Halifax Regular Saver - matured and new RS

No_Name

I recently had a regular saver mature and was under the impression (due to the account changing it's rate to the current 2.50%) that the RS will continue.

However, a couple of failed standing order payments bounced back into my current account (will I incur fees?), prompting me to see what the 'renewing' options were.

It seems you could only convert into an everyday saver, then you are able to re-apply?

Is this others' experience?

Archi_Bald

Works as per the Terms and Conditions you agreed to when you opened the account.

radoslaff

HSBC, First Direct, Nationwide, and more have 5% RSs. Do you really need to use the Halifax RS at 2.50%? Unless of course you have them all already. Even Lloyds's RS gives 3% and they are from the same Bank Group. And according to my experience once the RS comes to an end it transforms into a normal savings account and if you want another RS you have to open a new one.

Mee

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

After 12 months, any money you have saved into your Regular Saver along with interest accrued will be transferred into an Everyday Saver account we open for you as part of the Regular Saver application

I have all the RSs quoted by radoslaff (and more) but still need a home for funds.

No_Name

I have the Lloyds, TSB, Santander, First Direct and Nationwide RS accounts.

Probably need to take a look at HSBC.

My matured funds with interest were transferred into an exsiting instant account I had from a few years ago. Not an account I nominated nor was it converted to an everyday saver.

My matured RS change it's rate from 2% to 2.5% and remained open - which is what was expected from the correspondence received from Halifax a few weeks ago.

Strangely, standing orders were rejected, so I had to go through as explained above for a new RS.

Zanderman

'Matured' regular savers are, by definition, mature. They cease taking money and cease paying a decent rate of interest and the accumulated cash, with the newly acquired interest, is placed in a easy access saver. That's what Halifax have probably done - as per their T&C.

They will offer a new Reg saver - but you'll need to take action to set it up.

What did the letter from halifax actually say? I'm guessing, from the T&C and from what you report happened, it didn't say it would keep the reg saver open but offered you a chance a to open a new one? Or something along those lines?

EssexExile

Each bank seems to be different. Santander are now saying that when your regular saver ends they'll automatically start a new one:

So from 1st June 2018, if you pay into your Regular eSaver using a standing order from a Santander current account, we’ll automatically renew your account to a new Regular eSaver when it matures. We'll contact you around 14 days before your account is due to mature to give you the new Key Facts Document and to confirm what the new interest rate will be.

Whereas TSB revert to a very low interest savings account but keep taking the monthly payments unless you stop them yourself.

AirlieBird

AIUI from a discussion on the regular saver thread a couple of weeks ago while it has reset the term and interest rate it is still the same account that doesn't allow more than one deposit per month. I think if you made a deposit under the old term, when the new term starts you cannot make another deposit in the same month.

soulsaver

Halifax will close the RS at maturity & transfer the funds to an 'Everyday Saver' which they'll open for you(0.20%)unless you phone prior to maturity and nominate another saving account for the maturing proceeds.
Using this nomination option allows the RS to then continue with the same sort code & ac number, allowing you to extend your existing SO (if still in existence) to continue paying into the RS... at the then prevailing interest rate, today 2.5% but not guaranteed to be that in say 10 days when your ac may mature.