Halifax Regular Saver

lou1_2

Hi all,

If you are contemplating setting up a Halifax Regular Saver, beware. I applied on the internet for a Halifax Regular Saver at the beginning of December 2008, rates advertised looked great, you could deposit from min £25 per month up to an excellent £500 per month and this could be variable as long as at least £25 per month was paid in, at that time it was offering a massive 7% interest. It took quite some time for me to get information through the post (Acc. No. Sort Code Etc.) and until this information was received no deposits could be made. Also I needed to call in at my branch to take in a form that I had to sign. Yes you guessed meanwhile there were 2 rate cuts, and although I had been very punctual once the information had been received I ended up only getting a 5% rate, although I do realise that in this economic climate 5% seems good, I thought I was going to get 7%. I just feel that the delay was on the part of the Halifax, I had even spoken to them on the phone on receiving the information, and quoted to them the 7%, without anyone ever mentioning that the rate I would be getting would be 5%. So for anyone now applying (At present it is still on the internet as 5%, be aware that the rate given applies to the rate when the first deposit is made not when you apply.

Lorian

What's the date on your first credit?

The fixing of the interest rate on the date of first deposit is in the T&C's on Page 4

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

Looks like it was about 19th December the rate changed.

lou1_2

Thanks for reply, but I do know that now, but with all the good will in the world I could not have made the deadline as it took so long to get the account information through from the Halifax, and until this was received I couldn't pay into it.

Lesson learnd,

Cheer, Thanks.

Lorian

Maybe you can register for online banking to check. If it was close to the 19th and you think they dragged their heals in any way then it might be worth complaining.

rb10

I know this isn't of use to you now lou, but to anyone else thinking of opening a Halifax Regular Saver who is wary of rate cuts happening before they can credit it ...

* If you apply online and are not given a roll number or sort code and account number straight away, go into a Halifax branch from the following day onwards (takes overnight for the system to update), they can print the form for you to sign on the spot, and you can then pay money in, thus fixing the rate.

* If you apply online and are given a roll number, or apply over the phone, you can go into a Halifax branch straight away, sign the form and pay money in.

* If you apply in branch, it should all be put through same day.