Regular Savings Accounts Article Discussion

Paul_Herring

Twosheds wrote: »

In fact, one of his earlier posts in this thread is not 100% correct :rotfl: : the "calendar month" is exactly what it says - from the 1st of the month to the last day of the month. Halifax only state the 28th because if someone sets up a standing order for the 30th or 31st, they may miss a payment in February and therefore loose out on the t's and c's.

I wouldn't want to personally risk it, but please feel to arrange your standing orders to arrive from the 29th to 31st of any month, and risk your RS defaulting to the web saver rate. The Terms and Conditions are fairly unambigious about this:

T&Cs wrote:

Missed payment

• Your standing order payment must reach your account by the 28th of each month.

(Emphasis mine.)

Quite how you reinterpret this to 'save people from themselves in February' I can't quite see...

koenig

Does anyone know the penalty for closing the old 7% Halifax Regular Saver?
Can't find it on their site/

Thanks

DeepSporran

koenig wrote: »

Does anyone know the penalty for closing the old 7% Halifax Regular Saver?
Can't find it on their site/

Thanks

They still pay interest up to the date of closure, but only at the current rate for the Web Saver (without card). The current rate is 4.21 %AER.

Sunny2good

Hi,
I just opened a Halifax 10% regular saver and was wondering from Martin's email whether i will be better off investing £5000 in a Halifax Guaranteed Saver Reward account paying 6.25% AER for a year and then put £500 every month in the regular saver from my pay. this was the regular saver rate goes up to 12% ?

or shall i just put the £5000 in a top saving account and drip feed into halifax regular saver. in this case, which account is best for drip feeding ?

can someone explain to me with examples. i would really appreciate it.

Thanks,

Sunny

regularsaver1

I have seen peoples letter they are getting for maturing regular savers at 7% saying if they continue they will get 10% and increased monthly contribution up to £500

This would only be for account maturing before 20th july and accounts opened before then tho

Twosheds

Paul_Herring wrote: »

I wouldn't want to personally risk it, but please feel to arrange your standing orders to arrive from the 29th to 31st of any month, and risk your RS defaulting to the web saver rate. The Terms and Conditions are fairly unambigious about this:

(Emphasis mine.)

Quite how you reinterpret this to 'save people from themselves in February' I can't quite see...

If you actually speak to someone at Halifax, you will discover that so long as the money is in the account by the last day of the month, that's fine.

This is a bit of a daft discussion for moneysavers to be having anyway as the sooner in the month the money goes into the account the sooner it starts earning 10 (or 12)%, so if anyone has a choice they should pay it in on the 1st of the month or as soon as they can thereafter!
:beer:

Barneysbush

I was wondering what would be the best savings account for a young man who has been saving for a deposit for a house, and is now going to wait a while before he buys and weants to get a good interest in the meantime

Willywombat_2

The 8% First Direct Regular Saver is now no longer available!

I tried to open the First Direct 8% Regular Saver account today, only to find that it has been discontinued as from 3rd July.

Very annoying, as I'm already putting the maximum each month into the Halifax 10% one, and was going to use this one as well. I'd opened a current account (which you need to make transfers from), and had worked out my standing orders so the money moved in and out as required.

They say it might be re-introduced in few weeks, but I'll bet the rate won't be as good, or there'll be some catches to it.

Drat and double drat!!

Twosheds

Willywombat wrote: »

The 8% First Direct Regular Saver is now no longer available!

I tried to open the First Direct 8% Regular Saver account today, only to find that it has been discontinued as from 3rd July.

Very annoying, as I'm already putting the maximum each month into the Halifax 10% one, and was going to use this one as well. I'd opened a current account (which you need to make transfers from), and had worked out my standing orders so the money moved in and out as required.

They say it might be re-introduced in few weeks, but I'll bet the rate won't be as good, or there'll be some catches to it.

Drat and double drat!!

you never know - with the credit crunch and banks desperate to get new customers, you may find they do a "halifax" and re-launch with a higher rate!

mcspanna

Dear Moneysavers,

Firstly, please be gentle, this is my first post on these boards and I think I'm adding it to the right section but I'm not sure! I have recently set up a Halifax 10% regular saver (I'm basic rate tax payer so 8% actual). I was reading on here somewhere last night some messages from people working out the actual interest and I'd like someone to confirm my maths!

By my calculations you get 0.66(recurring)% interest per month and therefore it is only worth paying in the full £500 for the first 5 months and then knocking the monthly payment down to the £25 minimum because from that point on I can get more interest in Bradford and Bingley (6.51% before tax) or Kaupthing Egde 6.5%?)

Is this correct?

I did try to follow other people's maths as printed in other messages but found it too confusing!

Any advice greatfully received!

Thanks,

Mcspanna