Halifax Children's Regular Saver reaching maturity

katie25

Hi. my daughter has a reg saver due to mature this month - she has had it 2 years and it has always reinvested. I have just received a letter confirming that on the maturity date the account will change into a "everyday saver" as opposed to the usual transfer to the save4it account. this meaning that i will have to open a brand new CRS. Also note that the standing order will need to be cancelled otherwise it will continue paying into this everyday saver which they advise currently has an interest rate of 2.00% gross APR.

Hope this sheds some light!

opinions4u

katie25 wrote: »

Hi. my daughter has a reg saver due to mature this month - she has had it 2 years and it has always reinvested. I have just received a letter confirming that on the maturity date the account will change into a "everyday saver" as opposed to the usual transfer to the save4it account. this meaning that i will have to open a brand new CRS. Also note that the standing order will need to be cancelled otherwise it will continue paying into this everyday saver which they advise currently has an interest rate of 2.00% gross APR.

Hope this sheds some light!

Interesting. On maturity it becomes an account that doesn't yet exist! Anybody would think that they're launching a new account between now and maturity.

No idea why they had to go and change things

Lloyds TSB systems can't cope with it. That's why!

jennifernil

I see.

Well that explains it I suppose.

More trips to the bank ahead then. Seems what we were told is indeed correct.