Halifax Guaranteed Reward Saver

Dagobert

My Halifax Guaranteed Reward Saver is coming up for its anniversary on Saturday 4th July.

As there is one penalty-free withdrawal, I am intending to transfer the funds to my Halifax current account on Friday.

Has anyone done an internal transfer out of this account? Can you confirm that this is immediate?

I am hoping to whip the money out of HBOS via FP / cash withdrawal on Friday.

opinions4u

Online transfers are a pain on the account which is unusual as their online service is usually great.

They seem to go through some sort of manual process which can take up to 48 hours!

I'd go in to a branch with the card (and additional ID such as passport if it's a big transfer) or call them on 08457 26 36 46 and see it go through within about 4 hours.

charlie24_2

Bear in mind to qualify for the interest you have to keep a minimum of £2500 in the account for the full year.. (i think)

Dagobert

charlie24 wrote: »

to qualify for the interest you have to keep a minimum of £2500 in the account for the full year.

Thank you so much for pointing this out.

T&Cs After 12 months, or if the balance falls below £2500 or you make more than one withdrawal, the account becomes a standard Halifax Guaranteed Saver.

So you think if the balance falls below £2500, the Halifax Guaranteed Saver applies for the whole year?

opinions4u

Dagobert wrote: »

Thank you so much for pointing this out.

T&Cs After 12 months, or if the balance falls below £2500 or you make more than one withdrawal, the account becomes a standard Halifax Guaranteed Saver.

So you think if the balance falls below £2500, the Halifax Guaranteed Saver applies for the whole year?

It will earn the Reward rate up until the moment the Reward T&Cs are broken (or the year runs out).

If you have had £5k in to get the 12% rate on the Regular Saver then the £5k must be retained until after the Regular Saver matures.

Dagobert

My regular saver matured on the 27th and the funds were transferred to the Guaranteed Reward Saver, in which I have now over £17K.

Its anniversary comes up on Saturday.

I am really not sure how to interpret the £2500 clause now. Obviously, I don't want to risk several hundred pounds interest to save a few pounds over the last weekend.

opinions4u

The Terms & Conditions state (page 18):

"For Halifax Guaranteed Saver Rewards opened during the limited period following 9 June 2008, if more than one withdrawal is made during the relevant 12 month reward period, the Halifax Guaranteed Saver interest rate and account conditions apply to your account from the date of the second withdrawal, and you will then be able to make 2 further withdrawals (a total of 4) without additional loss of interest."

No issues on the number of withdrawals.

There's also:

"If the balance drops below £2,500, the Halifax Guaranteed Saver conditions will apply. This means that the rate paid will be at least the same as Halifax Instant Saver."

Now I'd interpreted that as from the date the balance drops below £2,500, but it doesn't specifically state it. But if you don't want to take the risk I'd leave £2,500 in until Sunday!

Careful_ly

If you transfer out by internet it takes upto 48 hours. I phoned to make the transfer, it went into my Halifax current account just less than 2 hours later. You cannot close the account other than by visiting a branch.
I asked the limit for FP out and was told £10k, I didn't test this though.

Dagobert

Careful_ly wrote: »

I asked the limit for FP out and was told £10k, I didn't test this though.

I phoned telephone banking yestersay and was told the FP limit per transfer per day per destination is £1K.

YorkshireBoy

Dagobert wrote: »

I phoned telephone banking yestersay and was told the FP limit per transfer per day per destination is £1K.

From a Halifax current account?

If so, that's wrong. I've just this morning moved £4K+ (in 5 <£1K transfers) from my HICA to an FP enabled account with another provider.

Dagobert

Dagobert wrote:

I phoned telephone banking yestersay and was told the FP limit per transfer per day per destination is £1K.

YorkshireBoy wrote: »

From a Halifax current account?

yes

YorkshireBoy wrote: »

If so, that's wrong. I've just this morning moved £4K+ (in 5 <£1K transfers) from my HICA to an FP enabled account with another provider.

Did you make 5 transfers to the same destination?