Halifax Regular Saver 7%

mary

My Halifax Regular Saver is about to finish its 12 months at the beginning of March. Does anyone know if you are allowed to close it down, then start up another one straightaway to get the same rate?

System

Mary, i am in much the same possition as yourself but when the 12 months is actually up and the money goes into my websaver, i am going to try and open another Regular Savings account with them. it says you can only have one per customer but technically as the old account will be closed, you might be able to open up another.

Thats what i am going to try anyway.

Walletwatch

I think you're supposed to have only one live Reg Saver per person - since this one will expire in March, I don't see why you cannot open another one, assuming it is still on (considering Abbey have stopped theirs)

bert

I always thought it was continous. ie. when the 12 months is up and the money gets transfered the cycle starts all over again. You shouldn't need to do anything, if you want to continue with the account.

I might be wrong.

MSE_Martin

When the RS ends and the money goes into the websaver account. At that point you can restart a new regular saver and have to drip feed again (though not from the websaver account it doesn't have that facility)

lipidicman

Halifax staff dont know yet! I was told that you may get a letter asking if you want to continue, or it may happen automatically. i hope it just continues without me having to do anything - the money in the websaver is going into an ISA (comes out in mid april so perfect timing - its already full this year!) and I want to start the regular saver again (at 7% this time) I hope the offer does stay around long enough!

mary

Thanks Martin for the information.

Have got the book, and followed many of your recommendations and am a daily visitor to your brilliant site for the last year. We have slimmed down
our expenses hugely and before we go to spend any money, we always check to see if the same goods or services etc. are cheaper elsewhere than where
we would have usually gone.

Just don't know how many hours you have in your day to tackle such a broad range of subjects!

Well done.

Walletwatch

lipidicman wrote:

Halifax staff dont know yet! I was told that you may get a letter asking if you want to continue, or it may happen automatically. i hope it just continues without me having to do anything - the money in the websaver is going into an ISA (comes out in mid april so perfect timing - its already full this year!) and I want to start the regular saver again (at 7% this time) I hope the offer does stay around long enough!

Honestly, I don't think you should wait for a letter from them, coz there is no reason they would send one - all said and done, interest rates seem to be on their way down, having nearly peaked based on popular perception, and don't see why Halifax should be anxious to push the Regular Saver product from their end (abbey have actually withdrawn theirs, offering the same interest rate)

Milarky

We shall have to see if they keep this account going - but we should not have to wait long as it was offered from 1st March 2004 so after this month the earliest accounts will mature and be capable of being rolled over. If I was working in HBOS therefore I would pull it at the end of February instead of waiting a month or so in order to prevent customer dissatisfaction [BTW, I waited until May to open one - 6% - so my nails will be even more bitten than Mary's!]

lipidicman

Milarky, Martin said that Halifax had told him that they had no plans to scrap the account, so keep biting.

Martin, any more news on this?

mary

I just rang the Halifax today. The woman told me that once you have reached your anniversary, ring them up and they will set up a new regular saver account over the phone. My anniversary date is 3rd March, so I guess on the 4th I'll ring them up to start up a new one, drip feed variety like the last. The old one will be spirited away to Egg 5.5%, not left in the Halifax.

So, as far as the staff are concerned it is continuing, unless the powers at be
have a sudden change of heart.