Hallifax advised me their own product is crap!

regularsaver1

so as i said in my last post - bascially this idea of this account was to get people in the door

if someone said they were wanting to do over £100 per month or longer term, then they idea was for the cashier/receptionist/bank adviser to try and book an appointment with the financial adviser who do investment regular savings and can not open this account

only banking advisers open this account, and to some people do have to point out the obvious that you will not get 10% on the lump sum at the end as thats what some people think

the idea was also to get leads for bank accounts, mortgages, credit cards, - you name it

thats a job in a bank

ps the different roles both have advisors in their titles: (never know if its adviser or advisor lol)

banking & savings adviser products: bank accounts, credit cards, buildings and contents(some authorised), loans, savings accounts deposit based

financial adviser (also known as PFA's) qualified to given advice on HBOS products only: investments, pensions, protection, financial planning, life & criticall illness cover, referrals for inheritance tax planning to BOSIS

tara747

callow wrote: »

When I went to open my 10% regular saver I was basically told the same thing. She was quite reticent about it, encouraging me to use an ISA instead. I have all my accounts and ISAs with Halifax.

I wonder if we had the same woman.


I still opened one anyway.

When I opened mine I was led into a little office and schmoozed for all their investment products. Real hard sell stuff! Got a bit fed up and told them that they were wasting their time and asked where did I sign for the Reg Saver. Bank lady looked v. peeved (no commission for her!) and I got signed up in about 2 minutes!

Sounds like the OP had a similar experience to me. Regular savers are perfect if (like me) you've maxed the ISA and want to do earn good interest on spare cash, but need it within a year or two. Stocks and shares should be looked on as a long term thing, deffo.

Edit: sorry, just read the rest of the thread and I seem to have repeated what lots of others have said!

Nick_C

kg87 wrote: »

This is exactly what I worked out as well, surely that means if you're a basic taxpayer, then it's better to get the Halifax Regular Saver than a Cash ISA cos you get back more interest...

depends whether you are saving short term or long term. If you are saving for a year to buy something, use the HBOS regular saver. If you are saving long term - two years or more - you are better in an ISA cause the £3600 you save this year will give you a tax free return for as long as you keep it saved. Over time, the tax relief times years saved will more than compensate for the loss in year one.

Nick_C

Paul_Herring wrote: »

Were they able to research S!!!!horpe and Peniston council websites?

Edit: Oh bother! The forum software spotted the first one...

I work for a local council monitoring waste disposal, and everytime I e-mail my monitoring spreadsheet it gets blocked because we dispose of hardcore (aka rubble).

Used to work in IT, and I remember reading (true story) that when S!!!!horpe Council started using a spam filter, they didn't get any e-mail for three days, until someone worked out the problem.

Wonder if Cockburns port have the same problem?

LongTermLurker

Nick_C wrote: »

Wonder if Cockburns port have the same problem?

Don't know but it sure sounds painful :eek:

thor

I find that I usually get pestered into buying shares based investments whenever I go to open a savings account at banks and building societies. They keep saying that in the long run shares will generally out perform cash. This may be true so far but I always shut them up by informing them that the markets now are lower than they were nearly a decade ago. This is fairly long term so why should I believe the next 10 years will be any better? I further informed them that I regard stocks and shares as a form of gambling. I can tell you now this never fails to leave these so called 'advisers' open mouthed and unable to respond.

LongTermLurker

It's worth pointing out that Halifax, and probably others, have a flag on your account and you can ask them not to pester you when you go to see them. I used to always get asked about my mortgage until I asked them to mark me for "no sales pitch" (I don't think that's the term they use )

This may be true so far but I always shut them up by informing them that the markets now are lower than they were nearly a decade ago.

Say that and you run the risk of being told it's a perfect buying opportunity