Best Savings Account with Standing Orders facility

KeithEssex_2

Does anyone know a good savings account that allows the customer to make Standing Orders directly from the account itself rather than having to transfer to a current account ?

Milarky

'Standing orders' as such, don't think so. Savings accounts which allow serial single payments (a 'poor man's standing order') with future dates do exist however.

KeithEssex_2

Thank you - I couldn't seem to find any !

As Halifax are insisting on SO payments into their Regular Saver it looks like it will need to come from my HSBC current account.

Cheers

Mikeyorks

The Halifax Websaver is one of a few Savings accounts that allow genuine SOs ..... in addition to diarised payments / bill payments.

It's covered at 5.3 of their T&Cs :-

http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/WS-TC-final.pdf

Incidentally - it doesn't have to be an SO to the 10% account. If it's coming from outside Halifax then any direct credit will do - albeit an SO is obviously the easier / safer way to do it?

KeithEssex_2

Thanks for that Mike.

Given the 4.36% rate I don't keep much in there (viewed it as a poor paying savings account) but I guess that it compares very favourably against the average 0.10% of a current account ! Maybe I should move my DDs and SOs across from HSBC.

Looks like funding the Halifax Regular Saver via an external I'm just losing 12 x (2 or 3) days interest per year on £500 - so approx. £2 before tax. Guess that I'll just leave that rather than manually send Faster Payments and then internally use a Halifax based Standing Order. Far too compliected !

Special_Saver2

Well, you could use the Yorkshire BS Internet Saver paying 5.7% gross pa or the Coventry First account 5.6% gross pa. See post 9 of my regular savings thread for more details. I don't have a Yorkshire BS Internet Saver but I was informed by somebody who has one that it is possible to do external transfers from it.

KeithEssex_2

Special_Saver2 wrote: »

Well, you could use the Yorkshire BS Internet Saver paying 5.7% gross pa or the Coventry First account 5.6% gross pa. See post 9 of my regular savings thread for more details. I don't have a Yorkshire BS Internet Saver but I was informed by somebody who has one that it is possible to do external transfers from it.

Thanks. The YBS Internet Saver is certainly a much better interest rate than the Halifax but unfortunately it only allows single one-off payments to External Accounts (no regular monthly option).

I like the look of the Coventry First Account - I am surprised that it hasn't attracted more attention as the £1,000 per month funding does not need to be salary which is a good selling point for a lot of people.

Thanks again :T

Mikeyorks

KeithEssex wrote: »

Given the 4.36% rate I don't keep much in there (viewed it as a poor paying savings account) but I guess that it compares very favourably against the average 0.10% of a current account !

I opened their 'with card' Websaver a few months ago - as at least that was at 6% (then dipped to 5.5%) .... but that rate goes 18th July when the bonus expires.

As a consequence I've moved / am moving most of my 'near to hand' money across to BM. But the absence of FP out of there is a real pain ... so I haven't yet quite decided how to fund the new 12% RS inside Halifax.

KeithEssex_2

Mikeyorks wrote: »

I opened their 'with card' Websaver a few months ago - as at least that was at 6% (then dipped to 5.5%) .... but that rate goes 18th July when the bonus expires.

As a consequence I've moved / am moving most of my 'near to hand' money across to BM. But the absence of FP out of there is a real pain ... so I haven't yet quite decided how to fund the new 12% RS inside Halifax.

I could never understand why having a card should give me a better interest rate. More likely to make a withdrawal and push up their administration costs.

BM to Halifax transfers really should be instantaneous. They should have standardised on just one system by now. It really can't be an efficient way to run a company and get the efficiencies that a merger was presumably meant to bring ?

YorkshireBoy

KeithEssex wrote: »

I could never understand why having a card should give me a better interest rate. More likely to make a withdrawal and push up their administration costs.

But at 6% (when launched), you're likely to get your cash from one of your other current accounts/savings accounts, and leave this money with Halifax. After all, they've seduced you with a reasonable (if short-term) rate.

And of course, by the time 18th July comes around (which would be 6 months if you opened the account when launched) they hope you've forgotten that the fall-back/go to rate is less than the WebSaver 'no card' option.

BM to Halifax transfers really should be instantaneous. They should have standardised on just one system by now. It really can't be an efficient way to run a company and get the efficiencies that a merger was presumably meant to bring ?

BM use a Barclays collection account. Maybe the costs of moving to Halifax's system were cost-prohibitive, bearing in mind FP's were coming along?

I do agree it's a strange corporate decision though.

KeithEssex_2

YorkshireBoy wrote: »

But at 6% (when launched), you're likely to get your cash from one of your other current accounts/savings accounts, and leave this money with Halifax. After all, they've seduced you with a reasonable (if short-term) rate.

And of course, by the time 18th July comes around (which would be 6 months if you opened the account when launched) they hope you've forgotten that the fall-back/go to rate is less than the WebSaver 'no card' option.BM use a Barclays collection account. Maybe the costs of moving to Halifax's system were cost-prohibitive, bearing in mind FP's were coming along?

I do agree it's a strange corporate decision though.

It's a bit like getting married but still wanting to sleep with your old girlfriend !!