Halifax monthly saver maturity - does the same account reset?

pavane

Have I got this right? Upon maturity, the amount in the regular saver is automatically moved to the instant saver account. The regular saver then starts again (keeping the same account number so no need to change standing order)

Is that right? First time I've seen this, all others require manually opening again?

Yes, I am aware it is only 2%.

alternate

You need to manually "renew" the RS (as simple as clicking a button) or it stays an instant saver. I am not sure what happens to the account number.

EarthBoy

It tells you what will happen quite clearly on Halifax's website:

As part of your Regular Saver application we'll also open an Everyday Saver at the same time, currently paying 0.50% gross/AER variable for 12 months. After 12 months, any money you have saved into your Regular Saver along with interest accrued will be transferred into the Everyday Saver account and your Regular Saver will continue for another period of 12 months at the interest rate applicable at the time.

http://www.halifax.co.uk/savings/accounts/fixed-term/regular-saver/

(Click on the tab heading "features and current rates")

A much longer and more detailed explanation is given on page 8 of the account conditions booklet, and the link to this is on the additional information tab on the above web page.

alternate

actually those terms are different for accounts opened a year ago and just maturing. Hence my reference to renewing. The OP should have got a letter about it.

EarthBoy

alternate wrote: »

actually those terms are different for accounts opened a year ago and just maturing. Hence my reference to renewing. The OP should have got a letter about it.

The terms shouldn't be different because the account conditions booklet explains a slight difference in accounts opened before 30 March 2014 and those opened on or after that date:

After 12 months – If you opened your Regular
Saver account before 30th March 2014, your
account will transfer to an Everyday Saver account
or (if Everyday Saver account is no longer available)
an easy access savings account that we offer at
the time. Your account number and sort code
will not change. We will contact you in advance
to give you full details. When we contact you,
we may also send you information about other
accounts we think may be appropriate. Following
the transfer to the easy access savings account
you can choose to withdraw your savings if you
wish. If you continue to save with us in your new
account, rather than choosing to do anything else,
you will be taken to have agreed to the account
conditions which apply.

Accounts opened before 30/3/14 will all have matured by now, so the OP must have opened their account under the new conditions:

If you opened your Regular Saver account on
or after 30th March 2014, the amount you have
saved plus interest will be transferred to your
nominated savings account 12 months after the
date your Regular Saver account was opened, and
on each anniversary of that date (as long as that is
a working day). You will then be able to continue
saving for another year in your Regular Saver
account. If your nominated account is no longer
open, your Regular Saver account will transfer
to an easy access savings account that we offer
at the time. If this happens we will contact you
with full details so that you can decide whether
to withdraw your savings, or to keep the easy
access account, or apply for another account. If
you continue to save with us in your new account,
rather than choosing to do anything else, you
will be taken to have agreed to the account
conditions which apply.


So, the OP's savings will be transferred to a separate savings account and the existing regular saver will continue running. If they don't have a separate savings account to transfer the money to, then the regular saver becomes an easy access savings account, in which case they will no longer have a regular saver unless they open a new one.

pavane wrote: »

Have I got this right? Upon maturity, the amount in the regular saver is automatically moved to the instant saver account. The regular saver then starts again (keeping the same account number so no need to change standing order)

Is that right? First time I've seen this, all others require manually opening again?

Yes, I am aware it is only 2%.

Yes, according the the account conditions booklet that's exactly what will happen.

pinkdalek

Did you open or do you have a nominated a/c for it to move to on maturity? EG Online/Everyday Saver?

If you have then if it is set up it will sweep into there and the reg saver will carry on. If not then the reg saver reverts to an Instant Saver and you need to open a new reg saver.

hoc

The comments saying you have to renew are wrong. The Halifax one is different to others as suggested and you don't have to open a new account or even renew. After the amount transfers on maturity to the low rate instant account, you just continue using the regular again for another 12 months. The regular account itself does not become an instant saver account.

The instant saver (nominated) being mentioned is opened automatically when the regular is. The only way to not have one would be to intentionally close it.

alternate

hoc wrote: »

The comments saying you have to renew are wrong. The Halifax one is different to others as suggested and you don't have to open a new account or even renew. After the amount transfers on maturity to the low rate instant account, you just continue using the regular again for another 12 months. The regular account itself does not become an instant saver account.

The instant saver (nominated) being mentioned is opened automatically when the regular is. The only way to not have one would be to intentionally close it.

Not according to the letter I got.

It invites me to nominate an account (no separate instant saver was offered on opening) or have the RS convert to a IS. Also mentions manual renewing.

It seems clear they made the nominated account a mandatory part of the application some time in the last 12 months.

hoc

alternate wrote: »

Not according to the letter I got.

It invites me to nominate an account (no separate instant saver was offered on opening) or have the RS convert to a IS. Also mentions manual renewing.

It seems clear they made the nominated account a mandatory part of the application some time in the last 12 months.

Is this not what everybody is saying including the copy-paste from EarthBoy? You don't have a nominated account (for whatever reason), this is not (or no longer) the norm. Without a nominated, it will behave like other regular accounts and become an instant saver. If you open a regular today, it will also open an instant for you if you don't have one (no choice) and unless you close it, it will be used to transfer the regular's balance on maturity and the regular starts over again.

OP's understanding is correct. Incidentally, I much prefer this method. No need to reopen or even renew the regular or amend the SO.

EarthBoy

alternate wrote: »

It seems clear they made the nominated account a mandatory part of the application some time in the last 12 months.

It was mandatory when I had a Halifax Regular Saver, several years ago. They probably just forgot to open one for you when you opened your Regular Saver account.

alternate wrote: »

Also mentions manual renewing..

I think this is just their way of saying that you can open a new Regular Saver if you want one. I had a Regular Saver with TSB, who are still using the Lloyds/Halifax computer systems and the letter they sent me also talked of renewing the account. When you looked into it further, though, this just meant that you could open a new account, because the old one was converted to an instant access account (Easy Saver).

alternate

It doesn't really matter.

The renew thing is a specific option though, not just opening a new account.

I have the letter, some of you seem to think I am making this !!!! up for some reason I would scan the thing if I could be bothered to dig my scanner out of the cupboard and find windows 10 drivers for it.