Fixed Rate Halifax Web Saver MISADVERTISED???

niker

Hi guys,

I am totally new to the forum! I am sorry if this is in the wrong place!

I am just wondering has Halifax bank of Scotland misadvertised the Fixed Rate Halifax Web Saver???

As a new customer we only have access to the Website and terms and condition.

It did not state anywhere that a) Leave £1 in the source account
b) Leave funds in the variable a/c for 24 hours.

I am frustrated that I was not aware previously and because of the false claims made on their website I lost interest aswell!!!!!

There terms and condition stated :

2.4 If you want to open a fixed rate option,
you can transfer the funds either from a
Halifax or Bank of Scotland Current
Account registered with our online service
or from a variable rate option. If you
transfer funds from any other account with
us or with another bank or building society,
you must pay the money into a variable
rate option first. You may have to open a
variable rate option to do this.

What does the above mean? Can you open a fixed rate option without opening a variable rate option only if you have a current account register for online services?

Please help me!!!!

niker

I have realised I am not the only one frustrated at this! I am concerenced that Halifax hasn't taken this seriously.

cottager

See http://www.halifax.co.uk/savings/fixedwebsaver.asp
Beneath the interest rates, "To open a Fixed Rate Web Saver, you must first open a Variable Rate Web Saver - why is this?"

When you take the second link, the three 'Apply' buttons at the bottom of the page are for the appropriate scenario for your circumstances. With an online application, as far as I remember (it was a couple of years ago) I was prevented from opening a Fixed Rate till a Variable Web Saver was in place.

I have only just scanned it again briefly, but in the T&C document online there are further conditions applicable to the Variable Rate Web Saver account 21-28 (beginning p13) and for the Fixed Rate 29-33 (p14), but there are other conditions also relating to the Fixed Rate elsewhere.
Condition 21 mentions leaving £1 in the Variable account.

The 24-hr point I must admit I only learned about from other threads at MSE here, but I imagine it's something to do with updating account balances overnight? -- someone else should be able to confirm this and if it's stated somewhere, but the conditions from 3 onwards may be relevant.

opinions4u

They don't misrepresent anything.

But for non-customers of their online service the process to get the account up and running is frustratingly fiddly.

I don't think the Ombudsman is going to be able to do anything for you.

niker

Thanks for informing about the minimum balance.... I hope some one can resolve the 24 hour aspect!!!

Lokolo

niker wrote: »

Thanks for informing about the minimum balance.... I hope some one can resolve the 24 hour aspect!!!

I didn't have that problem a few months ago.

nomorekids

I had exactly the same problem, got my account up and running with zero balance and then had to wait whilst it was funded before i could transfer it to a fixed rate with all the added worry that the fixed rate would be withdrawn. I agree it's not clear and there is nothing you can do.