Screwed by the Halifax Regular Saver

richcope1

I've been using the halifax regular saver acount for almost a year and I've just had a very nasty surprise.

To give you an idea of where I stand, my Grandma left me some money meant as a Uni fund when she passed away about a decade ago. Luckily, between student loan, overdraft and a part time job I've managed to keep this in savings and havent had to spend it on University.

10 months ago I decided the Halifax Regualr saver was a prudent move and I had enough to put £5000 into the Garuanteed saver account @6.25% so it unlocks the 12% they pay one the regular saver. I've been paying 500 a month in every month regular as clockwork but couldn't afford to pay anythin in last month so I set the standing order to skip a month. Which having read the terms and conditions means they close your account a pay you basically no interest.

There was 4k in there, which is an average of 2k over the last 10 months. They've dumped it all into the guaranteed saver and paid 0.0165% interest which comes to a whopping 33 quid!

It's disgusting, I've actually lost money by keeping it with Halifax! I suppose I'm mainly angry at myself for not checking before skipping a deposit but its still a devious thing to do, no phone call or reminder, just "Thanks, we've used you, have a nice day." I can even understand closing it early and paying interest earned so far but less than 0.02% !? Thats just evil.

I can't wait till the und of Uni when I can move back to Nationwide and stop banking with these w*****s. Ahem.

Im not expecting anything but is anybody aware of any way I can undo this? I've been looking at the T's and C's trying to find some clause they didn't fulfil so I have something to bargain with, but unsurprisingly there's no information on their obligations, just plenty on yours!

Masomnia

I'm sorry this has happened to you, it's a crap feeling I know. I don't think there is anything you can do, not on anyone's side, but you didn't keep your side of the bargain so they don't have to keep theres.

Just don't worry about it and move on, take it as a lesson learned.

jem16

It's not the Halifax's fault.

You admit you knew the T&C that state you must pay in something each month and yet you skipped a month.

A harsh lesson I'm afraid.

Hungerdunger

I can't help you with regard to the Terms and Conditions, but a quick calculation (which may well be wrong) tells me you earned approximately 1.98% - not nearly as bad as your figure. Or have I misunderstood you?

opinions4u

richcope1 wrote: »

10 months ago I decided the Halifax Regualr saver was a prudent move and I had enough to put £5000 into the Garuanteed saver account @6.25%

Don't cut your nose off to spite your face here. Keep the money in that account for the next couple of months as you won't get 6.25% anywhere else.

I've been paying 500 a month in every month regular as clockwork but couldn't afford to pay anythin in last month so I set the standing order to skip a month. Which having read the terms and conditions means they close your account a pay you basically no interest.

Would that be the same terms and conditions that applied when you took the account out? Yes it would.

It still says very clearly on their web site "No withdrawals or missed payments - during the 12 months otherwise this account will close".

For the benefit of others reading, I strongly suggest if you are faced with the same circumstances you don't skip a payment, simply reduce your standing order to £25 and then increase it again the following month.

There was 4k in there, which is an average of 2k over the last 10 months. They've dumped it all into the guaranteed saver and paid 0.0165% interest which comes to a whopping 33 quid!

In accordance with the terms and conditions of the account which you agreed to when opening it. Are they supposed to change these just for you? The interest earned looks nearer 2% by the way.

It's disgusting, I've actually lost money by keeping it with Halifax!

No you haven't. You have all your money. Just less interest than you anticipated.

I suppose I'm mainly angry at myself for not checking before skipping a deposit but its still a devious thing to do, no phone call or reminder, just "Thanks, we've used you, have a nice day."

I doubt any other bank would have called you. How were they to know you weren't going to pay in at the end of the month anyway? Take responsibility for your own actions and stop blaming others.

I can't wait till the und of Uni when I can move back to Nationwide and stop banking with these w*****s. Ahem.

It's absolutely your choice as to where you bank. Other banks are duty bound to honour the terms and conditions of their accounts too. Get a grip - it's your own fault.

Im not expecting anything but is anybody aware of any way I can undo this? I've been looking at the T's and C's trying to find some clause they didn't fulfil so I have something to bargain with, but unsurprisingly there's no information on their obligations, just plenty on yours!

Their obligation is to pay you the stated rate if you meet the conditions. You didn't.

You could try contacting their Customer Relations department and pleading very nicely with them. They have no obligation to do anything, and probably won't though.

Your own foolishness has cost you the benefits of the best savings deal of the last decade.

jem16

richcope1 wrote: »

There was 4k in there, which is an average of 2k over the last 10 months. They've dumped it all into the guaranteed saver and paid 0.0165% interest which comes to a whopping 33 quid!

You forgot to multiply by 100 to get the percentage figure.

opinions4u

jem16 wrote: »

You forgot to multiply by 100 to get the percentage figure.

That's the university education you get these days

D1zzy

Give him a break you lot - he knows its his own fault. He wasn't asking for sympathy just warning others.

jem16

D1zzy wrote: »

Give him a break you lot - he knows its his own fault. He wasn't asking for sympathy just warning others.

He may not have been looking for sympathy. However he was looking for a way out of his predicament and getting at the Halifax who have done nothing wrong.

Im not expecting anything but is anybody aware of any way I can undo this? I've been looking at the T's and C's trying to find some clause they didn't fulfil so I have something to bargain with, but unsurprisingly there's no information on their obligations, just plenty on yours!

opinions4u

D1zzy wrote: »

Give him a break you lot - he knows its his own fault. He wasn't asking for sympathy just warning others.

Nonsense. OP was trying to shift blame for their own error to the product provider.

It's time people were expected to take responsbility for their own actions, instead of automatically blaming others for their mistakes.

D1zzy

Just like the banks have taken responsibility for their errors !