Halifax Regular After 1 Year

alared

Be warned that when one full year is completed and the money goes to your nominated account,unless you have cancelled the regular account, they will continue to take your same monthly amount again for another year.
The first reg/saver was 6% and the follow up was 7%,check what rate you will be getting for the second year.

After contacting Halifax the standing order does carry unless cancelled but they do pay the higher rate of 7% for the second year.

System

So doesnt the money stay in the regular saver then? If you keep it going for a further 12 months, do they still shove it in your nominated account?

Leia_Stephens

Thank you, alared.

I had hoped that (a) the standing orders would continue after the anniversary date, and (b) that the interest rate would go up to 7% in
the second year.

Thank you for checking.

Leia

surfcat

I'm not sure about the above info... all I know is that my Halifax regular saver is maturing in a week, and that the standing order has already stopped (ie the account took an initial payment last March, then 11x standing orders, the last one being at the start of February. The standing order is no longer listed on my current account.

So the regular saver does not continue taking your regular standing order.

alared

What I said in my original post stands.
I had to go into Halifax today and sign a form stop the standing order.
At the same time I cancelled the (new second year) regular saver and they transferred the monthly amount that they had taken today back to my current account.

surfcat

I'm not saying you're wrong, just that maybe we chose a different option when signing up....

If my standing order had continued into another year, it would have gone out on Mar 1 -- it didn't.

I haven't been into Halifax for a year, and have not signed any cancellation forms. Nor did I cancel the standing order via my current account (HSBC), yet the SO is no longer listed when I log into HSBC (there are no next or last payment dates for it).

I assumed that the SO had been set up to run for 11 consecutive months after the opening payment.

Leia_Stephens

I think/hope that my Regular Saver standing order will continue after the anniversary date, because when I set it up - online with Smile - I simply
didn't specify an end date for the payments :-)

I am going to have to wait until 1st July to find out this though.

Leia

alared

My 12th payment was taken on 2nd Feb 05 via my Halifax current.
Today the whole amount that I saved for the year plus the interest was transferred to my Halifax Websaver account.
When checking online this morning I discovered that the usual monthly SO payment had been made again,hence my trip to the branch to sort it out.

Chester_Draws

Surely this depends on how you set up the standing order payment.

I set mine up for 11 standing orders (after writing initial cheques) and the standing orders have correctly now stopped. Your bank will keep on making the standing orders if you dont instruct them not to. This is a standing order, NOT a direct debit. Its nothing to do with Halifax.

My 12 months were up today, and the money was automatically moved to a websaver account. I went into halifax today and had to reset a new account for a further 12 months. The staff told me that had I left the standing order set up to continue, it would have automatically been moved into the websaver account (4.9%) and not attracted the 6% regular saver account.

Im sure that this is what they hope thousands will be doing !!.

So, make sure you cancel the standing order to your regular saver once the 12th payment is in, and then set up a new application for the 7% regular saver.

Chester_Draws

Well, 24 hours later, and I find that everything I was told yesterday by the girl in Halifax was a load of claptrap.

I had a phonecall at work today, asking me why I had set up a new regular saver account when I already had one. I explained to the guy that I had been informed that the old one could not continue, and he told me that "of course it can continue". He also explained that I could merely renstate my standing order instruction and "of course it wont go into the websaver account"

GEEEEEEEEEEEEZ .......... why dont these firms get their act together, surely this is one of their most popular accounts, and surely the staff should know their product terms and conditions !!!

Paul_Varjak

Surely, when the Regular Saver pays out the money after one year, then the Regular Savings account automatically closes!

So, if your Standing Order continues, it will probably be rejected and returned!

I guess it is up to the bank to set up the standing orders for 12 months only. After all, your agreement is to only make 12 payments into the Regular Saver account. If the bank makes more than that, due to their error, they are at fault, not you!