Halifax's regular save a/c

DonkeyKong77

Hi

Does anyone know much about the 7% halifax regular saver account?

Do you need to transfer via another Halifax account or do they accept transfers from other banks?

Not sure about regular savings accounts in general though one bank person did they say they artifically mask the ammount of interest you get is there any way of working out how much you could get.

7%seems a decent deal

Are you allowed to have more than one regular savings account? Or is it better to have it in a bond type of thing.

Any recommendations not many moneysupermarkets site that i could see.

Thanks

leftieM

I think the main issue is that you can only put in £250 a month and it only lasts for a year after which they transfer the money to another lower interest account.

System

You are only allowed one account per customer.

Indispensable_Hobbes

Why not read the info on the Halifax site? http://www.halifax.co.uk/savings/regularsaver.shtml

Halifax Regular Saver
Save with this fantastic savings account from as little as £25 a month.

Rate of 7% AER/gross p.a., which is fixed for one year
The chance to save regularly, from as little as £25 a month - that's less than £1 per day - up to £250
You can change the amount you save each month whenever you want online
One payment per month by standing order from your bank account
No withdrawals allowed
Only one account per customer
UK resident personal customer only aged 16 and over

Once the twelve months is up, your money, and the interest earned, will be swept into another Halifax savings account. This is nominated by you when you open your Halifax Regular Saver. The accounts that you can choose from are;

Halifax Web Saver our online savings account, which offers one of the best internet rates, and allows you online access 24 hours a day.

Halifax Premium Savings Direct you can have the convenience of accessing your savings by phone whenever you want.

Halifax Saver Reward a more traditional branch service and passbook savings account, which keeps your options open.

Halifax Instant Saver a savings account where you can access your money whenever you need it, through cash machines and in branch.

Apply now Visit your nearest branch Phone 08458 50 37 06, 8am - 8pm Mon to Fri and 9am - 4pm on Saturdays
Arrange a hassle-free and no obligation Saving and Investing Review

DonkeyKong77

so is it possible to transfer funds from an account at a different branch to the Regular Saver at the Halifax or do you need an account at the halifax already?

was looking at the Leeds BS regular saver at 7% but that only allows a max transfer of £100 i think, but it does allow transfer from a different bank

Ta

Kazza242

DonkeyKong77 wrote:

so is it possible to transfer funds from an account at a different branch to the Regular Saver at the Halifax or do you need an account at the halifax already?

was looking at the Leeds BS regular saver at 7% but that only allows a max transfer of £100 i think, but it does allow transfer from a different bank

Ta

It is possible to fund your Halifax regular saver from an external bank current account. You are also permitted to make an internal transfer from a Halifax current account to the regular saver. Customers are no longer permitted to fund the regular saver from the Halifax Websaver account.

When you open the regular saver, you will be asked to open another account at the same time. This other account will receive the accumulated funds + interest when your regular saver matures.

DonkeyKong77

Does anyone know the average interet rate (not sure if thats the correct term) over the 12 month period.

E.g. if you put in £250pm for 12 months then is there any way of working out the return?

grumbler

DonkeyKong77 wrote:

Does anyone know the average interet rate (not sure if thats the correct term) over the 12 month period.

Interest rate is always 7%, hence average rate is 7% too. Every penny in this account earns 7% at any time.

E.g. if you put in £250pm for 12 months then is there any way of working out the return?

Average balance is 6.5*£250=£1625. Return is very close to £1625*7%. See Regular Savings Accounts discussion .

jonnyb

I've got a regular saver just about to mature. I have done some calcs and estimate my total investment of £3000 (12 X £250) will return a total of £3116.22. If that's correct, 116.22 is 3.87% of 3000, so that's the average rate.
Interest first month should be £250 X (7%/12), then next month is
£250 + (£250 X (7%/12)), and so on.

ericpode

I had a Halifax regular saver since it was launched at 6.05% AER if I remember correctly. At the end of the 12 month period the money was swept into a Websaver account, but the 250 pounds monthly amount has continued to be withdrawn from my current account since then.

Am I likely to be getting the 7% on this second year or will I still be stuck on 6.05% ?

grumbler

ericpode wrote:

Am I likely to be getting the 7% on this second year ...?

More than likely ... if new 12 months started after 18th October 2004