Best Child Account

flimsier

That's what I meant.

barrooo

liney wrote: »

Not true, sorry. At the end of 12 months the balance is swept into a craptasic save4it account, then the new payments from Month 1 begin to earn 6%. You don't get 6% on the building balance, only the 12 payments in before they are moved.


Thats what I meant, but could have phrased it better. I took from the OP though that they felt the regular saver was now closed, whereas in my experience you can continue to save regularly for another 12 months at the stated interest rate

flimsier

barrooo wrote: »

Thats what I meant, but could have phrased it better. I took from the OP though that they felt the regular saver was now closed, whereas in my experience you can continue to save regularly for another 12 months at the stated interest rate

Yes, that's definitely not the case any more. It's a terrible interest rate in a different type of account.

opinions4u

barrooo wrote: »

Thats what I meant, but could have phrased it better. I took from the OP though that they felt the regular saver was now closed, whereas in my experience you can continue to save regularly for another 12 months at the stated interest rate

I refer you to the terms and conditions of the account, summarised nicely in post #7. They changed on 23rd July 2010.

They used to. They don't anymore. The standing order continues, but in to a lower paying easy access account.

You need to open a new one in branch.

To summarise.

1) The account matures.
2) The funds and interest reamin in the account.
3) The account becomes a Save4it before 12th Sept 2011 (1.05% easy access) or a Young Saver (2.00%) on or after that date.
4) The standing order continues, but now only attracts the 1.05% / 2.00% rate.
5) The customer can choose to go in to branch and open a new Kids Regular Saver. If they don't they miss out on the 6.00% rate.

barrooo

opinions4u wrote: »

I refer you to the terms and conditions of the account, summarised nicely in post #7. They changed on 23rd July 2010.

To summarise.

1) The account matures.
2) The funds and interest reamin in the account.
3) The account becomes a Save4it before 12th Sept 2011 (1.05% easy access) or a Young Saver (2.00%) on or after that date.
4) The standing order continues, but now only attracts the 1.05% / 2.00% rate.
5) The customer can choose to go in to branch and open a new Kids Regular Saver. If they don't they miss out on the 6.00% rate.

Interesting, as the new twelve month term began for my daughter's acc in oct 2010,at the end of the previous term the money was transferred to a save4it acc as in T+C.
Now I didn't have to open a new regular saver, and the money deposited this term is earning 6%. So am I to assume at the end of this term I will have to go in branch and set up a new regular saver?

opinions4u

barrooo wrote: »

Interesting, as the new twelve month term began for my daughter's acc in oct 2010,at the end of the previous term the money was transferred to a save4it acc as in T+C.
Now I didn't have to open a new regular saver, and the money deposited this term is earning 6%. So am I to assume at the end of this term I will have to go in branch and set up a new regular saver?

That's correct.

Halifax accounts now sit on the LTSB computer systems and they could support the old Halifax way of doing things.

flimsier

opinions4u wrote: »

I refer you to the terms and conditions of the account, summarised nicely in post #7. They changed on 23rd July 2010.

To summarise.

1) The account matures.
2) The funds and interest reamin in the account.
3) The account becomes a Save4it before 12th Sept 2011 (1.05% easy access) or a Young Saver (2.00%) on or after that date.
4) The standing order continues, but now only attracts the 1.05% / 2.00% rate.
5) The customer can choose to go in to branch and open a new Kids Regular Saver. If they don't they miss out on the 6.00% rate.

Thanks. So I can open a new account at 6%; but I presume I can't save the existing balance in there. So what do I do with that balance is the question. I think Martin has the answer in his guide to be fair.