Old Halifax regular savings a/c paying 5.5% AER

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Freddie

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I have an old Halifax regular savings a/c paying 5.5% AER. I currently have 16000 in this a/c and will have been contributing for 2 years this March. When other banks brought out better rates I dropped my contribution here to just 10 euro a month just to keep within all their t&c's. In March would I be better to put this money else where or leave it with them, given that the best lump sum deposits are around 5%. I already have maxed the following a/c's
FA E-saver 5.22%
AIB 7 day notice 5%
Anglo Reg Saver 7%
Halifax 5%
Halifax Reg Saver 7.15%
I have just opened a Halifax Child Saver 7.25% (Maybe I should open 2 of these a/c's)
I think National Irish reg saver is only guaranteed till April/May so I wouldn't be worth my while getting all docs etc together for this.
Any opinions would be appreciated.
 
Really??? The old reg. saver (up to 750 Euro/month) now pays only 5.5%? :confused: Still better than most (all?) of lump sums though
 
Halifax regular saver accounts opened before 24/10/2006 are paying 5.5%. Those opened after are still paying 7%. See [broken link removed].
 
Would anyone have an answer for me on this given the info I've already given above.

Would I be better to move the 16000 euros I have in the Halifax regular saver a/c paying 5.5% which I'm contributing 10 euro a month to a Northern Rock and get the lump sum 5%

Thanks again
 
If your lump sum is earning 5.5% then obviously moving it to a 5% account will earn less interest!

That's not to say that you could not earn even more interest by moving the money to one or more c. 5% demand or term lump sum and/or c. 7% regular saver accounts (as listed in the Financial Best Buys forum) as discussed in many existing threads. Bear in mind that you have to be careful when you withdraw money from a Halifax regular saver account so that you don't lose the bonus interest. See the terms & conditions and a recent thread on this specific issue.
 
ClubMan said:
If your lump sum is earning 5.5% then obviously moving it to a 5% account will earn less interest!

That's not to say that you could not earn even more interest by moving the money to one or more c. 5% demand or term lump sum and/or c. 7% regular saver accounts (as listed in the Financial Best Buys forum) as discussed in many existing threads.

Thats why I said - "given the info I've already given above"

Bear in mind that you have to be careful when you withdraw money from a Halifax regular saver account so that you don't lose the bonus interest.

Thats why I a mentioned above about withdrawing the money in March on the accounts 2nd year anniversity so I wouldn't lose bonus interest.

See the terms & conditions and a recent thread on this specific issue.
Click to expand...

It was a regular saver a/c paying 5.5 % with the same terms and conditions as their current regular saver a/c. That was the crux of my question with reg saver a/c's is the interest on the whole amount or on the monthly amount?
 
If the account is paying 5.5% gross CAR then presumably it's on the full balance?
 
Clubman on the Halifax site it says

Product Gross Interest Rate** AER*
Monthly Saver from 24/10/06 7.00% 7.00% AER
Monthly Saver before 24/10/06 5.50% 5.50% AER

* AER stands for Annual Equivalent Rate and illustrates what the interest would be if the interest was paid and compounded each year.

** The gross rate is the contractual rate of interest payable before the deduction of Deposit Interest Retention Tax (DIRT) at the rate specified by law.
Information correct as at 7th January 2008

Does this mean then that I'm actually better off to continue contributing 10 euro a month to this(thereby keeping within T&C's) instead of moving to a 5% lump sum account
 
Freddie said:
Monthly Saver before 24/10/06 5.50% 5.50% AER

...

Does this mean then that I'm actually better off to continue contributing 10 euro a month to this(thereby keeping within T&C's) instead of moving to a 5% lump sum account
Click to expand...
Seems so to me.
 
Freddie said:
When other banks brought out better rates I dropped my contribution here to just 10 euro a month just to keep within all their t&c's.
Click to expand...

I was of the belief you would lose the bonus interest if you altered your contribution (see condition below).
I wonder is this condition enforced, or does it just apply to the newer issues of the monthly saver?

(I have the €750 per month 7% generation of Halifax monthly saver and this condition is also in the T&Cs)

3.6
Click to expand...
In addition to interest, the bonus rate of interest will be paid on your account on each account opening anniversary if, but only if, the following conditions are met in that year:-
...
(c) all twelve monthly payments in the amounts set out in the application form have been made by you to your account in that year.
Click to expand...
 
This is rule is enforced. On my original application I had 750 down and I contributed this amount for each month of the first year of the account. In year 2 I changed this to 10.
 
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