Regular Savings Accounts Article Discussion

Kellm9

YorkshireBoy wrote: »

Not strictly true. There are several Halifax accounts listed on the BoS personal banking website here...

http://www.bankofscotlandhalifax.co.uk/savings/savingsatglance.asp

...and on that site, the IASAR *is* listed as a qualifying account.

I'd be getting what they 'said' in writing though, just so you have something to help you chase the missing 2% next year, should you need to.

Thanks Yorkshireboy,

I didn't check the websites but I can see them from your links. However I cannot see that the BOS IASAR is a qualifying account. I can see that the BOS IASA is a qualifying acc. Can you find a link that shows the IASAR (reward). Or are they the same account ? Anyway I have taken your advice and emailed them so I have something more solid for next year

sloughflint

Kellm9 wrote: »

Thanks Yorkshireboy,

I didn't check the websites but I can see them from your links. However I cannot see that the BOS IASAR is a qualifying account. I can see that the BOS IASA is a qualifying acc. Can you find a link that shows the IASAR (reward). Or are they the same account ? Anyway I have taken your advice and emailed them so I have something more solid for next year

I am guessing that IASA/IAAR follows the same principle as the GS/GSR ie they will be the same account but the 'reward' is based on whether withdrawals are made or not.

YorkshireBoy

Kellm9 wrote: »

However I cannot see that the BOS IASAR is a qualifying account. I can see that the BOS IASA is a qualifying acc. Can you find a link that shows the IASAR (reward). Or are they the same account ?

I owe you an apology. The IASA is definitely a qualifying account, and it seems the IASAR might not be (strange though, because the same 'rules' don't seem to apply to the Guaranteed Saver/Reward?).

If you click the IASA link on the list of qualifying accounts and then hit 'apply' you're taken to an application page headed "Instant Access Savings Account Application".

If, on the other hand, you click the apply link specifically for the IASAR account you're taken to an application page clearly headed "Instant Access Savings Account Reward Application".

Because they'd therefore know which account you'd applied for, I would think they possibly could use this later to deny you the 12% rate on the regular saver (for BoS website applications?).

As you say though, if you've been advised (preferably in writing) that the IASAR is eligible then you should be OK.

sloughflint

But if you look on the RS page YB, the eligible named accounts are GS and IASA and we know that the GSR is eligible so maybe same with IASAR.
I'd be uncomfortable with logical guesswork though.
http://www.bankofscotlandhalifax.co.uk/savings/regularsaver.asp

The ‘nominated account’ can be:

• Bank of Scotland Instant Access Savings Account
• Halifax Guaranteed Saver

Kellm9

Ummm now i'm confused.

I opened both accounts Halifax GS and BOS IASAR at the same time in the same branch on the advice of the Halifax employee. I do have the paperwork with the employees name on it. Surely it dosen't make sense for them to offer me an account that dosen't qualify.

Strangely the BOS IASA paperwork shows the account type as IASA and not IASAR, but my online account shows it as paying 6.5% which is the rate for the "R" account.

Anyway, i'm now waiting on email confirmation so I have something in writing. I wouldn't imagine both the branch and phone advisors are wrong. They did both appear to have very good kowledge of the 10% or 12% qualifying. They answered quickly and without any waffle.

Cheers
kellm9

sloughflint

I'm still reckoning that GS/GSR and IASA/IASAR ( if opened during the promo period)are one and the same account( in each pair I mean) until such time as withdrawals come into play and then the higher rate would drop and this would be seen on the online banking page.

airconace

stumck wrote: »

It may be too late to get the 10% regular saver account on line as there is up to 7 days for the on line registration to go through and a password, etc., to be provided! I tried to get an account yesterday and am still waiting for the details of my account to be able to deposit the money in time !

I've been in to my local (agent) branch of the Halifax today as I missed the deadline for the Regular Saver by one day for the money to be in the account.
I asked to close the account(s) and they rang head office who agreed to honour the 10% even though the rate dropped to 7% today. I transferred my money on the 17th.
On the phone Sunday the call centre said no chance, your money is late it's now 7%.
It seems closing the account(s) changed their minds......
Hope this helps someone.

Brod_Boy

Drip feeding from a high interest savings account into a regular saver account.
The problem with regular savings accounts is it takes time to build up the amount of money you have in there. So while they promise high interest, this is often just on a small amount of money. Yet if you have a lump sum of cash, and you want to maximise its earning, you can still take advantage
· Put the lump sum in the top normal savings account
Put the lump sum you wish to save in a normal savings account paying as much interest as possible.
· Pay the money into the regular saver from the savings account
Now make payments into the regular saver straight from your normal savings account each month, instead of from your current account. Not all savings account allow this, so do check before you set the account up (you may have to move the cash to a current account first, then to the regular saver.
This is an excellent idea, but does anyone know of any high saving accounts that actually allow you to transfer money into perhaps several regular saving accounts. The problem seems to be that you can only have one “linked” account, which will probably be a current account. By double handling through a current account means quite a number of “lost interest days”.

Paul_Herring

Brod_Boy wrote: »

This is an excellent idea, but does anyone know of any high saving accounts that actually allow you to transfer money into perhaps several regular saving accounts. The problem seems to be that you can only have one “linked” account, which will probably be a current account. By double handling through a current account means quite a number of “lost interest days.

I'm quite able to transfer my wages in my current account to several regular savings accounts.

It is only a minor problem if (you seem to think it's a requirement, it's not usually) a RS requires an active, funded, current account. Simply move the required money to that account and fund another RS from it.

3 day's lost interest on the monthly contributions is outweighed by the typical 3% extra paid on RS's.

mary

Is it compulsory to have your salary paid into the Current account, and then fund the Regular Saver, or can you transfer in any old £1,000 just for the exercise. Do they insist on it being salary? Anyone know?