7% Regular Savers
- Thread starter blorg
- Start date
Actually I've a query. For example with Halifax you need to keep saving for 1 year before you can close the account and get the savings. With Anglo-IB 2 years.
What happens if they change the rate while the expiry date still has to be reached? Can you still move the money elsewhere and get the interests? I don't think so...
What happens if they change the rate while the expiry date still has to be reached? Can you still move the money elsewhere and get the interests? I don't think so...
With Halifax their [broken link removed] refer to rate of interest and bonus rate of interest but it's never been clear to me what the split is for their existing 7% (variable) rate. If you don't meet certain conditions (see section 3) then you don't get the bonus rate. Otherwise I think you are paid the "base" rate - whatever these are - I was unable to find out by browsing their website. If you are not happy with the rate but want to hold out until a year is up then you can change your lodgement to the minimum €10.
Anglo suggest that they close your account if you make a withdrawal:
There is no suggestion that I can see that existing interest is affected though.
Halifax is a bit more tricky- from the T&Cs:
Seems to suggest that you have to continue your monthly contributions for the 12 months to get the "bonus" interest. Not sure how that 7% breaks down though.
EDIT: Note all twelve monthly payments in the amounts set out in the application form though - although the T&Cs allow one change of this amount per year this suggests to me you don't get the bonus if you reduce your payment to €10.
I have a First Active RS already, was thinking of opening the Anglo-IB one and maybe EBS. This would be to drip a lump sum currently distributed between AIB and Rabo (15k to be moved to First Active's lump sum account as soon as they set that up for me.)
It is just a bit of a hassle to set up accounts if you are not an existing customer of the bank in question, especially as I don't have a driving license. Would not be worth it if the rates are all going to drop to ECB in a few months.
There is no suggestion that I can see that existing interest is affected though.
Halifax is a bit more tricky- from the T&Cs:
Seems to suggest that you have to continue your monthly contributions for the 12 months to get the "bonus" interest. Not sure how that 7% breaks down though.
EDIT: Note all twelve monthly payments in the amounts set out in the application form though - although the T&Cs allow one change of this amount per year this suggests to me you don't get the bonus if you reduce your payment to €10.
I have a First Active RS already, was thinking of opening the Anglo-IB one and maybe EBS. This would be to drip a lump sum currently distributed between AIB and Rabo (15k to be moved to First Active's lump sum account as soon as they set that up for me.)
It is just a bit of a hassle to set up accounts if you are not an existing customer of the bank in question, especially as I don't have a driving license. Would not be worth it if the rates are all going to drop to ECB in a few months.
I've been assured by Anglo that I can close the account whenever I like and will get the 7% up to the closing date. It's only if you withdraw part of the savings that the balance is moved into a very low interest account. Also they told me I can miss as many monthly payments as I like, and adjust the monthly payment whenever I like. So if their 7% changes drastically, I'll do what I did with AIB regular saver - find a new home!