Regular Savings Accounts Article Discussion

Dustykitten

Thanks I did not know I could use the calculator like that. I make it that I need to find a bond of 3.75% to get the same return - unlikely over one year.

atypical

Newcastle Building Society has a 3 year fixed term account with 90 days penalty free access at 4% you may want to consider. They don't mention a minimum age required.

Even then the difference over 1 year is only an increase of £3 interest. Less hassle though.

pcyam

The halifax monthly saver account has matured now and I cant seem to transfer the money out of the nominated account to halifax savings account, nor can I see a close/cancel button to close the account. Do I need to go into branch to close this account??

rb10

pcyam wrote: »

The halifax monthly saver account has matured now and I cant seem to transfer the money out of the nominated account to halifax savings account, nor can I see a close/cancel button to close the account. Do I need to go into branch to close this account??

Use the 'Quick Transfer' link at the top of the 'My Accounts' page to transfer money from the nominated account into the other account.

If you have never used the nominated account before (i.e. not even put £1 in it), then you will need to leave it overnight before you can use it.

If the account is a Web Saver, then you cannot close this online any more (you could until last week, but now that they are part of Lloyds, lots of the features on their online banking have been removed, as Lloyds' online banking (like most other banks except Halifax) has very limited functionality). You will have to do it over the phone instead - either phone 08456 02 00 00 or use this link and ask to speak to Online Banking: http://www.halifax.co.uk/bankaccounts/callback.asp. I would advise transferring all the money except 1p out online first (this is an instant transfer), and then closing the account over the phone (this will take a day or two to process).

Dustykitten

pcyam wrote: »

The halifax monthly saver account has matured now and I cant seem to transfer the money out of the nominated account to halifax savings account, nor can I see a close/cancel button to close the account. Do I need to go into branch to close this account??

The children's one automatically transfers into the linked account (save4it) on maturity. Is that the one you are referring to or is it a different one?

codgernow

On Martin's Regular Saver page, his opening paragraph states:

"Don't believe the best buy tables, it is possible to earn 4.5% interest on your savings. Regular Savings accounts are a hidden species that pay well over the odds as long as you're prepared to feed them every month. Yet if you're clever, its actually possible to dunk lump sums in there also".

I currently use all of the Regular Savings accounts which Martin has highlighted, but would appreciate help from anyone who can explain what he means in his last sentence.

Grandma

RayWolfe

I believe what is meant is that, if you have several accounts running with different providers, you can put a large amount in when you have it. This probably goes back to the days when there were lots of account out there accepting 500 - 1000 per month.
Many of us did that at the time. Lots of accounts with different maturities, moving the same money from account to account.
I don't think it is possible now, or worth the effort because the days of stonkingly good rates have disappeared for the time being.

codgernow

Thanks RayWolfe for your speedy response. My situation is that I have plenty funds to invest and appear to be hemmed in at present. Is it possible to open more than one Regular Saver with the same provider for example, with my wife and I each having taken out individual accounts, do you think it would be possible to open a joint Regular Saver, or perhaps even second accounts with the same provider?

Grandma

mary

You will need to check with each individual institution in their Terms and Conditions as to what is or is not allowed. The general rule of thumb is that usually you are only allowed to open one regular saver of each issue with each institution. Don't bother asking the Customer Service reps. as they very often get things wrong.

MarkFromCornwall

codgernow wrote: »

Thanks RayWolfe for your speedy response. My situation is that I have plenty funds to invest and appear to be hemmed in at present. Is it possible to open more than one Regular Saver with the same provider for example, with my wife and I each having taken out individual accounts, do you think it would be possible to open a joint Regular Saver, or perhaps even second accounts with the same provider?

Grandma

The Principality Building Society is one provider that does allow you to have more than one regular saver. Every few months they offer a new issue with a different interest rate and you can have one regular saver of each issue. At one time I had three or four open simultaneously.

Mark