Halifax Regular Saver Maturity

lipidicman

Leia, amend the payment on the 1st of June to the 23 of june and then pay in on the 1st of july and continue as normal. The only problem is that 23rd is later than the halifax recommend (to reach the account that month)

OR leave it all alone and accept that 13 payments will go in in year 1 and then the account will sit empty until the 1st of July (your anniversary is later in the month than mine - mine would have been empty for nearly a whole month!)

There will be no problems in year 2 as the payment dates wont change (as the opening date caused them to in year 1) However you will take an interest hit as the account is empty for a period at the beginning (in your case about 7 days - so not so bad)

If I were you, Leia I would DO NOTHING and all will run smooth! The thirteenth payment in in year 1 is NOT REJECTED so dont worry. Hope that helps

lipidicman

I should add that my money has gone into 'clearing'. The manager doesnt know if he can put it back into the account or why it has just disappeared (rather than showing as crdeited then returned). Also, they have not moved it to my websaver, they just seem to be holding on to it.

I must have been lucky in the past, but having £250 disappear is the most stressful banking experience that I have had (I dont expect sympathy, I know others have had worse) I am just so paranoid and careful that I cant believe it!

lipidicman

Right, the manager has been very good and set up a new account for me and has recovered the money from clearing and paid it into the new account. The only problem now is that I cannot add it to my portfolio, so I still dont know where my money is. Hopefully all will be well!

If I dont pay into my old account it will close - wonder if you can hold onto two of these thing - not that I can afford to fund it with the Abbey one too!

Dont say I dont give halifax credit when they do sort things out!

deemy2004

lipidicman wrote:

Leia, amend the payment on the 1st of June to the 23 of june and then pay in on the 1st of july and continue as normal. The only problem is that 23rd is later than the halifax recommend (to reach the account that month)

A S/O from halifax current to the regular saver are on the SAME DAY so it can be later in the month, if your doing it from an halifax current account.

lipidicman

Good point Deemy - but for Leia it is less important - my SO date was only a few days before the maturity so the new years account would sit empty for nearly a whole month. In Leia's case it is only ten days

lipidicman

lipidicman wrote:

Right, the manager has been very good and set up a new account for me and has recovered the money from clearing and paid it into the new account. The only problem now is that I cannot add it to my portfolio, so I still dont know where my money is. Hopefully all will be well!

OK it looks like you have to wait until the next day to add accounts to your portfolio. Everything is sorted out. I have a new account with £250 in it. The manager was very good at dealing with this and I was especially impressed that he opened the account and sorted everything without me needing to go into the branch again! Top marks here.

Now I can worry about my ISA.....

Leia_Stephens

lipidicman wrote:

If I were you, Leia I would DO NOTHING and all will run smooth! The thirteenth payment in in year 1 is NOT REJECTED so dont worry. Hope that helps

Thank you, lipidicman, for this helpful advice .

I think I will just leave my SOs for 1st of the month, and just change
the payment amount as necessary (unfortunately I can't afford to pay in £250 every month ) . After all my a/c will only have a 0 balance for about 12 days.

I'm pleased to hear that your 2nd year RS is working smoothly now .

Leia

P.S. I have just realised, my RS matures in exactly 2 months :j , I remember thinking about it for quite a while before opening one .

lipidicman

Great, just wanted to help others avoid the same problem. With Halifax telling you that the 13th payment will stay in there and the tendency of MSE'ers to want to maximise the interest I thought a number of people could fall into this little trap, but maybe its just me!

Leia, do you have a home in mind for the maturity funds - your new years ISA is probably the best place!

Leia_Stephens

lipidicman wrote:

Leia, do you have a home in mind for the maturity funds - your new years ISA is probably the best place!

Yes , I will "recycle" my maturity funds into my 2nd year RS. Before interest is added I am hoping to have £846, and I expect to be paying in:
1st July.....£250
1st Aug.....£250
1st Sep.....£250
1st Oct.....probably a little over £200 but not as much as £250.
1st November to 1st June 2006........£25.

At this stage I don't know if I will continue my RS into a 3rd year, because
I was considering investing in bonds once I have reached £1,000.

BTW, I am using my RS to save money for my nephew. I am very proud of saving £25 for him each month since March 2003 .

I can't use my ISA for the maturity funds because during this tax year I have already stoozed £3,000 :j . At the moment I am trying not to think about having to withdraw this next year .

Leia

lipidicman

I remember from another thread - good luck with the ISA.

I dont know if there will be a 3rd year, just glad there was a 2nd! I thought the account would go when Abbey ended theirs, but I gues HSBC came to the rescue with their flawed 8% account