Halifax Regular Saver 7.00% (Fixed)

LucyTheDwarf

Hmm. I have a Halifax regular saver - one of the 10% ones opened in June I make two payments every month, £450 by faster payments on the 1st, and £50 by standing order - arrives by the 3rd.

I can't find where I've saved the terms and conditions for the account I opened (eek, I thought I was organised), but I wouldn't imagine they're much different to this account. Anyway, the point I'm making is, I have always made two payments into the account, and it has never been a problem.

Has anyone here phoned Halifax about this? I did speak to someone on the phone a few months back when my FP didn't arrive, and I asked the question whether I was still earning the 10% rate, because my deposit got lost for a few days, and he assured me I was. It would've been clear to him that I was making two payments a month.

fullstop

Tibbledom wrote: »

Good advice. The terms and conditions (acrobat reader file) at

http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf

say around page 3 "One payment each month by standing order from £25 up to £500". "One payment" seems clear to me.

I think they told me that also when I opened an account in branch.

Well I made my first deposit today by cheque for £50.00 and asked the very helpful chap by the desk if I could make a further deposit this month by SO he said yes as long as you don't go over £500, also said the first deposit can be by cheque or cash but all further payments must be done by SO.

PS : Never had this happen to me in a bank before the chap at the desk and the teller both asked if there is any thing else I can do you for you J ......... and used my Christian name.

YorkshireBoy

LucyTheDwarf wrote: »

I can't find where I've saved the terms and conditions for the account I opened

From the 975 post thread at the time of the 10% launch...

http://forums.moneysavingexpert.com/showpost.html?p=11575325&postcount=175

Bad news?


You're going to have to read the subsequent posts (all of them!? :eek:) to see if Milarky's understanding was refuted.

mzqa395

only 6% now

Tony_R

mzqa395 wrote: »

only 6% now

Interesting. I set my account up yesterday evening. I got an account number and immediately set up a direct debit from my A&L current account to transfer £500 over.

The money hasn't left my A&L account yet. Will I get the 7% from when I set my account up last night, or will I get the 6% rate from when the money reaches the Halifax?

YorkshireBoy

Tony_R wrote: »

Will I get the 7% from when I set my account up last night, or will I get the 6% rate from when the money reaches the Halifax?

Looks like you'll get 6%.

http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf (see page 3, Key Features, 3rd bullet)

fullstop

Tony_R wrote: »

Interesting. I set my account up yesterday evening. I got an account number and immediately set up a direct debit from my A&L current account to transfer £500 over.

The money hasn't left my A&L account yet. Will I get the 7% from when I set my account up last night, or will I get the 6% rate from when the money reaches the Halifax?

That what I was worried about , so took precautions and payed in a cheque today, before they had a chance to pull a quick one and drop the rate.

fullstop

YorkshireBoy wrote: »

Looks like you'll get 6%.

http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf (see page 3, Key Features, 3rd bullet)

That seems unfair if the account was set up before the rates were changed, Tony R should be entitled to the rate that was advertised.

Tony_R

fullstop wrote: »

That what I was worried about , so took precautions and payed in cheque today, before they had a chance to pull a quick one and drop the rate.

I should have thought about that, as there is a Halifax near where I work. But even with a cheque wouldn't they need to wait for the cheque to clear? Surely the only way it would have worked would be by paying cash over the counter?

I've worked out that if I put in the max £500 over 12 months, I'd lose £26 with the 1% interest rate cut?

£500 * 6.5 *0.01 * 0.8

or is that wrong?

YorkshireBoy

Tony_R wrote: »

I've worked out that if I put in the max £500 over 12 months, I'd lose £26 with the 1% interest rate cut?

That's correct, yes.