Setting up a Halifax regular saver?

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2unique
2unique Posts: 13 Forumite
edited 18 September 2018 at 4:11AM in Savings & investments
Hi everyone! :)

I already had a Halifax current account and Everyday saver. I wanted to bump my interest up so I opened a Halifax regular saver account online.

After I applied and was accepted it asked for a payment so I selected my everyday saver and put the £250 limit in on 18/9/18. Now I don't have a standing order set up yet and I know payments must go in every month before the 25th by standing order.

I was just wondering since when I set up they took £250 from my everyday savers and it is not a standing order. Does that count for this month? Am covered this month? Do I just setup a standing order for next month (OCT) before the 25th? Or do I still need to get a standing order in for this month?

I know it might be silly to not know this but I don't want to mess up the interest even if it isn't crazy amounts. It's the best I can access atm. Thanks!

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  • MarkFromCornwall
    MarkFromCornwall Posts: 885 Forumite
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    Not a silly question. You've paid in for this month. Set up your standing order to start next month. Remember to set a stop date or make it for 11 payments or put a note in your diary of when to cancel it.
  • ColdIron
    ColdIron Posts: 9,053 Forumite
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    This account allows £250 per month and you've made your payment for September. Set up a standing order for the 1st of the month from October 2018 to September 2019 (so 13 payments in all) to maximise your interest
  • 2unique
    2unique Posts: 13 Forumite
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    Thank you very much for the replies. Really appreciate it. :)
  • MDMD
    MDMD Posts: 1,431 Forumite
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    ColdIron wrote: »
    This account allows £250 per month and you've made your payment for September. Set up a standing order for the 1st of the month from October 2018 to September 2019 (so 13 payments in all) to maximise your interest

    Halifax regular Saver doesn’t have a fixed term so you don’t need to set up the SO to end on a particular date. See top of page 9 in here:

    https://static.halifax.co.uk/assets/pdf/savings/pdf/savings-account-conditions.pdf
  • 2unique
    2unique Posts: 13 Forumite
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    MDMD wrote: »
    Halifax regular Saver doesn’t have a fixed term so you don’t need to set up the SO to end on a particular date. See top of page 9 in here:

    This is true and I don't disagree however I think what is getting pointed out is that I may not benefit from the "fixed" interest for 12 months promised if I keep paying into it. So after that point I could stop if I was just chasing the interest and maybe look at other accounts.

    Thanks for pointing out what you did as it may come in handy for others and thank you for the link. :)
  • ColdIron
    ColdIron Posts: 9,053 Forumite
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    MDMD wrote: »
    Halifax regular Saver doesn’t have a fixed term so you don’t need to set up the SO to end on a particular date. See top of page 9 in here:
    Yes but why would you want to have your money in an Everyday Saver (currently paying 0.20%) let alone add to it at that rate?
  • IanManc
    IanManc Posts: 2,085 Forumite
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    MDMD wrote: »
    Halifax regular Saver doesn’t have a fixed term so you don’t need to set up the SO to end on a particular date. See top of page 9 in here:

    https://static.halifax.co.uk/assets/pdf/savings/pdf/savings-account-conditions.pdf
    ColdIron wrote: »
    Yes but why would you want to have your money in an Everyday Saver (currently paying 0.20%) let alone add to it at that rate?

    After every 12 months the money you've saved is moved into an Everyday Saver, and the Regular Saver carries on for another 12 months at the fixed rate prevailing at the time, and so on, unless you don't have another account to transfer the money to. When you open a Regular Saver you are also prompted to open an Everyday Saver to receive the proceeds each year.

    The T&Cs say:

    "After 12 months: • We’ll transfer your savings and interest to the account you chose. This will happen each year on the day after the anniversary of your Regular Saver account opening. (See Section M for more detail on what happens if that anniversary is a non-working day.) Your monthly payments into your Regular Saver account will continue, and will earn interest at the Regular Saver rate that applies at the time. If you don’t have an account for us to transfer your savings and interest into, for example because you’ve closed the account you chose originally, your savings will stay in your Regular Saver account and we’ll change that account to an Everyday Saver. Your regular payments will continue. We’ll write and let you know, and if you keep your savings in your Everyday Saver account we’ll regard you as having agreed to the new account conditions."
  • 2unique
    2unique Posts: 13 Forumite
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    IanManc wrote: »
    After every 12 months the money you've saved is moved into an Everyday Saver, and the Regular Saver carries on for another 12 months at the fixed rate prevailing at the time, and so on, unless you don't have another account to transfer the money to. When you open a Regular Saver you are also prompted to open an Everyday Saver to receive the proceeds each year.

    The T&Cs say:

    "After 12 months: • We’ll transfer your savings and interest to the account you chose. This will happen each year on the day after the anniversary of your Regular Saver account opening. (See Section M for more detail on what happens if that anniversary is a non-working day.) Your monthly payments into your Regular Saver account will continue, and will earn interest at the Regular Saver rate that applies at the time. If you don’t have an account for us to transfer your savings and interest into, for example because you’ve closed the account you chose originally, your savings will stay in your Regular Saver account and we’ll change that account to an Everyday Saver. Your regular payments will continue. We’ll write and let you know, and if you keep your savings in your Everyday Saver account we’ll regard you as having agreed to the new account conditions."

    So after the 12 months they pay out the interest and then what you saved into my everyday saver. Then it starts all over again for a other 12 months at the same interest rate? or the "current" rate which could be different in 2019? It is the 12 months part that threw me off. :rotfl:
  • EarthBoy
    EarthBoy Posts: 3,040 Forumite
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    2unique wrote: »
    Then it starts all over again for a other 12 months at the same interest rate? or the "current" rate which could be different in 2019?

    Not the same rate, but whatever the rate is in 2019. That's what "at the Regular Saver rate that applies at the time" means.
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