Halifax is offering customers 1% fixed interest rate on savings – are you eligible?

Martin Lewis gives advice on best savings rates on This Morning

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This rate is offered via Halifax’s Regular Saver account. The account is intended to suit savers who want to save a sum of money each month.

Between £25 and £250 can be saved in the account each month by one standing order.

Rules apply, and the money needs to reach the account by the 25th of each month.

Savers with this account can then earn one percent gross/AER fixed for 12 months from account opening.

This applies on balances of £1 or more, for the 12 month period.

The interest is paid 12 months after the account was opened.

The amount being saved can be changed at any time.

Furthermore, should they wish to, savers can top up the amount by bank transfer, as long as they don’t exceed the £250 monthly limit.

With the Regular Saver, money within it can’t be accessed unless it is closed.

Customers may also want to note that their qualifying account for the Halifax Savers Prize Draw.

After the 12 months period is up, any money saved in the Regular Saver, plus interest, will transfer into an Everyday Saver account.

Halifax opens this latter account as part of the application for the regular savings account.

“Then your Regular Saver will renew for another 12 months,” the bank states.

“If you close the Everyday Saver your savings will stay in your Regular Saver and after 12 months we’ll change that to an Everyday Saver.

“You can only access your savings during the 12 months term if you close the Regular Saver account.”

There are various rules to note when it comes to this savings account.

First of all, the person must be aged 16 or older to open the account.

Additionally, they must be resident in the UK.

It’s also only possible to open the account in their sole name.

It is only possible to have one Regular Saver.

Due to the upper limit of £250 per month, a total of up to £3,000 can be saved in the account over the course of the 12 months.

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