Halifax Regular Saver - confused

regularsaver1

you can;t do a transfer online as such but can set up a standing order

carpy

regularsaver1 wrote: »

you can;t do a transfer online as such but can set up a standing order

cheers

yeah i sussed that just after i'd posted!!! DOH

that's what i've done, set-up a SO for today, so i guess it will go through tomorrow. i set it as yearly as it's only this initial £250, the following months will still be coming from my SO elsewhere.

Compound_2

regularsaver1 wrote: »

you can;t do a transfer online as such but can set up a standing order

Ironically, the T&C suggest the opposite of what you describe:

Set up a monthly standing order from your bank account - you can make other deposits* too, as long as the total per month doesn’t exceed £250
Change the monthly amount you save whenever you want in branch, by phone or online ...
* Only the first initial deposit can be made by cash, cheque or internal transfer. All other deposits should be made by standing order or automated transfer.
...
No standing orders from other Halifax savings accounts.

So whilst the SO from the Web Saver is technically not allowed (but definitely doable), there is no bar against transfers. Does anyone have experience of making more than one payment per month? Say, £25 by standing order monthly then £225 top-up by transfer? The transfer should be instant from a HBOS current account. carpy: In the case of the problem with your Web Saver, have you pre-nominated the Halifax Regular Saver as one of the accounts to send withdrawals from the Web Saver?

On a related note, does anyone know the TIME of day on the anniversary that the Regular Saver is swept, i.e. is it closer to 00:01 or 23:59? If the former, on anniversary day once you see the swept funds in your Web Saver, you can send some money straight back to Regular Saver, maximizing interest for the new year. If you experience carpy’s problem, an alternative is instant transfer via a HBOS current account. A standing order would have to wait till the next day.

The situation of standing orders arriving on anniversary day is unclear. SOs tend to arrive first thing in the morning, so if the sweep happens at 23:59 you should postpone the SO to the next day. But even if the sweep happens first thing, it’s not clear what would happen first. I think if the standing order was swept out the moment it went in, thus earning no interest, you would have cause to complain that Halifax had breached the Banking Code’s requirement for clear information, as the situation is ambiguous. Many people opening accounts might set their monthly deposits to the same date as account opening, thus getting caught up in this.

RedIan

So if I want to invest a lump sum for my children, but take advantage of the Childrens Regular Saver interest rate of 10% with Halifax, I can open a Variable rate Web Saver account and create a standing order to the Children's Regular Saver without being penalised in any way?

carpy

RedIan wrote: »

So if I want to invest a lump sum for my children, but take advantage of the Childrens Regular Saver interest rate of 10% with Halifax, I can open a Variable rate Web Saver account and create a standing order to the Children's Regular Saver without being penalised in any way?

yes i believe you could

carpy

well on checking my halifax online account today i was gobsmacked to see my £250 has disappeared from my reg saver????

i transferred the funds from my previous year reg saver (all but £250) into ICICI and at the same time did a SO back to the reg saver for £250.

the following today the £250 was in my reg saver.

upon checking today my reg saver balance is £0, ok i think for some reason they've diverted it to my web saver because i've already deposited £250 this month (albeit for last years reg saver), but no that's at £0 as well so my £250 has mysteriously disappeared?!?!?!?

anyone had this happen before?

Compound_2

carpy wrote: »

well on checking my halifax online account today i was gobsmacked to see my £250 has disappeared from my reg saver????

i transferred the funds from my previous year reg saver (all but £250) into ICICI and at the same time did a SO back to the reg saver for £250.

the following today the £250 was in my reg saver.

upon checking today my reg saver balance is £0, ok i think for some reason they've diverted it to my web saver because i've already deposited £250 this month (albeit for last years reg saver), but no that's at £0 as well so my £250 has mysteriously disappeared?!?!?!?

anyone had this happen before?

Your Web Saver should be closed for failure to maintain the £1 minimum operating balance. You should make sure Halifax send you the excess £250, and any accrued interest from your Web Saver.

carpy

Compound wrote: »

Your Web Saver should be closed for failure to maintain the £1 minimum operating balance. You should make sure Halifax send you the excess £250, and any accrued interest from your Web Saver.

my web saver has had a zero balance since this time last year when i last cleared the proceeds from my matured regular saver???

if my 'missing' £250 doesn't 'reappear' in the next couple of days i'll be letting them know!!!

regularsaver1

it may have been sent back to where it came from (ICICI)