Halifax Regular Savings 7% - Good for who?
The recently TV advertised Halifax Savers 7% savings account seems to be a great choice due to the high rate of interest paid.
But there are some terms and conditions that could catch out the unwary.
The account will pay 7% on your savings, under the following conditions:
- NO WITHDRAWALS DURING THE PERIOD OF THE OFFER (1 YEAR)
- Compulsory monthly payments of at least £25 (upto £250 maximum per month) by standing order. This standing order cannot come from an existing Halifax account. NOTE: The monthly amount can be varied ONLINE throughout the year.
- Payments must reach the account by the 28th of each month, or the account will be closed and the money held in it (plus interest paid at the Halifax Web Saver Account rate - not the same rate as this account) will be transferred to your linked easy access savings account.
- Rate of 7% AER/gross p.a. is fixed for one year. After one year, your money, and the interest earned, will be swept into another Halifax savings account (nominated when opening this account)
- Only one account per customer
If you do need access to the money held in this account, you can close the account at anytime. If you do this, Halifax will pay interest upto the date of the closure at the rate offered at that time on the Halifax Web Saver (no card) account.
There is nothing wrong with this account. You just need to be aware that you can only earn the 7 percent return by following these rules, and that the 7% is ONLY PAID upon successful maturity of the account. i.e. you save under the stated conditions for the year and DO NOT withdraw any money.
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For more information on this product, view the Halifax Regular Saver information page.
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