10% Interest rate on Halifax Regular Savings Account - HotUKDeals
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Halifax Regular Saver
Save between £25 and £500 every month for 12 months by standing order and get a great rate of 10.00% AER fixed for a year.

Open and make your first payment by 20 July 2008!
Set up a monthly standing order from your bank account - you can make additional deposits by standing order too, as long as the total each month doesnt exceed £500
Change the monthly amount you save whenever you want in branch, by phone or online
No withdrawals allowed
Only one account per customer
When the years 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.

What's more, if you have at least £5,000 to invest into your nominated account, we can help you make the most of your savings with an even bigger rate. Call 0845 601 8150 or speak to a colleague in branch for more details.

The nominated account can be:

Halifax Guaranteed Saver
Variable rate Halifax Web Saver
Halifax Premium Savings Direct
Halifax Saver Reward
Halifax Instant Saver
If you already have one of these accounts, speak to a colleague about how you can make this your nominated account for Regular Saver.
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#1
wow 10% is brilliant, i'm off to open one tomorrow
#2
would like to see this post balanced by identifying (any) penalty for withdrawals or failing to save committed monthly amount on time.
#3
Might also acknowledge that's its on the MSE email this week - with a decent review of the best savings rates.
#4
So do you need to have an account with them already?
#5
"hoik"
#6
..r;2299231
So do you need to have an account with them already?

No. This is open to everyone.
#7
Halifax Regular Saver
Minimum age 16. Sole accounts only. Only one account per person. Regular monthly payments of at least £25 by standing order. (No standing orders from other Halifax savings accounts.) If you fail to make a payment of at least £25 by standing order to reach the Regular Saver account on or before the 28th of each month, we will close your account, pay interest up to the date of closure at the current rate for Halifax Web Saver (no card) account and transfer the account balance to your linked easy access savings account.

You can nominate account you want your interest paid into - but above 'small print' says "No standing orders from from other Halifax savings accounts............ does this mean it's no use to existing customers????

Jim.
#8
What Is AER
AER is totally different - It's only used in relation to savings and interest based investments
It's all about the rate of interest you'll receive on your money
AER means “annual equivalent rate”. It shows the true rate of interest you will have received by the end of the year taking into account the regularity of which interest is added to the account (as the payment frequency has a compounding affect on the amount of interest you receive)
The AER calculation also removes the affect of any promotional offer that disappear after a few months[SIZE="4"] [SIZE="5"]-[COLOR="Red"][SIZE="5"][SIZE="6"][FONT="Arial Black"] a popular trick used by banks and other institutions to boost their savings products to the top of the Best Buy tables [/FONT][/SIZE][/SIZE][/COLOR][/SIZE][/SIZE]
It's not easy to remember all this but we hope we've shed some light on some of the jargon you're faced with.
#9
Most savings accounts dont allow standing orders and they are trying to get new money in rather than you shuffle from one Halifax account to the other.
#10
So as an existing customer guess it's no use to me :-(

Jim
#11
@pink : I know what you mean m8, and your totally right, but even comparing AER rates of tohers, this is still much higher than what is on offer in all places I have looked.
#12
Unless you have the existing 7% regular saver you can open one of these as an existing customer.
#13
KTF;2299499
Unless you have the existing 7% regular saver you can open one of these as an existing customer.

You can close your existing regular saver and open up a new one - any interest due on the existing regular saver account to point of closure would only be paid at 4.4% as opposed to 7% however with the new one you get the benefit of a much higher rate and twice the amount per month.

If you can maintain a minimum of £5,000 in one of their nominated accounts the interest rate payable on the regular saver increases from 10% to 12%. Have just gone for this for my wife and closed the existing 7% account - the 2.6% interest lost for three months is more than compensated for by the benefits of the new account i.e. £500 per month and 12% interest.
#15
All the savings including interest will be transferred into a nominated savings account which you'll be asked to open when you open you Halifax Regular Saver. However if you want to withdraw money out, you need to closed the account, so no withdraw at any time at any account. so cold for me.
#16
Not cold then is it - very hot for the people who would use this type of account(ie people who will not need to withdraw). Come on guys, vote this hot on its merits, not cold because its not suitable for your personal needs.
#17
I've already opened up aA+L ISA at 10% and got the £50 from Quidco last week :D Put £2300 in it straight away so hopefully that means this time next year I will get £230 interest, can anyone confirm that if it is 10% AER lol?
#18
You can tell how dire the economical situation in the country is when the banks start advertising you to save money with them rather than give it out in loans and mortgages.

Voted hot as it is a good deal.. even after Gordon and his treasury gets their dirty mitts onto your hard earned cash.
#19
I opened one online and instantly got a sort code and bank account number so I could set up a standing order. I then set up a standing order from a non Halifax account.

You just have to set yourself a reminder to withdraw it all after 1 year as the money gets transfered to an eSaver account which pays just 5.2% (at the moment)
#20
I am a long time lurker here. I love this forum, it has cost me a small fortune at times!

However, when I saw this thread I had to register here and give you my experience of this deal because believe it or not, I was sitting in a Halifax Branch today with £7k of my savings just dying to be tied up in this magnificent deal.

Only problem is, its not so magnificent at all. Its all bluster and hot air and a sales pitch introduction to The Ultimate Reward Current Account (only £10 a month you know!) if you dont have one already.

I was told categorically and then shown on the screen projection by the girl who was helping me out that I would be better with the maximum amount in a Saver ISA and the rest in a Guaranteed Reserve Saver Account. So thats what I did.

As a result I went in with hopes of 10% and ended up with roughly half that in reality.

Its basically an eye catcher to get you in the door.
#21
Fair point, and worth making people aware of it - but thats all ANY savings account is for banks, to get you to sign up to more lucrative products. Just refuse everything, and you get a cracking savings deal.
#22
Opened mine by phone, no attempt to sell me anything whatsoever.
#23
Saw this on MSE - copy cat
#24
Ev0lution
I was told categorically and then shown on the screen projection by the girl who was helping me out that I would be better with the maximum amount in a Saver ISA and the rest in a Guaranteed Reserve Saver Account. So thats what I did.


What you should do is open the regular 10% saver up too and set up a monthly transfer from your saver account into the regular saver. That way you get 5% or whatever from your saver from day 1 whilst the regular saver slowly builds up at 10%
#25
KTF
Most savings accounts dont allow standing orders and they are trying to get new money in rather than you shuffle from one Halifax account to the other.


But nothing stops you to transfer money from your Halifax high interest current account (which is in fact like a saving one) ! :)
#26
Looks like you can earn £335 (£268 after basic rate tax) if you invest the full £500 each month.
#27
jimmiley
So as an existing customer guess it's no use to me :-(

Jim


Yes it is
http://www.halifax.co.uk/savings/apply_regsaver.asp
#28
The children saver is 10% gross, a much better bet if you have kids:thumbsup:
#29
WalterSmith
The children saver is 10% gross, a much better bet if you have kids:thumbsup:


But it has £100 pcm limit, so not much use
#30
Anyone would the big banks were running out of money:oops:. Great deal but I avoid the HSBC for ethical reasons.
#31
Voted cold, This isn't a good deal. It seems to be a ploy to get people in through the door.
Another problem is the fact that the Halifax is next in line to go bust.
Just look at the share price:-
12/June/2008 end of close price per share: £2.83
12/June/2008 end of close price per share: £10.03
Initially I didn't think Halifax would go down the pan but now since all investors have run off with their own money it seems doomed.
#32
Excellent, just signed up, thanks OP needed one of these starting this month to put my extra money to 'top up' my mortgage with when i change lender, shame it aint a 2 year account!! :)
#33
Orville
Anyone would the big banks were running out of money:oops:. Great deal but I avoid the HSBC for ethical reasons.


But this is Halifax ....
#34
ROSHAN
Just look at the share price:-
12/June/2008 end of close price per share: £2.83
12/June/2008 end of close price per share: £10.03


So what price did it actually have ?
#35
ROSHAN
Voted cold, This isn't a good deal. It seems to be a ploy to get people in through the door.
Another problem is the fact that the Halifax is next in line to go bust.
Just look at the share price:-
12/June/2008 end of close price per share: £2.83
12/June/2008 end of close price per share: £10.03
Initially I didn't think Halifax would go down the pan but now since all investors have run off with their own money it seems doomed.


Care to explain the cold vote? Doesnt make any sense, despite your post.
#36
tanikk£
But it has £100 pcm limit, so not much use


£100 per kid per parent.

i.e. 2 kids, 2 parents, save £400 a month i.e. £4800 a year.

£1200 per account per year.

10% gross is £65 per annum per account, NO TAX.
#37
ROSHAN
Voted cold, This isn't a good deal. It seems to be a ploy to get people in through the door.
Another problem is the fact that the Halifax is next in line to go bust.
Just look at the share price:-
12/June/2008 end of close price per share: £2.83
12/June/2008 end of close price per share: £10.03
Initially I didn't think Halifax would go down the pan but now since all investors have run off with their own money it seems doomed.


Err, what the **** are you meaning here?
#38
Well what he means is:

- It seems like a ploy to get people in through the door. Imagine, a company promoting a product to get customers, will wonders never cease!
- A share price that time travelled in order to have two different share prices at close on the same day
- Halifax being the "next" in line to go bust, assuming that a) any bank had yet gone bust(they havent) and b) that Halifax are in a much weaker state than their competitors, which they arent. Also implying you will lose all your money by putting into Halifax, which you wont.
- Also making some pretty wild accusations about investors running off with their money or something!!!

Think our learned friend may be drunk - stand up and take a bow, Mr Charles Kennedy!
#39
Not sure whether to vote this hot or cold:?

I reckon at the end of year one you will have earned £325 interest if you save the maximum £500 - which is good if you dont have any savings and have this amount of spare cash each month.

However, if you are thinking about moving savings you have already to fund this monthly payments the £325 on £6000 equates to around 5.4% which doesnt seem that attractive
#40
remember you will only earn 10% once you have saved the twelfth installment. You may be better if you have a lump sum looking at one of the fixed rate deals earning 6.5% see money saving expert

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