Halifax Instant Saver

bowlesbargain

I have just had a Instant saver account mature at 12 months I am aware that the rate fals from 2.8% to 0.15%. Can I just open another instant saver or move my money to another lender who offer the best rate.

any ideas, or do Halifax make it so hard its just better to move my money, I have fixed accounts and do not want to tie this money up.

pqrdef

Just open another one and move the money. Will take about a minute online and restarts the bonus clock for another 12 months.

bowlesbargain

I was going to do that but the only way I can see to close the first account is by visiting the branch or by phone. There is no way to close a account with Halifax on line. Also you cannot even send a secure E Mail to them.

psychic_teabag

Is it necessary to close one account before you can open the next ? Wasn't aware that the T&C specified only one account at a time. Otherwise, can't you just open the second account, transfer the balance, and close the first account next time you're passing a branch ?

(I've got several old Halifax accounts hanging around that I've not got round to closing.)

BettySpofkins

psychic_teabag wrote: »

Is it necessary to close one account before you can open the next?

Nope. I've got several. It is however slightly annoying that you can't close them online once you're done.

Mikeyorks

bowlesbargain wrote: »

I was going to do that but the only way I can see to close the first account is by visiting the branch or by phone.

All part of the adverse benefits of moving on to the Lloyds platform. But you don't have to close the first one to open the subsequent one - then you do the transfer.

But be warned - I tried to do that for my wife a week ago and the system told 'her' she couldn't open online accounts without ID via the Branch. Cutting a long story short - there are system problems which are affecting a small proportion of customers and the account has to be opened by the online helpdesk. The 'ID' message is simply part of the problem. The Branch can only help if they 'phone the online helpdesk whilst you're there. In my wife's case they declined to even look at the ID.

pinkdalek

Just phone or call in branch, they can re-designate it to another account type for you and keep the same account numbers. :beer:

opinions4u

pinkdalek wrote: »

Just phone or call in branch, they can re-designate it to another account type for you and keep the same account numbers. :beer:

Can they redesignate online accounts?

If so, somebody should tell my local branch.

pinkdalek

opinions4u wrote: »

Can they redesignate online accounts?

If so, somebody should tell my local branch.

Yep, most accounts can be re-designated, just the old passbook accounts that cannot.

pvt

bowlesbargain wrote: »

Can I just open another instant saver

Of course you can, but that's missing the point.

By reducing the rate from 2.8% to 0.15% Halifuxitupagain are trying to tell you what a crap bank they are, and encourage you to shop around and find a proper bank that doesn't reduce your savings interest rate by 95% after 12 months.

They're helping you really.

Macca83_2

Naw they can't redesignate online accounts in branch. They're online, not branch based and self managed by the customer, hence the higher interest rate. Online accounts are a nightmare. Just open a new one, transfer the funds and send a letter requesting closure