Setting Up S/O Paying into Halifax Reg Saver

anticlaus105

Just wanted to confirm I had this correct.

I opened a Halifax Reg Saver and made my 1st payment by cash. I now have to set up a standing order (from an A+L account) for next month.

I have the acc no, sort code and a roll number along the lines of 1/23456789-1.

Do I set the roll nuber as the reference when setting up the S/O or use my name or something?

It's prob obviously the roll number but the guy in the branch wasn't so sure. I would guess having an acc no and sort code these alone will be all that is required but for my other regular savers there is a generic acc no and I use the reg saver account no as the reference.

Cheers all.

debbie42

I use my name, together with the sort code + account number.

DanE

i have set up a standing order through my Barclays a/c - so long as you quote your Hx RS sort code and a/c no. i think this holds you in good stead. the roll number or your name is just a further reference.

an extra note, when i set up my RS i done this over the phone and then went to my local branch to add funds. i paid in 300.00. i wanted to make 500.00 initial payment. on ringing the savings helpdesk (08457 26 36 46) i was told i could pay the additional 200.00 (2 payments) by standing order for this initial month only.

the explanation given was that the branch uses a different sorting code from the standing order sorting code so in effect each were deemed as initial payments.

an extra extra note, according to the savings helpline i found out that you can only make 1 payment to your RS account per month. if you set up a standing order of say 300.00 you will not be able to pay another 200.00 to the a/c by this method. so check how much you can afford to pay each month before the standing order becomes due and amend where necessary. also note that payments to the RS can only be done by standing order and not through the branch.

hope this helps :j

10_66

DanE wrote: »

you can only make 1 payment to your RS account per month

This is not true. You can make as many SO payments into your account each month as you like, as long as you don't exceed the £500 maximum limit. I have written confirmation of this, and Halifax are looking into amending the T&Cs to clarify this.

DanE

10_66 wrote: »

You can make as many SO payments into your account each month as you like, as long as you don't exceed the £500 maximum limit. I have written confirmation of this, and Halifax are looking into amending the T&Cs to clarify this.

10-66 i thought the above maybe true which is why i asked the question on the savers helpline. do you know how extra payments can be made to the account? when i went into the branch to make my initial payment the cashier told me that i could no longer pay money in by this method, and as i've mentioned before i was told only 1 standing order per month

noh

The T+Cs state only one payment a month. Page 3 under "Key Features"
https://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf
But if you wish to make additional payments you would have to do it with single payment standing orders.

Nigel

RayWolfe

Most bank account allow you to set up "Bill Payments". They can be used to save you having to set up singe payments every time. It's probably best to have a small standing order set up as well to ensure you never miss making one payment each month.

debbie42

DanE wrote: »

10-66 i thought the above maybe true which is why i asked the question on the savers helpline.

I rang that line to double check the rate on my linked Guaranteed Saver and was told that I would get a 12% bonus rate on the Guaranteed Saver if I kept 5K in it. I had to explain that it was the Regular Saver that applied to, and she honestly didn't know. She did apologise when it became apparent that I knew more about it than her.

Staff aren't infallible, and it does pay to get things in writing if you aren't sure.

10_66

noh wrote: »

The T+Cs state only one payment a month. Page 3 under "Key Features"
https://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf

The T&Cs don't say only one payment, they say one payment. The following is the reply I received from them when I queried the situation:

You are able to make more than one payment in to the Regular Saver each month. This is providing that the monthly total does not exceed £500, and that any additional payments are completed via a Standing Order, rather than a Bill Payment.

Although the Terms and Conditions are not strictly incorrect, they are misleading, and our E-commerce Team are taking steps to rectify this point on all future documents.

Regards

Online HelpDesk

LongTermLurker

anticlaus105 wrote: »

I have the acc no, sort code and a roll number along the lines of 1/23456789-1.

Do I set the roll nuber as the reference when setting up the S/O or use my name or something?

I think either name or Roll number would be OK for the reference. The roll number is a fallback to the old Halifax BS systems (banks and building societies have some very archaic systems that they just can't seem to get rid of).

If it's to do with Halifax, I always use the roll number as the ref, simply because I know they have a dependancy on it, but if I was setting up a SO to another bank I use my name.

ih8stress

I have a SO set up for the Halifax RS for the 1st of each month.

My one concern is that my bank would do the SO early at any time (eg. bank holiday, weekend) and thereby taking my previous payment over the £500 monthly limit.

Is this possible or would the SO always be on or AFTER the 1st?