared the outcome with the Tesco account @6.25% and KE came out a minuscule amount better even allowing for transfers over a weekend.
In my case I thought it would be more hassle opening a new account than 12 (13) manual transfers

Ha! Believe it or not, I edited my post above to say "manual transfers to Hx CA" before I noticed your reply , so yes, that's exactly how it would be possible, but it needs a fair amount of concentration.

sloughflint

Did you notice the £17k hattrick @8.5%?;)
Haven't checked the calculations but I'll take MY's word for it.

LongTermLurker

sloughflint wrote: »

Did you notice the £17k hattrick @8.5%?;)
Haven't checked the calculations but I'll take MY's word for it.

£23k @ 8.77% - anyone beat that?

£5k in GSR @ 6.25%

start with £18k in 1 6.5% account
2x £500pm into Hx RS @ 12% linked to joint GSR
2x £250pm into A&L RS @ 12%