Halifax Regular Saver has been closed

anselld

The easy way to get even .... open a Halifax reward current account and get £5 per month with no real investment.

If you have a partner they can open one too. Plus one in joint names....

£15 per month you will be better off in no time.

And if you can scrape together £5000, put it in Lloyds vantage account at 4% and forget about the hassle of regular savers.

curlygirl1971

HelsBelz wrote: »

I received 0.1%, which is the rate of the web saver (about 30p after tax), rather than the 5% I signed up for.

That's a disgrace. Like everyone else says - raise a complaint and esp based on the fact that they took your money for a further 4 months knowing they weren't going to honour the interest rate. I know rules are rules but I think this is particulary 'stinky' of the Halifax

rb10

HelsBelz wrote: »

Well I called them today, and after half an hour on the phone, did not get the account re-opened. It was due to Septembers payment going through on the 29th, so the "Minimum payments must reach the Regular Saver account on or before the 28th of each month" applied. Why they waited until Feb, and 4 more months payments of £500 to tell me, I don't know. I also do not understand why the letter said it was closed due to a missing payment last month (i.e. Jan - which was paid).

Looks like i'll be having a look around this site to find a better way to invest it.

Thanks for the help.

I don't think that is correct, as that is not the way that they operate, for three reasons:

1) If it was September's payment that caused, then the account would have been closed in October.
2) They don't normally worry about them not arriving by the 28th (although that is in the T&Cs).
3) I have seen them be lenient to the extent of allowing payments that have not hit the account until, say, the 1st or 2nd to count as the previous month's payment. (Note: I don't advise taking this risk though!)

I think this was probably done in error, and I would certainly be looking to have the account reinstated.

Gymgenius

curlygirl1971 wrote: »

That's a disgrace. Like everyone else says - raise a complaint and esp based on the fact that they took your money for a further 4 months knowing they weren't going to honour the interest rate. I know rules are rules but I think this is particulary 'stinky' of the Halifax

Definitely...complain, complain, and complain again...

premierfella

Ironically I have given up requesting that my Regular Saver be closed after many attempts (it matured June 2009). It sits on my internet account listing still open - I even tried funding it with £10 in September to see if that would trigger an automatic closure in November following no further credits (no such luck - I'm waiting to see if it finally bites the dust on the current maturity date of June 2010).

Gymgenius

premierfella wrote: »

Ironically I have given up requesting that my Regular Saver be closed after many attempts (it matured June 2009). It sits on my internet account listing still open - I even tried funding it with £10 in September to see if that would trigger an automatic closure in November following no further credits (no such luck - I'm waiting to see if it finally bites the dust on the current maturity date of June 2010).

I'm in the same boat with a Children's Regular Saver...I've called twice to ask them to close it, and twice they've said "yes, we'll get that closed for you"...and it's still not been done.

I followed the link above for their complaints webpage and rung the number to complain about the issue. I'm told they will close it manually, and it should be done by tomorrow.

I won't hold my breath.

My short experience of this bank has not been good

anna42hmr

premierfella wrote: »

Ironically I have given up requesting that my Regular Saver be closed after many attempts (it matured June 2009). It sits on my internet account listing still open - I even tried funding it with £10 in September to see if that would trigger an automatic closure in November following no further credits (no such luck - I'm waiting to see if it finally bites the dust on the current maturity date of June 2010).

thats strange, as my one that matured on 18th december 2009 has now been closed received a letter confirming this yesterday as i had not paid in in january 2009?

I was going to contact halifax to get it closed so that if they do a decent rate again, then it is closed before that happens, but they have saved me a job

premierfella

anna42hmr wrote: »

I was going to contact halifax to get it closed so that if they do a decent rate again, then it is closed before that happens, but they have saved me a job

Which was my original reason for chasing the closure. No need to worry about that at the moment though given the interest rate now :rotfl:

noh

Happened to me.
They closed my regular saver last year. It had been open the previous 12 months with zero balance.
I started funding it again and after 3 monthly payments I received the same letter saying I hadn't funded it the previous month so it was closed.

I made a complaint in writing and was reimbursed the interest at 5% on the grounds that they were 13 months late in closing the account.

Luckily they were still offering 5% at that time so was able to open another account.

HelsBelz_2

rb10 wrote: »

I don't think that is correct, as that is not the way that they operate, for three reasons:

1) If it was September's payment that caused, then the account would have been closed in October.
2) They don't normally worry about them not arriving by the 28th (although that is in the T&Cs).
3) I have seen them be lenient to the extent of allowing payments that have not hit the account until, say, the 1st or 2nd to count as the previous month's payment. (Note: I don't advise taking this risk though!)

I think this was probably done in error, and I would certainly be looking to have the account reinstated.

I argued point 1 when I was on the phone. They replied that the accounts only get checked every 3 months, which is why I wasn't informed straight away. When I pointed out, if that was the case, I should have received a letter in Dec instead of Feb, they could not answer and did their best to fob me off with constant "Sorry, there's nothing we can do" in response to every question I had.

I tried my best on the phone, but I'll try writing a letter to the complaints department.

Thanks for the encouragement to persist this.