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HoneyAndLemon wrote: »Just wanted to correct something. The childrens regular saver matures into a young saver at 2%, not a save4it, as it is no longer offered.
The balance can then be withdrawn and the account redesignated back to a regular saver at 6%, or the balance can stay in the young saver and a new regular saver opened. All needs to be done in branch. Appointments need booked as it needs to be done with a banking advisor. You wouldnt walk into a dentist/doctors etc and expect to be seen straight away, and I would imagine banks have a larger amount of people walk through every day so wouldnt have the capacity to see everyone there and then.
Also, people are stupid, and walk in without any form of ID etc and expect to be able to open an account on the spot. Appointments give people time to come prepared.
Whether its a Save4It or Young Saver the whole business of having to go and administrate the Children's Saver every year is not my idea of a good account and Halifax certainly have not informed me that the Save4It has changed to Young Saver.
The advertising of this account leads you to think that you can open it and then carry on saving in the same account every year. You only get 6% compound interest on whatever you put in that year - (eg.Kids' Regular Saver example - If you save £50 each month, you'll earn £18.97 gross (£15.18 net) interest after 12 months.) then the next year you start from the bottom again. I still say avoid it - its too much trouble for very little.0 -
HoneyAndLemon wrote: »Appointments need booked as it needs to be done with a banking advisor.
Let's get one thing straight. It doesn't need to be done with an advisor. Other organisations - more switched on ones - seem to be quite good at allowing some flexibility in the process. We're talking about shifting some cash into different savings accounts, after all, not some arcane specialised process.You wouldnt walk into a dentist/doctors etc and expect to be seen straight away, and I would imagine banks have a larger amount of people walk through every day so wouldnt have the capacity to see everyone there and then.
Translation: you should be happy to only have to wait a whole month to see an advisor. After all, you're only a customer...Also, people are stupid, and walk in without any form of ID etc and expect to be able to open an account on the spot. Appointments give people time to come prepared.
Charming. How dare customers be so unintelligent and demanding, eh? How prepared would you like us customers to be. A whole month's worth?Everyone needs something to believe in.
I believe I need another beer.0 -
This is a Children's Regular Saver and cannot be dealt with over the phone. They will only advise in banks.
I am rather stuck with this account as my grandchildren live in the Channel Islands and I had a lot of trouble setting up the accounts with birth certificates etc.
However I still would not advise anyone to take up these children's regular saver accounts = they are so complicated and thats why I need to see the adviser.
You save originally with the Children's Regular Saver - its a good interest rate but you have to remember its 'compound interest' so you don't make that much at the end of the year.
At the end of one year they move the balance into a Save4It Account which is very lowinterest so you have to go to the branch (the only route) and either draw it out or move it into a higher interest account. You cannot do this until the day after maturity date so if they cannot see you until one month after this you are losing interest.
I do wish I hadn't started the accounts with them in the first place - so if you want a 'trouble free' saver for children then avoid this one.
You are so right about these accounts with the Halifax. I have similar problems with grandchildrens accounts as they live overseas. To add insult to injury after I had to go through the hoops of moving the money into a new Kids Saver account a few months ago in order to get the 6% interest, I have just found that they have now decided that this account can no longer be operated online, as I used to do, due to a "policy decision", the reason for which they refuse to disclose, so a step backwards means I have to go to a branch even to see what the balance is!!
Even the threat of moving my various Halifax accounts elsewhere cuts no ice.0
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