Regular Saver Thread **New and Restarted**

polymaff

Fingerbobs wrote: »

Tuesday 4th - Application submitted online.
Friday 7th - Text message received saying my application is being processed.
Wednesday 12th - New account showing online, with initial deposit (and standing order) dated 11th.

Well, try a 'phone application next year. I called them before the funds from the previous RS had appeared in my current account. No problem, they said, the funds were due to be in your current account tomorrow, but if you need funds to kick off the new RS, (I did) we'll move the money now for you. Some time taken up as they read out the T+Cs then job done.

New RS opened and funded one day later than the previous year's - quite a result for normally-constipated HSBC...:)

OceanSound

OceanSound wrote: »

Would that sum have come from a Standing order or a one-off payment?

DOne some digging. It was a one-off transfer from my halifax everyday saver.

The Regular saver transaction description (for £25.00) has the sort code and account number of the everyday saver.

eskbanker

OceanSound wrote: »

halifax online banking shows that I have £25 in the Regular saver. Would that sum have come from a Standing order or a one-off payment?

How do I check where that amount came from?

OceanSound wrote: »

DOne some digging. It was a one-off transfer from my halifax everyday saver.

The Regular saver transaction description (for £25.00) has the sort code and account number of the everyday saver.

I seem to recall that you've been accused before of making mountains out of molehills on other threads, but surely (in the context of already being logged in to online banking) simply looking at the transaction to see where it had come from (and clicking on the other account to check?) hardly qualifies as 'digging'?!

And if you felt the need to embark on an apparently significant detective exercise to follow the trail, less than two weeks after opening and funding the account, perhaps you might consider keeping better records?

OceanSound

eskbanker wrote: »

.....And if you felt the need to embark on an apparently significant detective exercise to follow the trail, less than two weeks after opening and funding the account, perhaps you might consider keeping better records?

I'm afraid you cannot pin this one on the customer. Someone here should have been able to suggest that the initial payment may have been through a one-off payment (as part of the account opening process) and not through standing order.

Also, the Halifax webpage does not mention that the initial payment can be a one-off payment.

For record keeping purposes (in case it changes after this post - and for the benefit of everyone), I've created a web archive snap shot of the halifax webpage:

https://web.archive.org/web/20190612153348/https://www.halifax.co.uk/savings/fixed-term/regular-saver/

I also chatted (web chat. Not phone. Not through post. Just in case someone here misunderstands how contact was made) to halifax support. Here's the transcript:

Agent: How may I help you today?
Me: I'm not sure if I already setup a standing order or not
Me: How do I check this?
Agent: You can check this online if you are registered for online banking.
Me: Yes, I'm registered
Me: where do I need to click?
Me: I'm logged in now
Agent: Let me check that for you.
Agent: sign in to Online Banking and select 'More Actions' on the account you want to set the standing order up on. Then choose the 'Set up a standing order' option under 'Direct Debits and standing orders' tab and follow the on-screen instructions.
Me: the regular saver accout already has 25 pounds in it, would that have come from a normal payment and not a standing order at the time when the account was opened?
Agent: The payment for the Regular Saver must only be via standing order, so that would be a standing order for sure.
Me: So that means I already have a standing order setup
Me: because how else would the account have 25 pounds in it?
Agent: Yes, as there is already payment made in the account.

The terms only say this:

Make sure we get your first standing order payment within 28 days of
account opening. After that any standing order must reach your account by
25th of the month, otherwise it won’t count as that month’s payment.

Nothing about an initial payment at the time of account opening (which is what I did as part of the account opening process).
You're welcome.

eskbanker

OceanSound wrote: »

I'm afraid you cannot pin this one on the customer. Someone here should have been able to suggest that the initial payment may have been through a one-off payment (as part of the account opening process) and not through standing order.

Oh I see, it's the forum members' fault, of course, how stupid of me!

OceanSound wrote: »

Also, the Halifax webpage does not mention that the initial payment can be a one-off payment.

For record keeping purposes (in case it changes after this post - and for the benefit of everyone), I've created a web archive snap shot of the halifax webpage:

https://web.archive.org/web/20190612153348/https://www.halifax.co.uk/savings/fixed-term/regular-saver/

I also chatted (web chat. Not phone. Not through post. Just in case someone here misunderstands how contact was made) to halifax support. Here's the transcript:



The terms only say this:

Nothing about an initial payment at the time of account opening (which is what I did as part of the account opening process).
You're welcome.

Don't get me wrong, I'm not trying to defend Halifax's role here if their info or advice is inaccurate or incomplete, but simply making the point that if you can't remember what you actually did (not what you theoretically should have done or been able to do) not long ago then it might be worth making some notes....

CavendishWobble

Most regular savers are there to try and get customers into save on a 'regular' basis. From my experience I have been able to make one off payments into my Halifax RS but can see that they may not promote this with a view to get customers to set up a standing order at point of account opening

polymaff

OceanSound wrote: »

The Regular saver transaction description (for £25.00) has the sort code and account number of the everyday saver.

Is the "Transaction Type" of the £25 credit shown as SO, TFR, FPS - or what?

YorkshireBoy

polymaff wrote: »

Is the "Transaction Type" of the £25 credit shown as SO, TFR, FPS - or what?

I suspect it'll be "TFR".

They've forgotten that at the end of the Reg Saver application they were invited to make the initial deposit via transfer from an existing account (held with either Halifax or BoS).

And the Agent who said, in the above transcript, "The payment for the Regular Saver must only be via standing order, so that would be a standing order for sure" was talking nonsense. Sadly, that doesn't surprise me these days with bank staff.

20SmthngSver

OceanSound wrote: »

How do we pay in money to Halifax Regular Saver?

I opened account on 31 May 2019. It shows up on my online banking. I don't remember setting-up a standing order.

Checked standing orders (SO's) active on Reward current account and it dosen't show any SO's.

As outlined, it must be funding by Standing Order but unlike a lot of Current Account linked Regular Savers, the Halifax RS does not beed to be funding by SO from a Halifax Current Account, it can come from anywhere.

Section106

20SmthngSver wrote: »

As outlined, it must be funding by Standing Order but unlike a lot of Current Account linked Regular Savers, the Halifax RS does not beed to be funding by SO from a Halifax Current Account, it can come from anywhere.

Are you sure the Terms and Conditions require funding only by Standing Order?

As YorkshireBoy suggests, other methods of funding may be a possibility.