Halifax Regular Saver questions

shininghero

Saving newb here. So I opened a Halifax Regular Saver account online in July when the interest rate was 10% (on a promotion). Now their website says it's 7%.

Q - Am I only getting 7% also, despite opening the account at 10%?
Q - On opening this account, it automatically created a 'nominated savings account' (i didn't ask for this btw), where all the money/interest will be transferred there at maturity (12 months). Am I locked in a new agreement on this account at maturity or can I simply grab the cash and close both accounts (my main bank is A&L)?

Any help will be much appreciated

Lansdowne

Surely that depends on two things:
1) Was it marketed as a fixed rate regular savings? If not then they are perfectly entitled to change the rate from 10 to 7.
2) Does the 7% on the web site now show what it would be if you opened it today?
As to the second question I can't see how you are locked in to anything. The terms & conditions woudl have to make it very clear indeed if that were the case.

A quick enquiry to Halifax should get the answer you need.

The_Fiddler_2

I think you'll find its the 10%, 7% is for those who open an account today. As to the websaver, you have to open one with the Regular Saver so that the Regular Saver can mature into it. Mine just has, and I have just swept the money from it into one of my other accounts outwith HBOS (not because of the HBOS crisis, but because of the better rate )

LittleVoice

Regarding the "locked in" questions. I've had the regular saver for some time and on maturity when the capital and interest are transferred to the other account, the regular saver is kept open. You can then continue to pay into the account for another year - though I think the interest rate would change to the one currently available. Careful reading of the T&C should clarify this.

And - yes, the 10% was fixed and won't have fallen to 7%.