Closing a Halifax Regular Saver account?

zerocool237

I'm abit confused about how you close one of these accounts.

My account is about to mature in November and all the money and interest is getting transfer to my nominated account but it seems that the RS remains open after the anniversary date, i've looked at my standing orders and the next payment will be when the RS matures, so to close it, do i just delete the standing order now or is there an address i need to write to for closures?

I looked at one of there PDF's for the RS and all it mentions for closing the account is "You can close the account without giving us prior notice at any time", but no further details on how to close it?

Sceptic001

The Regular Saver is closed automatically on the maturity date and the balance transferred to the nominated account. You need to cancel the standing order that funds the RS.

zzzLazyDaisy

Actually this isn't strictly true - the money is swept out into a savings account, but the RS just runs on into the next year automatically, unless the SO is stopped.

OP, you need to make sure that the final payment has gone in, so you don't lose out, and then stop the standing order. That is enough to cancel the RS.

zerocool237

So if i didnt cancel the standing order what happens then, do the Halifax automatically open a new RS account?

Does it make a difference when i cancel the standing order, could i do it now, they already have my final payment for the RS so if cancel it now it wont effect the interest payout and such?

EDIT

Just saw your post zzzlazyDaisy, i'll cancel the standing order then.

apt

If you do not cancel the standing order the RS will continue from a zero balance, but at the current rate of interest which is very low.

GillM

If the last payment has gone in, cancel the DD, then after the money has been transferred into the nominated account, ring Halifax and close the regular savings account, otherwise it will just sit there uselessly. It won't be doing any harm, but if you put any more money into it, it will not be at the high rate previously quoted. I'm assuming the nominated account is the variable web saver, as mine was - that is also a poor rate (0.2%, I think), so move the money somewhere more useful asap. You could open the web saver extra account which pays 2.6% (2.8% if you have a reward account with them) or pay it into any other higher account you may have.

jennifernil

And meantime go to LLoyds and open their 5% one before they stop offering it!

GillM

jennifernil wrote: »

And meantime go to LLoyds and open their 5% one before they stop offering it!

Yeah, that too - forgot that one!

zerocool237

I've just seen that 5% account tonight but the fact you have to open a current account with them has put me off abit.

DanE

I concur with all the above comments on closing your matured RS - simply wait until the all monies are swept into your nominated account and then cancel your standing order. You should have received a letter prior to the account maturing advising that if you wish to continue with the RS it will pay at a rate of 1.15% for the next 12 months - which is rubbishy really.

I've started a new 500 pounds savings with Principality (4% fixed for 12 months) details can be found under the Regular Savings Accounts.

It's VERY STRICT (no withdrawals and no online payments), but if you managed your previous RS then this is just more of the same.

opinions4u

DanE wrote: »

You should have received a letter prior to the account maturing advising that if you wish to continue with the RS it will pay at a rate of 1.15% for the next 12 months - which is rubbishy really.

Read the letter again.

It actually guarantees a minimum rate of 1.50%. But goes on to say that if the rate is higher at the time of maturity then that higher rate would be applied.

So if the maturity was today and the standing order continued, the rate earned would be 2%.

Not good enough for most, I suspect, but the information you posted is inaccurate.