Screwed by the Halifax Regular Saver

jem16

D1zzy wrote: »

Just like the banks have taken responsibility for their errors !

Two wrongs don't make a right.

cepheus

It happened to me as well, I simply forgot when the term ended and cancelled the Direct Debit. Doh! The halifax were very keen to avoid any liability for paying 12% in zero inflation environment. So definitely no hint or warning!

Milarky

cepheus wrote: »

It happened to me as well, I simply forgot when the term ended and cancelled the Direct Debit. Doh! The halifax were very keen to avoid any liability for paying 12% in zero inflation environment. So definitely no hint or warning!

You mean 'standing order' surely, a direct debit arrangement (had they offered it) would have been reliable as to the number and times of payments taken and therefore no missing out....

triplea35

Don't think the title of this thread 'Screwed by the Halifax Regular Saver' is very appropriate. It's the OP's fault and nothing to do with the account which is excellent. The other half and I both opened one last June and a Guaranteed Saver Reward paying 6.25% which put the Regular Saver account rate to 12%. That was the only reason for opening it.
How nice it was to realise when interest rates dropped like a stone that the Saver Reward was fixed rate. Pity it runs out end of June but in the meantine we and I presume many others are 'screwing the Halifax' for as much as we can.

Milarky

triplea35 wrote: »

Don't think the title of this thread 'Screwed by the Halifax Regular Saver' is very appropriate. It's the OP's fault and nothing to do with the account which is excellent. The other half and I both opened one last June and a Guaranteed Saver Reward paying 6.25% which put the Regular Saver account rate to 12%. That was the only reason for opening it.

Did you go 'joint' on the Saver Reward, out of interest - or did the terms require separate accounts each to go with each Regular Saver?

richcope1

jem16 wrote:

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

Yeah, was working with decimals and chucked the percent sign on without thinking, in my head that was 2%, just not on paper.

jem16 wrote:

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

No, I was reminded of the T&C said that after I checked with my bank why they had closed the account. I wouldn't check the T&C then purposefully ignore them, that would be silly.

opinions4u wrote:

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.

They're pretty hot off the press when it comes to automated emails about fines. I don't think an automated email warning you haven't deposited this month and a reminder of the consequnces a week before the month is up would be that complex. As far as other banks and building societies go, I once went over overdraft limit with nationwide so they sent me a letter telling me and put my overdraft limit up so it was covered. Its not the same thing but it's the difference between good customer service and doing the minimum possible. I fully accept missing a deposit is my fault, I just think the systems in place to aid the customer in not violatng the T&C are a little poor and by poor I mean non-existant.

opinions4u wrote:

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

Yes, I have, inflation over the last 10 months is approx 3%, i've managed to earn 2, sounds like loosing money to me.

opinions4u wrote:

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

Yes thats exactly right, its their fault I missed a payment, cant you see where I wrote that in big block capitals in the original post? Oh no wait, you can't, because thats not what I said is it. What I'd actually like to do is find somewhere they've slipped up, so that I have something other than a begging bowl to go to the bank with.

If nothing else this post should remind people who have the Halifax Regular Saver that if things are tight you can take the payment as low as £25 without loosing interest, but for gods sake don't miss one. Most people can't have more than a few months left so don't give them the chance to take your savings away from you!

[edit]

triplea35 wrote:

Don't think the title of this thread 'Screwed by the Halifax Regular Saver' is very appropriate.

Your right, I was quite angry when I wrote that having just got back from the bank. If someone with appropriate powers wanted to change it, it probably wouldn't be a bad idea.
[/edit]

jem16

richcope1 wrote: »

No, I was reminded of the T&C said that after I checked with my bank why they had closed the account. I wouldn't check the T&C then purposefully ignore them, that would be silly.

Yies it would be. However another valuable lesson to always read the T&C first.

Your right, I was quite angry when I wrote that having just got back from the bank. If someone with appropriate powers wanted to change it, it probably wouldn't be a bad idea.

You have the appropriate powers. Just click on the Edit button in your first post, choose Go Advanced and you will be able to change the title yourself.

SoloSailor

I'm sorry to hear of your predicament RichCope....

I too may be in a similar situation. My December standing order left
Nationwide on the 23rd but never arrived untill the 29th due to the xmas
hols, the account states the 28th. However my account is still open and I have still been able to put my money in every month since. However the T&Cs state standing orders need to be sent no later than the 23rd. So I don't know if I am in breech of the T&Cs or not. Only 2 months left. Can anyone advise if my RegSaver will get the proper interest or not?

hotkee

I had the halifax regular saver and another similar account called Monthly Saver for a number of years (think from around 2005).

Each year the money built up (standing order from another web saver account) - so i got 6000 into one account and 3000 in the other after 12 months - interest ok and i was happy.

Then last year it all went downhill - they knocked the interest rates right down - left with no choice to then to close both accounts.

Had I waited 2 months to december anniversary for the halifax regular saver i was entitled to £94 approx bonus - i lost it closing account earlier - not a huge amount of money so not too bad.

So it happens Richcop1 - win some lose some.

I have noted that halifax raised their interest rates lately offering a better return of 4% on the regular saver - so i repopened the account :-) The monthly saver is not worth a look - paying about 0.1% i think - you have to laugh.

Hungerdunger

SoloSailor wrote: »

Can anyone advise if my RegSaver will get the proper interest or not?

Yes, the Nationwide can. The rest of us can only surmise.