Halifax Regular Saver - Rate dropping tomorrow

Saver-Rob

Yes it does add up, you are right, but dont be too hard on yourself. Even @ 5% in a few months time you will be seeing people fighting to get even lower rates than that.

Dont stress.

opinions4u

realaledrinker wrote: »

10% for me still!

12% here ner ner with the additional £5k earning 6.5%!!

(Nothing like contributing to constructive debate!!!)

BIGGER_THAN_THE_GAME

Please can anyone help?

I applied for this savings a/c middle of last week over the telephone when it was 7%, the telephonist said it was open and I could now transfer money into it.

I already have other accounts with the Halifax, and know they make a bit play on providing ID.

I went in to my local branch on Saturday and took in ID - although they said it was not required, but I should be receiving an application form to enable them to open the account. I said that I was told that I had to get some money across by the 23th, or the account would be closed, during the conversation when initially applying for said account. Thus I had set a standing order for the 17th from my current a/c with another financial institution.

I was closing a monthly saver and said was it possible to transfer some of he money to the new savings accounts, to which they replied that they were not open yet!

Whilst I was in the branch I said I was concerned how long it would take to receive the application forms, was there nothing I could do to speed up the process, to which they replied no. Other than fill in the form then post them through the door at the earliest possible time, before then saying that I would probably need to come into the branch.

I work long hours during the week, and my wife works long periods during the weekends. Allied to the fact we have a 3 year old and 1 year old twins; it is not easy getting to a branch.

Thankfully the application forms came through this week, so I now plan to go into the branch albeit with the 3 children in tow on Saturday.

Please can anyone suggest what rate I may get on this savings account: 7%, 6%, 5%? If the latter - do I have a case to argue for the higher interest rate due to my attempts to do everything within my powers to get this account fully open and that there inability to despatch application forms to me at a suitable time contributed to the loss of the more attractive rate ?

I await your comments and insights into this potential conundrum with much interest.

Saver-Rob

I am no expert but have been in a similar situation. The whole aim of the game with these 'high' interest rates is to get us to open accounts knowing full well that many will struggle or not have a chance of getting our deposits in before they drop and rate or close the account. They hope that many people will apply for the 7% rate but by the time it is open will only 5% (in this example) and will just stick with it.

Thats why people are campaigning to stop all this unfairness from the banks.

As for your case, I ended up with the 6% because they were slow @ sorting everything out for me so I could get the 7%. At the end of the day they just repeat, like drones, that 'a deposit must be made to secure the rate'.

opinions4u

BIGGER_THAN_THE_GAME wrote: »

Please can anyone help?

I applied for this savings a/c middle of last week over the telephone when it was 7%, the telephonist said it was open and I could now transfer money into it.

I already have other accounts with the Halifax, and know they make a bit play on providing ID.

I went in to my local branch on Saturday and took in ID - although they said it was not required, but I should be receiving an application form to enable them to open the account. I said that I was told that I had to get some money across by the 23th, or the account would be closed, during the conversation when initially applying for said account. Thus I had set a standing order for the 17th from my current a/c with another financial institution.

I was closing a monthly saver and said was it possible to transfer some of he money to the new savings accounts, to which they replied that they were not open yet!

Whilst I was in the branch I said I was concerned how long it would take to receive the application forms, was there nothing I could do to speed up the process, to which they replied no. Other than fill in the form then post them through the door at the earliest possible time, before then saying that I would probably need to come into the branch.

I work long hours during the week, and my wife works long periods during the weekends. Allied to the fact we have a 3 year old and 1 year old twins; it is not easy getting to a branch.

Thankfully the application forms came through this week, so I now plan to go into the branch albeit with the 3 children in tow on Saturday.

Please can anyone suggest what rate I may get on this savings account: 7%, 6%, 5%? If the latter - do I have a case to argue for the higher interest rate due to my attempts to do everything within my powers to get this account fully open and that there inability to despatch application forms to me at a suitable time contributed to the loss of the more attractive rate ?

I await your comments and insights into this potential conundrum with much interest.

You get the rate available on the day it is first funded. You could contact their Customer Relations to ask nicely if they would backdate the first credit to before the rate drop on the grounds that they were slow with the paperwork. But I don't think they would be obliged to do so.

opinions4u

Saver-Rob wrote: »

I am no expert but have been in a similar situation. The whole aim of the game with these 'high' interest rates is to get us to open accounts knowing full well that many will struggle or not have a chance of getting our deposits in before they drop and rate or close the account. They hope that many people will apply for the 7% rate but by the time it is open will only 5% (in this example) and will just stick with it.
No. They aim to get as much money is as possible until the rate changes. Should the rate rise and people be slow funding, those people would get the higher rate. It works both ways and certainly isn't a con.

Thats why people are campaigning to stop all this unfairness from the banks.
It's not unfair. If it was ruled to be so people would always pile out of lower fixed rates when rates jumped. That would be unfair on the banks.

As for your case, I ended up with the 6% because they were slow @ sorting everything out for me so I could get the 7%. At the end of the day they just repeat, like drones, that 'a deposit must be made to secure the rate'.
It does clearly state that you need to fund to secure the rate. Despite this, I'd still suggest asking them to backdate the first credit to before the rate dropped.

Nothing deliberate in this. You simply can't operate fixed rate products in a way that allows customers to pick and choose rates with hindsight.

BIGGER_THAN_THE_GAME

Thanks for your replies.

I realise people may say oh its only this much that you are losing, especially as I am starting off with the minimum £25 a month; but is there not an opportunity to possibly renew at the same rate year on year.

I know this happened with my HSBC savings account 8%, approximately a year ago.

Old_Slaphead

Why you lot getting so worked up on the drop from 6% to 5%.

If you're not happy with 5% then close your account and open one with the Priincipality. There're paying 6% and you can vary contributions between £20-£500pm

tuggy12

stevetodd wrote: »

But it all adds up and can be a lot more than £16, I will get an extra £660 interest over the year on the 5% now available

I thought the maximum you could invest in a regular saver with Halifax was £500/month = £6,000pa, giving an average balance of approx £3,000

At 5% that's interest of £150 and at 10% the interest would be £300, the difference being £150.

Are you allowed to open multiple accounts to get to your £660 interest figure?

opinions4u

BIGGER_THAN_THE_GAME wrote: »

Thanks for your replies.

I realise people may say oh its only this much that you are losing, especially as I am starting off with the minimum £25 a month; but is there not an opportunity to possibly renew at the same rate year on year.

I know this happened with my HSBC savings account 8%, approximately a year ago.

Halifax have been offering a 7% rate to new and existing customers for several years.

Given that BofE rates have reduced by 3% in the past month or so it is surely not a shock that they have lowered what they are paying now though.

While savers may not like being used by the government to buy them out of recession, that is exactly what is happening.

Banks can't pay 7% rates in the current climate without getting themselves into an even bigger mess.