Halifax Regular Saver

regularsaver1

Staff are told to inform that you can only make one payment in a month because this must be done by standing order, and not over the counter (like you can with the monthly saver)

The amount can change each month as long as you pay a minimum of £25 and max £250

Compound_2

elektra, I hope the ‘one hour review’ you mentioned on my ‘avoiding sales pressure’ thread wasn’t too bad.

As an existing customer, do they just key in another account on the system or make you fill out a form? To some extent, everyone is an existing customer as you need a Halifax Web Saver. (I take it leaving £1 in this is the best option for the maturity account choice.) When I enquired about the Regular Saver I was given the application form, and parts of this are about the standing order. The only ambiguity is if you open the account on the 1st and set the standing order for 23rd, whether this would result in two deposits in the first month. It’s not clear whether an opening deposit is obligatory, or whether you could just leave it for the standing order. There’s the option to transfer an opening amount from another Halifax account – presumably including the Web Saver.

As for multiple deposits, they can be by automated transfer as well as standing order (according the Halifax website).

elektra

Didn't end up with any sales pressure except he tried to persuade me to keep monthly saver as was earning 5.35% on 3.5k. I said no I'd close it as could earn more than that elsewhere.

So was going to open a websaver for the new reg saver interest to go into. Then we realised that this month's s/o was due any moment into monthly saver so said better no close it. So I said in that case forget the websaver (as I didn't really want it anyway) make this account the one to pay reg saver interest in. So he changed it into saver reward.

I'm now planning to take out the 3.5k from there and put into non Halifax accoutn eg ICESAVE.

In all the confusion I'm now thinking I should have just made a large withdrawal from reg saver and kept it going till end of term (december) to make sure interest and bonus was applied as not sure what interest will be applied to saver reward i.e for the 5 months that it was in monthly saver. Will I get the 2.6% rate for 5 months or the saver reward rate.
That will teach me not to think it through properly.

He just opened a new account on the system and transferred funds from monthly saver. Just printed a form I had to sign.

Compound_2

elektra, I think you should’ve withdrawn the Monthly Saver balance to the minimum and kept the account open with monthly payments reduced to the minimum (£5 at end of month, with one missed payment). But with closure/conversion you should already have received 5 months @ 2.6%.

However, I don’t think you could’ve opened the Web Saver in branch—it has to be set up beforehand online. So they might have made you open the Reward Saver or other poor paying account anyway. Can you draw these down to nil/a penny? I’m assuming that Halifax couldn’t help with the standing orders because you don’t have a HBOS current account.

elektra

Compound wrote: »

elektra, I think you should’ve withdrawn the Monthly Saver balance to the minimum and kept the account open with monthly payments reduced to the minimum (£5 at end of month, with one missed payment). But with closure/conversion you should already have received 5 months @ 2.6%.

With hindsight that is exactly what I should have done. Interest has not been added yet. So I'm going to pop into branch tomorrow and check that I should have or will receive 5 months at 2.6%.

Compound wrote: »

However, I don’t think you could’ve opened the Web Saver in branch—it has to be set up beforehand online. So they might have made you open the Reward Saver or other poor paying account anyway. Can you draw these down to nil/a penny? I’m assuming that Halifax couldn’t help with the standing orders because you don’t have a HBOS current account.

Yes, he was going to set up websaver and register me for online banking there and then. I might only draw it down to £50 as I read that accounts less than don't earn interest and I want that 5 months added at least.

Interest
Accounts with balances below £50 receive no interest (unless you appear in our records as being under 21, in which case we will pay you interest at the special rate for young savers). This does not include Halifax Monthly Saver, Halifax ISA Saver, Halifax Asset Reserve Cheque Account, save4it or Halifax Web Saver.

Compound_2

Halifax’s £50 rule is ambiguous, but I would interpret it as meaning that no interest is earned during the period that the balance is below £50 (i.e. it doesn’t affect previous interest earned). So £50 is better than £49.99, but £0 (or £0.01) is even better as your £50 can earn a high rate elsewhere.

regularsaver1

The branch can set up a websaver - and 1st transaction

elektra

Compound wrote: »

Halifax’s £50 rule is ambiguous, but I would interpret it as meaning that no interest is earned during the period that the balance is below £50 (i.e. it doesn’t affect previous interest earned). So £50 is better than £49.99, but £0 (or £0.01) is even better as your £50 can earn a high rate elsewhere.

That makes more sense