Halifax Reg saver advice

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bravo

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Hi guys, Just been checking interest rates on my various accounts and realise that I am still saving 750 pm in the reg saver account with halifax, and the interest rate has dropped from 7% to 4%. I had assumed they would have advised me, but anyway, is it possible to open a second reg saver account (the 350 pm. max and interest rate of 7%)? My first year isnt up until Oct. Any advice?
 
This was covered here when rate dropped from 7% to 4%. My advice to you is -
(1) Reduce your monthly contribution on your existing account to €10 per month until anniversary date in October. By keeping it open with the minimum amount you will preserve bonus interest earned so far.
(2) You can open a new one at 7%. In fact you can open 3 of them if there is a Mrs Bravo, one for yourself, one for Mrs Bravo and a joint account.
 
Also check out the other regular savers in the market if you're opening a new account.
Halifax's regular saver is probably the least attractive one out there now.

Irish Nationwide are paying 7.35% on sums between €100 and €1000 a month, with a guarantee the rate will be 3.35% above ECB until the end of March 2009.

AIB are paying 7.30% on sums up to €300 per month with a guarantee the rate will be at least 3% above ECB until February 2009. You can open two per person.

Halifax offer no guarantee - and as you've discovered, they like dropping their rates every so often, on the quiet.

Other accounts to consider are First Active (7.15%) and Anglo (7%) on sums up to €1000 per month
 
Thanks for the advice guys, Spoke to halifax today and got sorted - reduced the Reg Saver to 100 pm and I got to open the updated 350 pm account at 7% but this is due for review in June/July, so watch out!
They have a new fixed rate 5% for one year 4.5% for two years, which might be worth a look.
I already have the reg. saver with FA and am using Hal flexi at 5.15%, I think, but I feel I would likje another 7%ish regular account as well, suggestions welcome.
 
Look at the advice from John J re best regular savers i.e. Irish Nationwide, AIB. As a matter of interest, why did you not reduce your existing reg saver to 10 pm. You reduced to 100 pm -. that regular saver only earns 4%.
 
I have a Halifax regular saying account since Feb 07. And I saved maximum 750EUR a month since then. Since they reduced to 4%. I was planning to close the account and put the lump sum into a better interest rate lump sum account in other bank.
But then when I went to their branch one saturday and they (one of the Junior Financial Staff) told me that all the saving i have saved up to 19/02/2008 would earn 7% and the saving lodged after that day will earn 4% only. Therefore, I have reduced the saving to 10EUR per month to this account to keep it alive. Also opened another joint account with saving 350EUR a month with my husband.
I'm just wondering, will they really give me 7% on the initially saving up to 19/02/2008? I just keep questioning is it real?
Has anyone heard that before as well?
 
You should have closed the account altogether in Feb 08, its anniversary date. In fact you could still close it. The interest since 19th Feb is only 4%. By paying €10 per month you are keeping it open to preserve a bonus payment next Feb which will be small. You are entitled to the bonus rate of interest once your account was one year old and you stayed within the terms and conditions. It is really a personal choice but my advice would be to close the €10 per month account. You could be better off putting the total lump sum amount into one of their Flexisaver accounts @ 5.15%. By the way you could open 2 more accounts @ 7%, yourself and your husband in addition to the joint one. Also check out other regular savers i.e. Irish Nationwide, First Active, AIB all just as good if not better. Halifax didn't make many friends last February when quietly reducing their regular saver rates. They could do the same again.
 
Thanks oldtimer. That's mean I got incorrect info from Halifax. I think i will close the account soon and open another account.
 
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