Halifax Children's Regular Saver 6%

squirrel46

Contrary to the MSE write-up, this account will NOT allow a child to have more than one account, each with a different trustee. I have been told this today by both my local Halifax branch and the Halifax call centre. Perhaps they used to allow multiple accounts/ trustees, but they now they will allow only one per child. This means that the maximum that can be paid in is £100 per month.

General comment on Halifax: not easy to deal with
- local branch fails to return phone calls
- conflicting information from different staff members (eg on whether accounts can opened on line or by phone)
- unreasonable identity requirements (eg original birth certs/ passports required for existing clients opening new accounts even though these have been produced and validated previously).

rb10

squirrel46 wrote: »

Contrary to the MSE write-up, this account will NOT allow a child to have more than one account, each with a different trustee. I have been told this today by both my local Halifax branch and the Halifax call centre. Perhaps they used to allow multiple accounts/ trustees, but they now they will allow only one per child. This means that the maximum that can be paid in is £100 per month.

They definitely used to allow multiple accounts, provided that each was under a different trustee.

It's possible that it's only since the new computer system was introduced at the weekend that you cannot do this, and the MSE page just hasn't been updated since then.

opinions4u

squirrel46 wrote: »

Contrary to the MSE write-up, this account will NOT allow a child to have more than one account, each with a different trustee. I have been told this today by both my local Halifax branch and the Halifax call centre. Perhaps they used to allow multiple accounts/ trustees, but they now they will allow only one per child. This means that the maximum that can be paid in is £100 per month.

Children's Regular Saver isn't available to new accounts. It did allow multiple openings for the same child by different trustees, but no new ones can be opened.

The replacement account works in a similar way, pays the same rate and has a similar name (Kids' Regular Saver). While it is more flexible over withdrawals it is limited to one per child.

I believe there are plans to change this in future, but for now the computer system the account sits on isn't clever enough to do more than one!

General comment on Halifax: not easy to deal with
- local branch fails to return phone calls
- conflicting information from different staff members (eg on whether accounts can opened on line or by phone)
- unreasonable identity requirements (eg original birth certs/ passports required for existing clients opening new accounts even though these have been produced and validated previously).

I'm assuming this is an experience from this week. Staff are basically dealing with a completely new computer system. Not just a bit of new software here and there, but a new way of doing things for absolutely everything. As well as creating issues in branches (that effectively take three times as long to deal with while the adjustment is made) many customers haven't been receiving the same online servivce and have, as a result, visited branches for information.

On top of that, every savings account has been withdrawn and replaced with a new one. So a dozen or so new products and terms and conditions are being marketed.

If it helps, their website says to apply in branch only.

At least the 2% rate for Young Saver is an improvement on Save4it.

pixxyco

Just to add that you have to go to the branch, but when you do they expect you to make an appointment (at an inconvenient time) to see someone so that you can open the account, even if you already have/had accounts with them.
So hense I doubt they will be getting my business at present, as making specific trips into town to open an account with either one or two kids under 5 in tow is too much hassle for at present. Anybody would think we were applying for a mortgage for our child!!!!

jennifernil

At least you have the opportunity to open one, even if it involves some hassle.

People up here in Scotland cannot open one (unless they travel to England) as all Halifax branches are now Bank of Scotland.

cazzapop

Yes, I tried to open one today in Glasgow but was told they are no longer available to Scottish customers as it's now only BOS products for Scotland and Halifax products for England....

I was given the number for Halifax by the BOS guy so called them. The Halifax woman thought I may be able to operate it by post and went to ask supervisor but apparently postal is not allowed for this account.

I already had a kids regular saver, opened for my son in early 2006, but they wrote to me last week saying it would reach it's anniversary next month and would convert to a Young Saver (at only 2% interest). Was not chuffed with this as since opening it has rolled over every year with the yearly balance going into a Save4It acc.

What to do now? Take my son's money out and find a new bank I think!!

Anyone think it's worth writing a letter to Halifax??

mbailey

At the moment I have 2 accounts each for both of my daughters, one in my name and the other in my wife's name.

For the past 5 years at the end of the 12 month term, the balance has moved into a Save4It account and I continue to pay into regular saving account.

I have also just received a letter saying the account will transfer to a Young Saver account. I don't recall receiving anything from Halifax about the Save4It accounts, have they also automatically transferred into Young Saver accounts as well?

So it looks like the only option I have is to go into the branch and open a new "Kids Regular Savings" account every 12 month? Is that really the case?

jennifernil

Yes, you are both correct. The regular saver converts to a young saver at 2% so you need to cancel your SO or it will go into the 2% account.

If you are in England/Wales/Northern Ireland, you need to go to a branch and open the new account, only one per child allowed now, if you are in Scotland.....tough!

I am really annoyed about this, we are in Glasgow, so nearest branch is 90 miles away in Carlisle. I have made a formal complaint, to Halifax for effectively excluding Scottish customers, and to BOS for not having an equivalent account. Still waiting for a response.

I think the next best accounts are 4.6 % with West Bromich B S, and 4.5 % with Principality, they can be opened by post.

Save4It accounts still exist.

If the account is still around next year, we plan to open one for each grandchild while on holiday in England.

If you are in Scotland, please do complain. If they get enough complaints they may actually take action.

mbailey

Went into my local Halifax today, what a nightmare...

Asked if then could convert my Save4It accounts to Young Saver - yes, but would require an appointment

Asked if then could open my new Regular Saver accounts - yes, but would need an appointment

Asked if I could have application forms to make it quicker - NO, it is all done online.

Asked if I could apply online or on the phone - NO, at the branch only.

Asked for an appointment - No sorry, we are fully booked today. Do you want to book one in a couple of weeks time!

Do these guys want our money or not? I really get the impression they don't. :-(