The Halifax 7% Regular Savers Account

Lady_K

I did not actually stop my standing order it just stayed there in my account and Halifax left the account open for about 3 months then it suddenly said closed. Havent rang them yet but I will

baldbloke_2

schiff wrote:

baldbloke - do you infer then that Lady_K stopped her SO after the first 12 months was up, otherwise the SO would have just continued - as it did in my case?

Either that or Lady K had somehow imposed or accepted a default 'end' date. Best Lady K gives them a ring - it is a bit of a mystery.

I have checked the details of my SO on my Halifax portfolio and can not even see a reference to an end date - and I feel confident it will be a rolling SO with just the balance cleared to the Websaver at the anniversary date.

The Ts&Cs provided by the Halifax for their individual accounts (but not Investments) always seem quite limited in their information. I have found this with their Fixed Rate ISA as well. It's as though they don't want to confuse simple folk with added detail - details which some of us want!

Careful_ly

I would suggest that when Lady K originally set up her standing order the date of the last payment was entered, that would explain why it stopped.

From what I remember when I set up my account just over 2 years ago there was no mention of this account being anything other that a 1 year account, and infact I had cancelled my standing order. I then visited the branch and realised that it could continue and reinstated the SO.

Milarky

Careful_ly wrote:

I would suggest that when Lady K originally set up her standing order the date of the last payment was entered, that would explain why it stopped.

From what I remember when I set up my account just over 2 years ago there was no mention of this account being anything other that a 1 year account, and infact I had cancelled my standing order. I then visited the branch and realised that it could continue and reinstated the SO.

My experience too. Only realised from looking at these forums that the offer continued after the initial 12 months and I then switched the source of the standing order from non-Halifax current a/c to Halifax Websaver (again, following the suggestions of other posters). That shows, I think, how Lady K might have been misled by what she had previously been told (not being the whole story).

baldbloke_2

Can we just clarify the following sentence in the Regular Saver Ts&Cs.

"Interest payments are fixed for 12 month periods on the day we receive your opening deposit, and on each anniversary of that date if you continue to make standing order payments to your account"

From that it appears that at the end of the 12 month period Halifax write to tell you what the fixed rate interest will be for the next 12 month period - and in some way offer you the opportunity to accept or decline the continuation of the account. Or do they just wait for the customer to miss a monthly payment and/or cancel the SO and then they treat the account as closed? That would be confusing for many people.

Lady_K

Well thats in keeping with Halifax customer services etc because I never get the same thing told to me twice whenever I have enquired about anything and that includes when I actually set that account up in the first place. They completely messed it up and I had to ring up lots of times and go into the shop a few times too. They just dont know what they are doing and its lack of training. Conflicting information given out all the time

baldbloke_2

Lady_K wrote:

Well thats in keeping with Halifax customer services etc because I never get the same thing told to me twice whenever I have enquired about anything and that includes when I actually set that account up in the first place. They completely messed it up and I had to ring up lots of times and go into the shop a few times too. They just dont know what they are doing and its lack of training. Conflicting information given out all the time

That's true - your point has been echoed many times on here. For all their good interest rates and convenient online accounts etc it remains a fact that there is simply too much going on and too many new things being introduced for their front-line staff to keep up to date. Time and again they appear poorly informed. Thank goodness for the accumulated knowledge and experience of (other!)posters to forums such as these!

jaydog_2

After my first post I have now took the option of just increasing my ISA saving, although that is @ 5% it is tax free and accessible in an emergency unlike the account in question.

Cee

jaydog wrote:

I am with the Halifax and have been for years I am running an ISA with them at the moment which is 4.75% int. The Regular Savers Account is 7% int. which I am allowed to also run alongside my ISA.

But it is taxed, I am not the to sharp on saving details, so I am trying to ascertain, would it be good to start one of these ? or would it be wiser to put more savings in my ISA. I am trying to fuigure out if the tax on savings would make it fruitless and better to stick all cash into the ISA instead.

Any help or clues from savings savy money savers would be greatly appreciated with thanks. :think:

For those who can only afford to save regularly then i would say the reg saver, because the net interest is more than the gross variable isa.

If you can afford to pay the full 3k initially i'd say fund the isa first then regular save along side. When you get your funds from the reg saver at the end of the year you can use that to fund your isa to make optimum use of your money.

schiff

I am going to post the contrarian view which I assume will lead to me being (metaphorically) hung, drawn and quartered - very quickly and with venom! However let's be fair - please. I am about to take Halifax's side - cries of shame, etc.

I have in front of me the "Regular Saver Statement" dated 3/11/2005 for my Regular Saver account which I started on 3/11/2004. It states at the foot of the form:

"Your Savings have now been transferred to your nominated account and the Regular Saver fixed interest rate for the next 12 months will be 7% gross per annum.
No action is required - to earn this rate simply let your standing order payment continue."

To my mind that is so, so clear as to cancel out any confusion whatsoever and I can't honestly see how Halifax could ever be considered to be in any way at fault.

My birth sign is Libra and we don't like confrontation or any degree of disagreement; in spite of that you just HAVE to accept that what I say is fair - surely?