Posted 12th Jun 2008

### This deal is expired. Here are some options that might interest you:

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.

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.

[SIZE="4"]You are covered by the Financial Services Compensation Scheme for all amounts less than £35,000 which means there is very little risk.

Also, if everyone goes for this account they might get enough money to cover their losses in the sub-prime, 125%-mortgage, buy-to-let, negative-equity, self-certified-income-liers and mortgage-fraud problems.[/SIZE]

You only have an average of £3,000 in the account over the 12 months. If you have £6,000 you could put it all in an instant access account paying a high interest rate set up a standing order from the instant access into the Halifax 10% regular savings account.

This way you would get about £3,000 at 5% + £3,000 at 10% making a total of £450 interest from your £6,000 which would be a total of 7.5%.

:-D

"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"

Interested as to what they mean here, an even bigger rate must be > 10%, therefore I want to invest a lump sum at a rate greater than 10%. Now that would be good!

Like someone said earlier, the kid account is better as you don't pay tax. You can have as many accounts as you like as long as it's a different kid or a different adult, so in a family with 2 kids that's generally 4 accounts. You can even use other people's kids (with their permission of course) to save under. Even better if you're a higher rate tax payer, you could earn a good rate still.

Just checked, my kids paid 1200 over the year and got £65.60.

So how comes you got so much more?

£65 is the expected return after 1 year of putting £100 away every month, at 10% gross.

10.00 (12/12ths) +

9.16 (11/12ths) +

8.33 (10/12ths) +

etc etc etc

0.83 ( 1/12th)

Or 78/12ths x 10 = £65

No idea how you see £90+

As already mentioned, the potential interest you can earn is £335 (before tax) over the 12 months if you invest the full 500 a month. If you have a big lump sum you want to invest straight away then you will probably earn more in a regular savings account or an ISA, and if you can fund this regular savings account with a direct debit each month from the savings account.

It's the best regular saver on the market at the moment without any strings (such as you have to change your personal account to them) so it's a good deal.

Period.Also, Halifax hope that after the 1 year, you invest your lump sum in another of their products, thus getting 2 lots of business from you!

Surely not? So someone with 50k could put it in there and get £6,000 a year from it? Assuming not a tax payer.

I think £5000 is the exact amount! The customer services guy on the phone definitely mentioned if I had £5000 to deposit upfront, the amount for the Regular Saver would be 12%....I don't have £5k, so said no thanks and didn't ask anymore. However, I get the feeling that they would probably put the £5k in a normal savings account, and only give 12% on the monthly standing orders into the Regluar Savings account.

Perhaps someone else can confirm.

It really is a good deal, I opened one up today over the phone and was very easy.

Thanks, bit misleading of them. Makes it sound like you'll get a bigger rate than 10% on your £5,000, in fact you'll get a rubbish rate on the £5,000 and a slightly better rate on the regular saving.

Still better off putting it in a kids name though.

Regular saver though, not the same thing. This gives about 7.5% assuming you've got the money @ 5% in the meantime.

Great for saving some of your wages but not so good for investing a reasonable sum of money.

According to their "We are sailing on Titanic" ad, they will not bust... they will sink.

12% on your regular savings. Not worth it to be honest. If they gave you 12% on your 5,000 like they make it sound then that would be interesting.

Definitely worth it. They give you 6.25% on the 5 grand. They give you 12% on your regular saver account. Have another instant access account where you get 6.5%(for simplicity assume this doesnt change) and set up a standing order.

On the 11 grand you have to have to make this work, you get a little under 8% on your money.

If instead you dont put the 5 grand in the nominated account earn 10% on the regular saver but put the 5 grand in a 6.5% instant access account, the rate you earn on the 11k is alittle under 7.5%. So basically youre forgoing 0.5% on the 11 grand for better access to the 5k.

to cut short the explanation of the rates (divided by 12 months etc etc) ....

unfortunately the gross interest of that sum is £325 and net interest (after tax) comes to £260

which means gross rate as a percentage is 5.41666667 and net rate as a percentage is 4.3333333%

yes 5.416 basically before tax.

better off elsewhere methinks. anyone has a better idea?

But you've not taken into account of the rate the money is earning while it is not in the Regular Saver. I have my money in a 6.25% Tesco Internet Saver and transfering my monthly payments by Faster Payments each month to the Halifax Regular saver and I average over 8.00%gross.

the point is ... is it false advertising?

ok that's a bit naive to say 10% AER is final but it shd be explained about the 1st month 10% ie £50, 2nd month £45.83, 3rd month £41.67, and so on ... till the final 12th month you get £4.17.

---edit

i was even told in beginning if it went past £5,000 it would earn me 12%.

passed by their billboard again later today. the ad says "a massive 10%" with the AER very tiny.

i guess i was disappointed a little. maybe i shd move money to buy shares at low low price now, so it shd be worth more when market swells again. or how about the guaranteed bond?

This is why I always read the term and conditions and NEVER rely on what you are told by staff of ANY bank.

The bit about getting 12% if it went pass £5000 is complete and utter rubbish. You will only get 12% on the regular saver if you invested another £5000 from day one in a nominated account.

well yes i just received my terms and conditions yesterday in the post which is why i went str8 to them today to enquire.

they defo didnt tell me about that 12% part was hooked on what you just said, which makes more sense. also i just read the other posts in same thread a few pages before about some people who have also been told the same as i was told, for sure so it's not just me being cautious here.

hope this helps anyone else.

Which is what these accounts are designed for, as you wouldn't have the money at the start of the year you wouldn't be able to earn interest on it would you??

If you calculate an average weight for the total of your payments into the account over the whole year, they will only come to £3250 (£500 for 12mths, another £500 for 11mths....etc)

If what you expected were the case, then in the final month, the interest you would expect to receive on the £500 final months payment is £50...and this would work out and an Interest Rate of 120% per annum. I don't know any bank that would pay this!!!!!

again....i was dubious if it was too good to be true but the staff at Halifax in my first meeting

assured me yes it was 10% at the end of the year you get a lump sum. btw i do have a big fat lump sum to put in if that was the case to earn 10% so it isnt such a big deal just Halifax shouldnt advertise about that if their front staff is not able to tell the difference and give new customers wrong info to reel them in ... obviously she hadnt a clue! and there are way too many financial products in the market all with different names every year. god i miss my trusty financial advisor who moved to a different country (like lewis!) ...High Yield Savings Account

Edited by:"Oliverrandel" 28th Oct 2010