Halifax - Online Saver - Joint

AmIBeingRobbed

I am not happy with the Halifax, they seem to think customers are idiots and they are taking the mickey. I would transfer elsewhere PDQ.

In my case, I opened an ISA at a branch in 2008/09. I nearly totally overlooked the account - and found that:

a). When I asked in a local branch which accounts I had with the Halifax, I was not told about an ISA account I had with them. (They made a mistake and had me down on their system with a mis-spelt or incomplete name.)
b). I did not receive any statements until 2012 when it became evident the interest paid was 3% for the first year and 0.5% thereafter. The terms were 3% for first 12 months and "variable" after 12 months.

When I wrote to the Halifax I asked for a copy of what I had signed. Also to explain why it was offering new savers four or more times the interest it paid to existing savers and not sending any statements. It failed to send a copy of the agreement, preferring to write telling me its interpretation of what it thought I had agreed. (An easy to see through trick probably designed to wear the customer down.)

So because the account was an Internet Account, that apparently entitled it not to send statements. (And if you die, your estate is pretty much guaranteed to lose the money. Great !!!)

Halifax baldly stated it gave new and existing customers the same rates - this claim at best is inaccurate and at worst wholly mendacious and clearly intended to mislead. You can see the truth of that in the wording - it offers about 3% "bonus" to new savers - which to all intents purposes is really interest.

Anyone who banks with the Halifax is in effect joining a scheme of robbing Peter to pay Paul. And their estate risks losing their money if they die.

The sad thing is because of the poor standard of regulation, you may find most other banks practises very similar - and the banks clearly see no need to compete with each other on quality of service. And who can blame them? We put up with it. Consumers need to vote with their feet and mouths. I am not anticipating a libel case over what I have said which I believe to be accurate comment.

BettySpofkins

Sillychuckie wrote: »

I have an old 'Web Saver Extra', which I think only pays 2.3% now, and also has withdrawal limits per year. Would rather move it to the 2.8% online one.

Give 'em a ring, they'll redesignate it for you in seconds. I did exactly that not so long ago.

BettySpofkins

AmIBeingRobbed wrote: »

I am not happy

Clearly. But with the greatest of respect, you've been thoroughly neglectful in the management of your own financial affairs, and are now angrily trying to blame others for your mistakes.

How on *earth* did you manage to forget you had an ISA? Why don't you monitor the interest rate on all of your variable rate accounts? Why not take 5 minutes to ring your own bank and see if they can arrange things into better-yielding accounts for you? (The Halifax are hugely helpful in this regard.) Why are you not willing to put in the minimum effort required to make sure your "estate"/next of kin are prepared should the worst happen and your financial affairs fall into their laps? That's hardly the bank's sole responsibility.

I despair, I really do.