Halifax Guaranteed Saver Reward

thanks

All I got is a letter saying I have opened a Guaranteed saver account. In case of dispute what proof can I provide to prove that I have infact opened a saver reward account.

bandana999

thanks wrote: »

All I got is a letter saying I have opened a Guaranteed saver account. In case of dispute what proof can I provide to prove that I have infact opened a saver reward account.

I opened a Guaranteed Saver Reward back in the summer to go with my Regular Saver, and had the same problem understanding it as you - but, and I hope this is right, the Guaranteed Saver Reward and the Guaranteed Saver are the same account.
If you comply with the terms and conditions of the Guaranteed Saver Reward, then the Guaranteed Saver becomes a Guaranteed Saver Reward at the end of the year .

Clear as mud. Now who is going to burst my bubble?

Oops - I just noticed you say your letter says you opened a Saver Reward A/C - I thought that was a different one altogether?
http://www.halifax.co.uk/savings/saverreward.asp


http://www.halifax.co.uk/savings/ImportantInfo/ImpInfo_HGSReward.asp

If more than four withdrawals are made during the relevant 12 month reward period, the Halifax Guaranteed Saver variable interest rate and account conditions apply to your account from the date of the fifth withdrawal.

Mr_K

It makes me wonder why people choose one account over another, for fractions of a percent. There are other things to consider apart from interest rate. There was a 5.8 % available from the BOS (same as Halifax) with the same withdrawal conditions . However you didn't have to fund a current account each month and it had the useful option of monthly interest . It also shows up straight away with the 5.8% in Halifax online banking, unlike this guaranteed Saver account where you're on a promise.....

LongTermLurker

Mr_K wrote: »

It makes me wonder why people choose one account over another, for fractions of a percent. There are other things to consider apart from interest rate. There was a 5.8 % available from the BOS (same as Halifax) with the same withdrawal conditions . However you didn't have to fund a current account each month and it had the useful option of monthly interest . It also shows up straight away with the 5.8% in Halifax online banking, unlike this guaranteed Saver account where you're on a promise.....

I already have a current account and fund it as required - easy as pie - that's my reason. I first heard about the BOS a/c a long time after I heard about the Halifax one, so that will also have affected people's decision.

I know Halifax operates under English Law, but I don't know if the whole of HBOS does or if the BOS brand operates under Scottish Law - English people may have a preference to run under a law they're used to.

All Contracts are promises.

Mr_K

LongTermLurker wrote: »

I already have a current account and fund it as required - easy as pie - that's my reason. I first heard about the BOS a/c a long time after I heard about the Halifax one, so that will also have affected people's decision.

I know Halifax operates under English Law, but I don't know if the whole of HBOS does or if the BOS brand operates under Scottish Law - English people may have a preference to run under a law they're used to.

All Contracts are promises.

Halifax/Bank of Scotland = HBOS, it's the same bank.

Add Lloyds TSB in and it'll become LTSBHBOS (The Lloyds Trustee Savings Halifax Bank of Scotland Bank !!)

The Bank of Scotland brand was only kept to keep those north of the border happy. If they are different I think I'd trust the Scottish Laws more than English ones to look after my money.

rb10

sloughflint wrote: »

Question for those that took one of these out last Summer:
I hold a POA account and need to dip/close early due to Icesave difficulties. I am told that closing wil result in GS rates for the whole time up to closure but I could swear that closure counted as 1 withdrawal so still within the T&Cs which I can't find.Can anyone remember?

GS T&Cs are at http://www.halifax.co.uk/HelpCentre/pdf/1_336307-6.pdf .

According to that,

Withdrawals/closure [...] Closing your account is classed as a withdrawal.

So if closing counts as a withdrawal, you should get 6.25% right up until the day you close it, as this GSR account was that you would get 6.25% fixed up until the date of your second withdrawal.

If you ask them again, make sure they actually check on their intranet. It's five months since that account finished, so they don't necessarily know the answer.

miller

Well even despite the problems, after today's rate cut this GSR is starting to look like a real gem :beer:

Kavanne

WARNING WARNING!!!

I just called halifax who say my account has been opened incorrectly and is just a standard guaranteed saver not the reward. The call centre operative said I would need to call back between 9-5 to get this rectified. If I were you I would call ASAP to check this is the case for you too!!!

rb10

Kavanne wrote: »

WARNING WARNING!!!

I just called halifax who say my account has been opened incorrectly and is just a standard guaranteed saver not the reward. The call centre operative said I would need to call back between 9-5 to get this rectified. If I were you I would call ASAP to check this is the case for you too!!!

In that case, the person you spoke to was talking rubbish. It was physically impossible to actually open a Guaranteed Saver account during the promotional period; they were all automatically opened as Guaranteed Saver Rewards, for the Reward to be applied at the end of the year if the additional Reward conditions have been met.

Anyway, how do you 'know' that your account has been opened incorrectly? It appears as a standard Guaranteed Saver account - it's only in a year's time when the Reward is applied and you get the higher interest that you'll see the benefit!

Kavanne

Sorry I should have been clearer. The call centre operative said 'The account has been opened incorrectly' they were her words, not mine.