Baffling Halifax Savings Account Advice ??

Danceswithhorses

I've just got off the phone with a Halifax banking adviser.
My plan was to close 2 Halifax savings accounts (rubbish rates) and pay the balances into my Halifax Reward Account.
The first problem i encountered, was that apparently, you have to write to them to close an account. You cant do it on the phone....really ?? What a pain !
When she asked why i wanted to close the savings accounts, i said 'to pay off some of my mortgage'
Her considered advice was truly baffling....
'take out a loan, and you could leave the savings accounts intact then'
So, let me guess this straight, you're saying...
take out a loan to pay off part of my mortgage :shocked: :huh:
Such appalling advice :eek:
And we wonder how halifax got into so much trouble ??
I'm really still quite shocked and stunned

iltisman

They wont get into trouble again if they are using those tactics. There are plenty of dim punters out there who will fall for it.

newDude

Danceswithhorses wrote: »

And we wonder how halifax got into so much trouble ??
I'm really still quite shocked and stunned

What do you expect...the call centre is in Ireland (N)

oldvicar

iltisman wrote: »

They wont get into trouble again if they are using those tactics. There are plenty of dim punters out there who will fall for it.

But they will get into trouble. Years later. MSE et al will start a mis-selling campaign, and everyone will demand and get unaffordable amounts of compensation.

Catslovelycats

I encountered all kinds of conflciting advice when I tried to close a few savings accounts with them. I phoned, was told to write, wrote was told to go into branch! Cashier said I had to do it over phone, but when I explained she tried to do it on her machine and it went through. They were just ordinary savings accounts - nothing special. Anyway, sorted eventually! I've found you have to really watch Halifax, cos their rates are rubbish as soon as any special deal/time span ends. No doubt other banks are the same!

HappyMJ

catslovelycats wrote: »

I encountered all kinds of conflciting advice when I tried to close a few savings accounts with them. I phoned, was told to write, wrote was told to go into branch! Cashier said I had to do it over phone, but when I explained she tried to do it on her machine and it went through. They were just ordinary savings accounts - nothing special. Anyway, sorted eventually! I've found you have to really watch Halifax, cos their rates are rubbish as soon as any special deal/time span ends. No doubt other banks are the same!

Santander's bonus interest that only lasts for 12 months is the same. Very annoying. Top rate on market....but only for 12 months.

supersavor

newDude wrote: »

What do you expect...the call centre is in Ireland (N)

Thats not a very nice reply considering they have many in England and Scotland as well.
I wait your coments on those people.

As the op mentioned its terrible advice but you dont have to take it if you dont want to.

McKneff

Surely, if taking out a loan and paying less interest than the interest on the savings account that the OP could transfer into, now wouldnt that be sound advice.

The OP has given no figures.

IronWolf

All the banks are at this sort of thing now. I rang up a bank the other day to ask a question about a standing order, and when I'd finished they offered me a loan.

Hmmm lets see, I've got £xk in your savings accounts giving me 3% interest, and you want to loan me £xk back at 6% interest. Do they think we're morons?

calypso_rhapsody

My experience of closing accounts is that the best thing to do is to transfer all the funds out (leaving £1 if you have to) and then close the account ... then if you do have to write a letter or whatever it's not holding up you getting access to your money.

The worst case i experienced was HSBC who absolutley INSISTED that i had to go into branch to close on online saver account ... living in rural sticks this was a real pain. So now i would take the money out and then try to close by phone or letter. If they insist on keeping it open that's their problem as the cost of administring the account is more than the balance (of 63p in this case!)

HoneyAndLemon

newDude wrote: »

What do you expect...the call centre is in Ireland (N)

your point being?