Problem opening Childrens Regular Saver

jennifernil

We have had Halifax regular saver accounts for our grandchildren for about 5 years now, and vey good accounts they are for putting money aside for them out of our income every month.

Now however, instead of the account rolling over every year, you have to open a new account every year. This is an account that can only be opened in branch.

So today I went to book an appointment to do this, only to be told that our branch could not open this account.

The reason........all HBOS branches in Scotland have recently been rebranded as Bank of Scotland only (while we were on holiday!), and cannot open any Halifax accounts.

Bank of Scotland do not offer a Childrens Regular Saver. Our nearest Halifax branch is in Carlisle, which is a 200 mile round trip.

What is going on here? We have a total of about 10 Halifax current and savings accounts, yet we cannot continue these accounts for our grandchildren. :mad:

Has anyone else had this problem? Is there a comparable account anywhere else?

opinions4u

What is going on here?

Lloyds Banking Group have decided that BOS should be more like Lloyds TSB and less like Halifax.

jennifernil

That's fine, we are with Lloyds too. But is HBOS still HBOS? If so it seems a strange way of running things.

Next thing......in a year or so we Lloyds TSB Scottish customers are to be "sold"........more hassle for the customer.

I don't really care whether there are branches if accounts can be opened on-line, but doing this, in particular for this children's account, and effectively excluding most of their Scottish customers from carrying on or opening this account just does not seem fair.

opinions4u

jennifernil wrote: »

That's fine, we are with Lloyds too. But is HBOS still HBOS?

No. It is now Bank of Scotland (in Scotland) and Halifax in England. Unless you're in Berwick. In which case it's Scotland, even though it's in England.

I don't really care whether there are branches if accounts can be opened on-line, but doing this, in particular for this children's account, and effectively excluding most of their Scottish customers from carrying on or opening this account just does not seem fair.

Unfortunately, the Lloyds systems (which now run the show for BoS and Halifax) have never been geared to opening children's accounts online or by phone.

In the name of "progress" there appear to be some backward steps.

jennifernil

So, if HBOS is no longer, were customers informed? We have been away for 3-4 weeks, mainly out of internet range, so had not heard about this. I have been through all our mail, there was nothing in that.

Personally, I am not bothered what the bank's name is, I have both Halifax and BOS branded accounts, if BOS, or any other bank, had a similar account that would be fine, but they don't.

So we 10% minority up here really no longer have access to the same children's saving opportunities as the rest of you......I am extremely annoyed.

I saw you were posting on an earier topic re the number of the "new" KRS accounts a child was allowed. Is that now only one account? And if I hold the old CRS's for them, could my husband still open the new KRS's for them?

We were each saving £50 per month for each child, so a total of £200 per month. My husband's 2 accounts are about to end, so I have increased my £50s to £100s, so at least the children will still get their £200 meantime. Mine end next March and April, so next time we are south of the border on holiday( next March hopefully), he could open the new accounts for them, if they are still around.

Meantime we are considering something like unit trusts instead, we are just not very confident in that area.

opinions4u

If I've understood correctly, only parents can open Kids Regular Saver. Not grandparents. Systems restrictions to blame apparently.

(Don't shoot the messenger!)

jennifernil

You better duck!!!

That is vey bad. My plans are scuppered.

I am, as we say here, SCUNNERED!!

jennifernil

opinions4u wrote: »

If I've understood correctly, only parents can open Kids Regular Saver. Not grandparents. Systems restrictions to blame apparently.

(Don't shoot the messenger!)

Hang on........I have been on the Halifax site and it does not seem to restrict it to parents.........

• For children aged 0-15 years
• The person opening the account must be over 18
• No withdrawals
• Only 1 account per child
• Interest paid on maturity after 12 months
• Interest rates are fixed upon opening the account - check in branch for the current rate

However..........after the 12 months, would we have to visit a HALIFAX branch to withdraw the money? Or could this be done in our BOS branch?

Our branch said there is no problem with servicing our Halifax accounts there, we just cannot open any new ones in the branch.

So they ARE still working together in that respect. So does that mean there really is still an HBOS? I presume they are still operating under the same banking licence?

opinions4u

jennifernil wrote: »

Hang on........I have been on the Halifax site and it does not seem to restrict it to parents.........

• For children aged 0-15 years
• The person opening the account must be over 18
• No withdrawals
• Only 1 account per child
• Interest paid on maturity after 12 months
• Interest rates are fixed upon opening the account - check in branch for the current rate

The T&Cs suggest I was partially wrong and anybody over 18 can open the account (see page 13), but there is a restriction of one account per child.

http://www.halifax.co.uk/savings/pdf/savings-account-conditions.pdf

We will only allow one Kids’ Regular Saver account to be held for any one child. This means it will not be possible, for example, for a parent and a grandparent to save separately for the same child in different Kids’ Regular Saver

accounts.

So Grandparent A can open the account. But if a parent wants to open another one for the same child they can't.

Not sure about transactions. I know of no reason why you shouldn't be able to withdraw from a Halifax account in a BoS branch. Additionally, no idea if paper based application forms exist. But the great British postal service may (or may not) be an option that beats a day out on Bank Street in Carlisle!

jennifernil

Yes, I had considered the post, but it sounds like you actually have to go in person.

I thought I would check out that and a few other points with them and requested a "callback", only to be told, when they called back, that I now had to ring a different number!

Only one account is not a problem, one of us could do it with £100 per month, parents don't use Halifax, so no worries there.

jules68

I went into Halifax the other day and opened a regular saver for my younger son (6%) and was told that I could not open another chils account for that child. I was told that after the years up the money would stay there(not sure what rate it goes to) and I would have to go into branch to open up a new one i.e 6% if they are still about.

Previously they would shove it into another account and carry on the regular saver. I have one for my older son and was told this would still happen as it was open before 2010. Obviously I need to check or give them a call nearer the time.