Halifax - Online Saver - Joint

mgarl10024

Hi,

Just wanted to tell people about a recent (not great) experience with Halifax - just in case it is useful to others. Maybe even someone from Halifax is reading and this process could be altered?

We have 4 savings accounts with Halifax. We have 4, partly chasing better rates, and partly to separate the money so it can be used for different reasons. The most recent 2 are Online Saver accounts (2.8%). To be fair, there isn't a lot in any of them, but it helps us keep organised!

I set these up online, and after a few clicks, all was set up. (Great).

However, I really wanted these accounts in joint names, so that if anything happened to me then it is really easy for my better half to access the money in there. However, when setting them up, the option just wasn't offered.

I phoned Halifax, and they said that the accounts were only in my name, and that I'd need to go to a branch with my better half and her ID. We went in today all armed with ID and the lady handed us a form - "Your application to add a new customer to a Sole/Joint Savings Account" - which is 8 (!) pages long, and even includes sections about employment!

Me: "That's for all 4 accounts - right?"
Halifax lady: "Oh no, you'll need one for each account".

I also explained that the Halifax model seems to be that their savings accounts give great (bonus) rates for a year which then plummet, so signing up for new accounts (and then having to fill in these gigantic forms) would become an annual event.
"'Fraid so" she said.

I then asked if next time I could perhaps open new accounts in a branch, with my better half there, to avoid this process next time around?
"'Fraid not. These are online accounts".
She then proceeded to outline the branch accounts that were on offer, none of which seemed close to the rate on these.

Anyone else think this process is bonkers?

Thanks,

MG

mgarl10024

Oh, now that I can post links-

the account - http://www.halifax.co.uk/savings/accounts/online-saver/

and the form - http://www.halifax.co.uk/savings/pdf/additional-party-form.pdf

Hope that helps,

MG

opinions4u

mgarl10024 wrote: »

I set these up online, and after a few clicks, all was set up. (Great).

The online account opening process for existing customers is truly exceptional. As long as it's in sole name! It is genuinely impressive.

I also explained that the Halifax model seems to be that their savings accounts give great (bonus) rates for a year which then plummet, so signing up for new accounts (and then having to fill in these gigantic forms) would become an annual event.
"'Fraid so" she said.

She's wrong there. Most of their accounts now allow for a "redesignation" facility from off-bonus to on-bonus. In other words, as your bonus comes to an end you should be able to ring up and say "please put this account on your new bonus rate" and they should be able to flick a switch and make it so.

I then asked if next time I could perhaps open new accounts in a branch, with my better half there, to avoid this process next time around?
"'Fraid not. These are online accounts".

She then proceeded to outline the branch accounts that were on offer, none of which seemed close to the rate on these.

The Reward Saver pays 2.5%. Not far off .

Anyone else think this process is bonkers?

Yes. It's bonkers. Except for the bit about not being able to open online accounts in branch.

pmjenkins

If you're only interested in accessing each other's accounts in an emergency why don't you just tell each other your passwords ?

Surely this is a lot simpler. You obviously trust each other or you wouldn't be considering joint accounts.

hermante

pmjenkins wrote: »

If you're only interested in accessing each other's accounts in an emergency why don't you just tell each other your passwords ?

Surely this is a lot simpler. You obviously trust each other or you wouldn't be considering joint accounts.

Or just split the money evenly and both withdraw the same amount every time you want to spend it.

opinions4u

pmjenkins wrote: »

If you're only interested in accessing each other's accounts in an emergency why don't you just tell each other your passwords ?

Surely this is a lot simpler. You obviously trust each other or you wouldn't be considering joint accounts.

Not a good idea. It has the potential to undermine a fraud claim should there be fraud in the future.

sweetilemon

I've had nothing but problems with the same situation! when we went to the branch we filled out the forms much to the managers annoyance as she kept saying its an online account so i need to do it online. I explained i could not find the options, phoned the help desk, they told me to come into branch. She called the next day and said i need to close the account and re-open i joint names! i told her there was no option. Same with closing internet accounts, branch say do it online, cant see how, i call to ask they say go to branch.

sweetilemon

In all fairness it was the BoS internet saver and BoS branches not halifax. I also opened halifax online saver with the same problem but dont have a halifax branch anywhere near. BoS branch manager also had a problem with me having both saying its one per customer but one is halifax and other BoS. Just glad im not trying to do anything complicated.

the_insider

I opened my Halifax websaver in joint names, there's an option right at the start, don't know about the other online accounts though. Joint party just had to log into their online and click to say that they agreed to T&Cs and bingo, joint account.

opinions4u

the_insider wrote: »

I opened my Halifax websaver in joint names, there's an option right at the start, don't know about the other online accounts though.

The joys of the old Halifax system. The Lloyds TSB systems (that Halifax accounts now live on) don't appear to be clever enough to support this novel concept.

sweetilemon wrote: »

In all fairness it was the BoS internet saver and BoS branches not halifax. I also opened halifax online saver with the same problem but dont have a halifax branch anywhere near. BoS branch manager also had a problem with me having both saying its one per customer but one is halifax and other BoS. Just glad im not trying to do anything complicated.

Ask them where, in the terms and conditions, it states this restriction.

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

sweetilemon

Thanks must have missed that. OH doesnt use internet banking so not sure if that would work. It must be simple enough to do in branch. Totally confused about BoS/Halifax. Thought they had merged but since Lloyds took over they seem to be seperate but you can log on to both websites to view all accounts