HALIFAX REGULAR SAVER - ripped off

Viz_2

oramgepekoe wrote:

My Halifax Regular Saver ended up with £3250 in it (plus interest) cos they allowed you to start it with a £250 cheque and then the 12 monthly payments. It's just matured and the extra didn't cause a problem. .

Would this be the case with everyones Halifax regular saver ?

I opened with a £250 payment online via my Nationwide current account. I have set the SO to finish after 12 £250 payments totalling £3000.
Is it worth changing to open ended and seeing if i get an extra £250 in there ?

lipidicman

Apparently at the anniversary, ie after initial deposit and TWELVE monthly SO's (if your opening date was later in the month than your SO date) £3000 plus any interest will be swept out and the last £250 will stay in as the first payment on the new year.

I will be able to confirm this in two days time!

Leia_Stephens

lipidicman wrote:

initial deposit and TWELVE monthly SO's (if your opening date was later in the month than your SO date) .

I will be able to confirm this in two days time!

I (we, I imagine) look forward to hearing if this is the case .

BTW, my opening date was later in the month than my SO date .

Leia

lipidicman

Just one day to go - I'll let you know

lipidicman

lipidicman wrote:

Apparently at the anniversary, ie after initial deposit and TWELVE monthly SO's (if your opening date was later in the month than your SO date) £3000 plus any interest will be swept out and the last £250 will stay in as the first payment on the new year.

I will be able to confirm this in two days time!

Right, it did not quite happen like this. The whole £3250 plus interest was cleared out leaving the account empty. I guess the next payment will be the first one for the new rate and it will sweep out exactly one year from now. It just goes to confirm my opinion of Halifax - great products, dodgy product knowledge!

I also did the calculation of the interest (iteratively including the fact that the opening £250 balance was only for 8 days and the last £250 was only in there for 8) and I made the interest £80.30. I actually got £79.74. Assuming the last £250 doesnt attract interest corrects this (the first calc below assumes it does, if you assume it doesnt you use the second calc and get £80.05 which is close enough)

For those that are interested at 6% I first worked out a monthly rate (assuming months are equal length, I know they are not)

1.06^(1/12)=1.004868
using this as a monthly multiplier,m

opened (13th)--interest adding (on SO day, the 5th)
250

---

250.7844123____(250*m^(20/31)) ie 20 days
500.7844123---503.2220057____(500.78*m) I didnt round in the spreadsheet
753.2220057---756.8883519
1006.888352---1011.789432
1261.789432---1267.931256
1517.931256---1525.319863
1775.319863---1783.961322
2033.961322---2043.861732
2293.861732---2305.02722
2555.02722----2567.463944
2817.463944---2831.178092
3081.178092---3096.175882
3346.175882---3350.371586____(3346.18*m^(8/31) 8 days later on the 13th

interest

---

100.3715861
net (x0.8)

---

80.2972688 = £80.30

assuming the last £250 attracts no interest the last line of the table is:

3096.175882 3100.058116
(interest earning balance is 3096.18)

interest 100.058116
net 80.04649281 = £80.05

close enough to what i received (£79.74) for me

Kazza242

As I mentioned earlier in this thread, my regular saver matured on the 7th April, but my standing order was set up to transfer funds on the 4th. In the end, I saw a halifax advisor who changed my standing order to the 8th April to avoid my £3000 + £250 (first payment) being swept out. My new £250 payment went in on ok on the 8th.

I'll alter the standing order date for the rest of the monthly payments, so that they go in as near the 1st of each month as possible.

lipidicman

Well I spoke to the assistant manager and she clearly got it wrong - I wonder if I could do a one off payment today and then continue as normal on the fifth of each month - GETTING INFO OUT OF HALIFAX IS IMPOSSIBLE!

monki_man

Ok, from all your post guys, I can make out that..

All the RS money gets put to a nominated account i.e. a websaver account and you start off a new RS on a big fat 0.

When the year is up, it the interest rate gets updated so in my case I was on the 6% offer but as mine end on the 24th this month, I shall have the 7.07% offer instead.

This is what i dont get. People are saying they put in 250 at the beginning and then 12 x 250 therefore you should have 3250+interest at the end of RS. When I went to my local branch they told me I can't do this and it should all add up to 12 standing order therefore £3k maximum. I dont believe this because I was pretty sure I put in 250 at the beginning. Anyways then it got me thinking if my standing order endless will i be able to put £250 in the beginning and making the total to £3250 (providing i put £250 per mth) or will I only be allowed to add £250 into my Rs each month.

It might be better off to get the money out my account and just rejoin the RS. Hope this makes sence

lipidicman

You do open with £250 then if you put the SO's on earlier in the month than your opening you will end up with 12 SO's going in - therefore £3250, but as I posted above you dont seem to get interest on the last £250 (although it is hard to calculate to the penny!)

Your 'should i make my SO endless..and put in 250 at the beginning..' is this referring to your second year? If so I am planning on trying to pay in £250 this month as this months £250 was only in for a few days

monki_man

Thanks for the reply. Yup it was refered to my 2nd year.