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  • ibrooks
    Yes, the calculator linked to in the OP will help you.
    Originally posted by Lavendyr
    No it won't because it doesn't have a facility to vary the monthly payments over the period.

    Mr Herring however has got me where I wanted to go though - thanks.
    • Lavendyr
    • By Lavendyr 13th Jun 08, 12:01 PM
    • 2,094 Posts
    • 1,908 Thanks
    Lavendyr
    No it won't because it doesn't have a facility to vary the monthly payments over the period.
    Originally posted by ibrooks
    Sorry, I was only trying to help - you didn't state in your OP that you wanted to vary the monthly payments, I don't think.
    • Paul_Herring
    • By Paul_Herring 13th Jun 08, 12:05 PM
    • 6,581 Posts
    • 3,246 Thanks
    Paul_Herring
    but i take offence at you incinuating that i know nothing about what I am writing about.
    Originally posted by Crinz
    Well it does stem from others' experience on this thread from (more than one) front line staff member telling people, for example, that they are perfectly entitled to hold both a 7% and a 10% RS, despite the ambiguous T&C's indicating otherwise.

    I still don't believe that any 7% RS's maturing in the 6 week or so window will automatically get the 10% rate applied, and since it'll take anyone in this situation 12 months to find out whether or not they did get the 10% rate, it'll have been long forgotten.

    Are Halifax actively telling people who mature in this window that they can also double their maximum contribution while getting a 3% increase on their RS?

    Thought not.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • SolidSnake
    Hi everyone,

    I'm a little unsure about savings accounts, ISAs and tax.

    I've currently got 1000 in a cash ISA, with around 2400 left to deposit, the interest rate is 6%.

    However, from September this year I will be paying around 364 per month into a savings account for the next 2 years.

    The Halifax account, with its 10% rate, seems the most profitable. Am I best opening this accoutn, taking the 1000 out of my ISA, and then making the 364 deposits into the Halifax account until the 10% rate runs out?

    Also, will I pay tax on the Halifax account? I've just left unversity and will be starting postgraduate study (part-time) in September.

    Thanks!
  • KeithEssex
    whats the point in coming here to try help. never again!

    Yes, I am front-line staff working in a branch in Glasgow but i take offence at you incinuating that i know nothing about what I am writing about.

    When this launched the other day we had loads of people coming in asking about their existing Regular Savings. Some I closed down and restarted as they matured and restarted just weeks ago, and some were just about to end and would automatically convert to the 10% rate.

    http://www.halifax.co.uk/savings/regularsaver.asp

    quote: When the year’s up, your savings and interest are transferred into a nominated savings account which you'll be asked to open when you open you Halifax Regular Saver. Your Regular Saver account remains open, the interest rate applicable at the time is fixed for another year and you simply continue to save.


    when i said 'month or so' - at the moment the plan is for this promotion to be on display in branch etc until End July but as with other banks, it can be withdrawn at any time.


    again, thanks for the warm welcome.
    Originally posted by Crinz
    Crinz. Thank you for your posts. It's good to have you on the forum.
    Last edited by KeithEssex; 13-06-2008 at 12:35 PM.
  • KeithEssex
    Well it does stem from others' experience on this thread from (more than one) front line staff member telling people, for example, that they are perfectly entitled to hold both a 7% and a 10% RS, despite the ambiguous T&C's indicating otherwise.

    I still don't believe that any 7% RS's maturing in the 6 week or so window will automatically get the 10% rate applied, and since it'll take anyone in this situation 12 months to find out whether or not they did get the 10% rate, it'll have been long forgotten.

    Are Halifax actively telling people who mature in this window that they can also double their maximum contribution while getting a 3% increase on their RS?

    Thought not.
    Originally posted by Paul_Herring
    Providing that the product had the same T&Cs back in 2007 then surely it should automatically get the 10% ?

    " .... Your Regular Saver account remains open, the interest rate applicable at the time is fixed for another year and you simply continue to save."

    But I would certainly agree that it is always worth checking via the free "Call Me Back" option (see below) that this is indeed the case as the Regular Saver rate is not displayed anywhere on the account details section displayed via the Halifax internet banking application (unlike most other accounts).

    http://www.halifax.co.uk/savings/savingscallback.asp

    Re: increasing your contribution up to the 500 - that really is the saver's responsibility. To be fair it's much more generous than most other providers so people do need to make an effort to find out the facts and take up the offer fully if they can afford to fund it reliably over the period.
  • Plodon.
    Hi, two questions;

    1) In high interest regular savings accounts such as the Halifax one, are you committed to the second year in a lower interest account with them or can you cut and run after one year? The carrot without the stick as it were.

    2) I've opened a regular savings account with Yorkshire Building Society and they seem to pay interest at the 2.85% rate until you earn the bonus at the end of the year which then gives you the 6.5% aer. This means that you lose the compound interest on the difference throughout the year (I think.), is this standard with all providers?
  • rayroy
    10 year savings plan at 25 per month ??
    I am looking to start a small monthly savings scheme for 10 years at 25 per month - any ideas where to put it ???
    Thanks
    • LittleVoice
    • By LittleVoice 28th Jun 08, 7:18 AM
    • 8,465 Posts
    • 6,051 Thanks
    LittleVoice
    Hi, two questions;

    1) In high interest regular savings accounts such as the Halifax one, are you committed to the second year in a lower interest account with them or can you cut and run after one year? The carrot without the stick as it were.

    2) I've opened a regular savings account with Yorkshire Building Society and they seem to pay interest at the 2.85% rate until you earn the bonus at the end of the year which then gives you the 6.5% aer. This means that you lose the compound interest on the difference throughout the year (I think.), is this standard with all providers?
    Originally posted by Plodon.
    1) You are not committed to continue to hold the funds in the lower paying account.

    2) There is no compounding of interest through the year. In an account where interest is paid annually, it will be calculated on a daily basis but not added to the account until the year end. YBS simply separate the two elements of interest - basic and bonus - so that it is clear that if you were to close the account during the year you would only receive the basic rate of interest in that year. Actually showing the difference as clearly as YBS do is not so standard (though some others do do it that way) but the principle is the same.
  • Plodon.
    1) You are not committed to continue to hold the funds in the lower paying account.

    2) There is no compounding of interest through the year. In an account where interest is paid annually, it will be calculated on a daily basis but not added to the account until the year end. YBS simply separate the two elements of interest - basic and bonus - so that it is clear that if you were to close the account during the year you would only receive the basic rate of interest in that year. Actually showing the difference as clearly as YBS do is not so standard (though some others do do it that way) but the principle is the same.
    Originally posted by LittleVoice
    Thanks LittleVoice, brilliant
    • Twosheds
    • By Twosheds 30th Jun 08, 5:38 PM
    • 88 Posts
    • 3,190 Thanks
    Twosheds
    whats the point in coming here to try help. never again!

    Yes, I am front-line staff working in a branch in Glasgow but i take offence at you incinuating that i know nothing about what I am writing about.

    When this launched the other day we had loads of people coming in asking about their existing Regular Savings. Some I closed down and restarted as they matured and restarted just weeks ago, and some were just about to end and would automatically convert to the 10% rate.

    http://www.halifax.co.uk/savings/regularsaver.asp

    quote: When the year’s up, your savings and interest are transferred into a nominated savings account which you'll be asked to open when you open you Halifax Regular Saver. Your Regular Saver account remains open, the interest rate applicable at the time is fixed for another year and you simply continue to save.


    when i said 'month or so' - at the moment the plan is for this promotion to be on display in branch etc until End July but as with other banks, it can be withdrawn at any time.


    again, thanks for the warm welcome.
    Originally posted by Crinz
    Crinz - Not all subscribers are as mean-spirited as Mr Herring , but we do have a few that think that posting 2400 times makes their posts more important than everybody else's :rolleyes: so please don't be put off.

    In fact, one of his earlier posts in this thread is not 100% correct : 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've just made my 1st payment today and it counts as my June payment, so I can make another tomorrow and 1st of each month thereafter.
    • Paul_Herring
    • By Paul_Herring 1st Jul 08, 10:53 AM
    • 6,581 Posts
    • 3,246 Thanks
    Paul_Herring
    In fact, one of his earlier posts in this thread is not 100% correct : 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.
    Originally posted by Twosheds
    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:

    Missed payment

    Your standing order payment must reach your account by the 28th of each month.
    by T&Cs
    (Emphasis mine.)

    Quite how you reinterpret this to 'save people from themselves in February' I can't quite see...
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • koenig
    • By koenig 1st Jul 08, 4:25 PM
    • 102 Posts
    • 2 Thanks
    koenig
    Closing Halifax 7% Reg Saver
    Does anyone know the penalty for closing the old 7% Halifax Regular Saver?
    Can't find it on their site/

    Thanks
    • DeepSporran
    • By DeepSporran 1st Jul 08, 4:45 PM
    • 233 Posts
    • 113 Thanks
    DeepSporran
    Does anyone know the penalty for closing the old 7% Halifax Regular Saver?
    Can't find it on their site/

    Thanks
    Originally posted by koenig
    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
    • By Sunny2good 1st Jul 08, 5:57 PM
    • 82 Posts
    • 12 Thanks
    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
    • By Twosheds 2nd Jul 08, 10:58 AM
    • 88 Posts
    • 3,190 Thanks
    Twosheds
    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...
    Originally posted by Paul_Herring
    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!
  • 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
    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
    • By Twosheds 9th Jul 08, 11:09 AM
    • 88 Posts
    • 3,190 Thanks
    Twosheds
    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!!
    Originally posted by Willywombat
    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!
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