Halifax Guaranteed Saver Reward

I have just opened one of these as a 'safety net' for fixed term accounts that will reach maturity in Jan and May next year. I have waded through the T&Cs but couldn't see anything that says the £1000 per month into the current account has to be funded from a non-HBOS source. Have I missed something? And, if so, where is it?

Thanks for the useful advice on this thread.
I managed to make the initial deposit by phoning them up and just asking them to transfer from my current account to saver account.
Make sure you tell them the roll numbers of the accounts (as I think this means the payment will go through straightaway).
When they put through the transfer they said that it didn't appear to have worked and I should check the next day. It didn't actually show in the saver till a day later.
I think this might have been because I asked to transfer on the same day I opened the account. Maybe you have to wait till after 3am on the following day for the account to be properly "recognized".
Another point - I had exactly £2500 in my current account and asked to transfer all of this to the saver. But they said I had to keep at least 1p in the current account so couldn't do the whole £2500. To fix this I made a £10 payment from another current account using "quick payments" and this showed in my Halifax current account within a few minutes, so was then able to ring them back and ask for the £2500 transfer.

Like others on the thread my online screen shows as a Guaranteed Saver account with a rate of 4.50% gross and I assume this is because they won't actually give the full 6% till you have funded the current account with £1000 for the next 12 months.

moneysaver8 wrote: »

Thanks for the useful advice on this thread.
I managed to make the initial deposit by phoning them up and just asking them to transfer from my current account to saver account.
Make sure you tell them the roll numbers of the accounts (as I think this means the payment will go through straightaway).
When they put through the transfer they said that it didn't appear to have worked and I should check the next day. It didn't actually show in the saver till a day later.
I think this might have been because I asked to transfer on the same day I opened the account. Maybe you have to wait till after 3am on the following day for the account to be properly "recognized".
Another point - I had exactly £2500 in my current account and asked to transfer all of this to the saver. But they said I had to keep at least 1p in the current account so couldn't do the whole £2500. To fix this I made a £10 payment from another current account using "quick payments" and this showed in my Halifax current account within a few minutes, so was then able to ring them back and ask for the £2500 transfer.

Like others on the thread my online screen shows as a Guaranteed Saver account with a rate of 4.50% gross and I assume this is because they won't actually give the full 6% till you have funded the current account with £1000 for the next 12 months.

You are misinformed - current accounts can have zero or even negative balance!

That's what an overdraft means!

hgt wrote: »

As far as I'm aware, the £1000 into the current account can be either a transfer or cheque etc, just as long as it's a transfer of money from a non Halifax account.

It doesn't have to be from a source external to Halifax. You can SO £1k monthly out of a Halifax current account into one of their websavers .... then SO it back next day. And that satisfies the funding requirement.

A mechanism satisfactorily deployed by many people on these forums .. and I've never known anyone fall foul of it. In fact Halifax staff set the SOs up for my Mother (High Interest current a/c .....> Liquid Gold) to achieve that. Before I took over her accounts and ditched the Liquid Gold .. but set it up similarly but using a websaver. No problems and achieved the 6% the High Interest was paying at the time. It still works that way .... Halifax know about it generally and have taken no steps to shut down the loopholes.