Regular Savings Accounts: The Best Currently Available List!

Special_Saver2

YorkshireBoy wrote: »

Are you 'new' to Halifax? If so, the account may be waiting for ID verification, meaning a branch visit may be necessary (happened to me a few years ago, and I had to show them my passport and then they ticked a box on their screen!!).

Probably best to call them. Use the callback service* and let them pay!


* Just bluff your way through to savings.

Or just use the Halifax savings callback service, then you don't need to bluff your way past the current account people.

SS2

keoandsox

last year we opened one of the halifax regular fixed rate savers accounts with a fixed rate of 10% to be paid on the anniversary, the account matured on june 28th 09, we followed the guidelines to the letter and deposited the same amount each month for 12 months on the same day, on maturity we did not get our 10% on the final balance, it worked out to about 4% in total! we spent 3 hours in halifax talking to 3 staff who all had different ideas on how the account worked, one even admitted to us that he thought the accounts literature was misleading and advised to take the matter further with the halifax complaints department.

has anyone else had similar problems? was there something in the small print that we missed??

:mad::mad::mad::mad:

YorkshireBoy

keoandsox wrote: »

has anyone else had similar problems?

A number of people have reported problems. What were the dates of your deposits (as shown on your closing statement/online area)? And how did you make them...BACS transfer in from another bank?

YorkshireBoy

Special_Saver2 wrote: »

Or just use the Halifax savings callback service, then you don't need to bluff your way past the current account people.

It was late and that link was the first I saw from a site search (and I'm lazy!). Guilty as charged.

Paul_Herring

keoandsox wrote: »

last year we opened one of the halifax regular fixed rate savers accounts with a fixed rate of 10% to be paid on the anniversary, the account matured on june 28th 09, we followed the guidelines to the letter and deposited the same amount each month for 12 months on the same day, on maturity we did not get our 10% on the final balance, it worked out to about 4% in total!

How much did you deposit per month, and how much interest did you get at the end?

The bit about the staff makes me think you're expecting 10% of the total amount deposited, not 10% of the amount deposited while it was deposited. Taking tax off would probably account for the extra difference.

e.g. £500 deposited per month equates to £6,000 deposited, but does not equal £600 interest - instead it should be £500*5.5(months)*10%(rate)*80%(tax) = £220.

Which comes out to about 3.7% of £6,000 (a wrong calculation, but the one that most who don't understand regular savings accounts use.)

LongTermLurker

Paul_Herring wrote: »

The bit about the staff makes me think you're expecting 10% of the total amount deposited, not 10% of the amount deposited while it was deposited.

That's about the best way I've seen it explained Paul. The point a lot seem to miss is that £6000 hasn't been saved for a year, that amount's only been saved for a month, with £5500 being saved for a month and £5000 also being saved for a month , etc.

flyingscotno1

YorkshireBoy wrote: »

Are you 'new' to Halifax? If so, the account may be waiting for ID verification, meaning a branch visit may be necessary (happened to me a few years ago, and I had to show them my passport and then they ticked a box on their screen!!).

Probably best to call them. Use the callback service* and let them pay!


* Just bluff your way through to savings.

Nah, can't be an ID check- the regular saver was opened fine and I'm not new, well not to Bank of Scotland, so doubt Halifax would have a problem. The nominated account was clickable and had a transfer feature a short while back, but this has now disappeared. The Regular Saver lists the nominated account roll number and the nominated account sits below but unclicable and empty.

cashbackproblems

I have a HSBC and Barclays Reg Saver, is the next best one Abbey at 5%+ (super fixed monthly saver) and is it easy to open it on the phone with them as i dont have an abbey account? thanks

tiptoe_mouse

Don't forget LLoyds 5% - you do have to open a current account, but you don't have to fund it regularly or anything.
Also West Brom BS 6% if you've got a branch nearby.

tiptoe

cashbackproblems

tiptoe_mouse wrote: »

Don't forget LLoyds 5% - you do have to open a current account, but you don't have to fund it regularly or anything.
Also West Brom BS 6% if you've got a branch nearby.

tiptoe

thanks for that i had seen the lloyds one and having to open up a current acc first put me off, is that the case also for Abbey as it doesnt say online? TBH even though abbey offer 6% im looking to open whichever account is easiest to do by fone, so if with lloyds i can open the current acc then reg saver by phone i would go for tht. Presumably the current acc is so the money can be paid into there upon maturity?