While it is true that you can't have more than one Regular Saver, it doesn't mean the offer is closed to you. In fact, you are well within your rights to close your existing Regular Saver and open a new one at the 10% rate. The question becomes whether the interest penalty you get on the early close is made up for by the bigger rate. This all depends on your maturity date.

Also, if you are an existing Regular Saver and your account rolls over during the offer period, you will automatically get the 10% rate if you continue to save with payment into the account being uninterrupted. Ask anyone from Halifax, they will tell you the same!

Also, there is an offer on the Guaranteed Saver which offers a reward rate of 6.25% fixed. There is limited access though but could suit some looking to earn a higher rate and get the extra 2%.

I had a 7% Regular Saver which matured last month, and I continued my standing order for another year. One month's deposit had been made for June, when I noticed the new 10% deal on the internet (I've not found a bank that tells their existing customers about new deals directly, you have to find it all out yourself). I phoned Halifax and they closed my existing Regular Saver, and opened up the new one at 10%, setting up my standing order for me. The odd thing though, was that despite being an old customer with several Halifax accounts, I still had to go into the branch with I.D. to activate this new one. But at least I got it.

I don't know if this would work for you if you are part way through the year with your 7% Regular Saver. I'd try it anyway if I were you. Good luck.

Suggest you check the terms and conditions of existing regular saver. It is unlikely that any bank would penalise themselves by allowing you to switch and be in a more advantageous position. It is probable that by switching to the Web saver at the lower rate and starting again (if allowed!!) that you would be no better off. Might be better to keep the existing Halifax offer of 7% and, if you have additional funds, to open a regular saver with someone else. Good luck.

What do you think of closing the current 7% Regular saver account, taking the lower interest for the Web Saver account and opening a new Regular Saver account or do their terms & conditions clearly indicate that this offer is only for new customers i.e. customers who've never had a Regular Saver account?

Has anyone managed to do this?

I am sure you are right. I have an existing Regular saver account on similar terms with an anniversary in October 2008. I have had a letter from Halifax telling me that I will qualify for the new terms from that date. I suspect the same will apply to you. It is customary for banks not to allow existing customers to change to an improved offer.

I was a bit disappointed to find out about this new offer for the Regular Saver account. I took out this account about 3 months ago when the offered rate was 7% with only 250 pounds as the maximum monthly deposit.

Of course, when trying to open a new Regular Saver account on their website via online banking, I'm told I already have a Regular Saver account...

This is a good deal, so go for it. Make sure you check the details at the end of 12 months as the rate may be reduced dramatically. Also Halifax try to get you to put £5000 into a 'nominated account' by offering an additional 2% on the regular saver. This is NOT a good deal. Just stick with the regular saver at 10%.

Will be closing my just opened Barclays regular saver to opt for this. Maximum investment of 500pds per month, most attractive regular saver at the moment.

http://www.hbosplc.com/media/pressreleases/articles/halifax/2008-06-05-HalifaxLau.asp?section=halifax