Halifax regular saver monthly deposits???

jules73_2

HI

I have just set up my Halifax regular saver and handed over my first months deposit of £500.
To benefit the most out of the deal, when should I arrange my standing order to start from next month?????
Should it be 1st July or from the date of my initial deposit or by the end of the month???

This is a question that I asked about at the branch, but the reply was a bit vague and I assume they didn't really know.

Speculator

1st of July.

jules73_2

Speculator wrote: »

1st of July.

Thanks for your reply, but I think someone from Halifax needs to explain things in black and white!

I was told by the interviewer in my local branch that there is no need to cancel the standing order at the end of the term, as the money will automatically be transferred to the guaranteed saver.

I popped out this afternoon and passed another branch, so I thought I would ask them if it will maximise my investment by setting up the standing order on 1st July. She didn't really know if it did or didn't, but she told me to cancel the standing order and make the final payment in May 2009.

If you know the answers, please answer the following:

1. If I start my standing order from 1st July, will it be earning interest from 1st July?

2. Including my initial deposit, I would have made 13 deposits of £500, is this OK?

3. Do I need to cancel the standing order, or will it automatically transfer to the nominated account?

Speculator

1. yes
2. no, your 10% regular saver will mature on the anniversary of your opening deposit. In June next year, adjust your standing order so that your 13th payment reaches your regular saver after the anniversary date. Your regular saver will continue for another year automatically at a new fixed rate.

3. If you want to continue saving in a regular saver, there's no need to cancel your standing order, just make sure you adjust the 13th payment so that it reaches the regular saver after the anniversary date. This "13th" payment will become the 1st payment of your new regular saver. If you don't make the adjustment, you won't be penalised but your 13th payment will be transferred with the other twelve payments into your nominated a/c.

Hope that makes sense.

YorkshireBoy

Speculator wrote: »

1. yes

Are you sure about that Speculator?

The reason I ask is that the general 'Halifax Deposit Account Conditions*' (covering all Halifax savings accounts) say, in condition 5.3, they will pay interest on any cash deposited in branch from the day AFTER they receive it.

Wonder if it's the same with a SO? My bet is that it is.


* https://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf

Speculator

YorkshireBoy wrote: »

Are you sure about that Speculator?

The reason I ask is that the general 'Halifax Deposit Account Conditions*' (covering all Halifax savings accounts) say, in condition 5.3, they will pay interest on any cash deposited in branch from the day AFTER they receive it.

Wonder if it's the same with a SO? My bet is that it is.


* https://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf

Sorry, I stand corrected, you maybe right.

jules73_2

As long as I don't get penalised, that's the main thing.

I had this feeling that we would all get caught out in a years time:eek:

cheap_skate

Hi Have just opened one of these accounts and was wondering what you all thought of depositing the £5000 into another Halifax account to claim the 12%. Was just about to do it but i'm not sure if the £5000 would be better elsewhere (in a cahoot account at the moment). Has anybody worked out which is the best way to do it.

Thanks for any help

jules73_2

If your talking about the Cahoot savings account at 6.55%, you require a balance of £1,000,000

The guaranteed saver reward with Halifax pays 6.25% stick your £5000 in that.

debbie42

cheap_skate wrote: »

Has anybody worked out which is the best way to do it.

Yes: the maths is hidden away somewhere in this thread.
http://forums.moneysavingexpert.com/showthread.html?t=942779

It's around 5.85% breakpoint, so the 6.25% does give you a profit.

cheap_skate

Hi Thats sound's good was looking at putting the other £5000 in the kaupthing edge but I suppose if I can get 6.25% from the guaranteed saver and 12% from the other it will be pretty hard to beat.

Thanks for your help:beer: