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typistretired

Thank you for your quick reply.  I thought that was the reason as it is showing as 1%.  I have somehow mislaid the maturity letter, not like me.  I paid in money this month to the matured regular saver so will have to wait until January.  Halifax have stopped being able to pay funds in maturing regular saver and new regular saver in same month.

MDMD

typistretired said:

Thank you for your quick reply.  I thought that was the reason as it is showing as 1%.  I have somehow mislaid the maturity letter, not like me.  I paid in money this month to the matured regular saver so will have to wait until January.  Halifax have stopped being able to pay funds in maturing regular saver and new regular saver in same month.

This is the anomaly compared to all the other LBG Regular Savers. I believe there is a workaround but it requires you to close the everyday saver (or whatever it is called) which Halifax open at the same time as the RS. This needs to be done before maturity, and per the Terms they will then convert your RS into a new Everyday Saver. You can then open a new RS, which should permit you to pay into the new RS in the same month (as you are paying into two different regular savers, but you don’t pay into any individual RS more than once a month, and you don’t have more than one open at once). They will keep any Halifax Standing Orders going into the Everyday Saver (the one that was the old RS) but you can cancel these and should then close the Everyday saver account.

https://www.halifax.co.uk/assets/pdf/savings/pdf/savings-account-conditions.pdf (page 8)

• We’ll transfer your savings and interest to your Everyday Saver or (if you opened your account before 20th May 2019 the account you chose). This will happen each year on the day after the anniversary of your Regular Saver account opening. (See Section M

for more detail on what happens if that anniversary is a non-working day.) Your monthly payments into your Regular Saver account will continue, and will earn interest at the Regular Saver rate that applies at the time.

• If you don’t have an account for us to transfer your savings and interest into, for example because you’ve closed the account the interest should have been paid to you chose originally, your savings will stay in your Regular Saver account and we’ll change that account to an Everyday Saver. Your regular payments will continue. We’ll write and

let you know, and if you keep your savings in your Everyday Saver account we’ll regard you as having agreed to the new account conditions.

polymaff

MDMD said:

This is the anomaly compared to all the other LBG Regular Savers.

Over recent years, I've lobbied Halifax, Santander and HSBC to introduce the option of an auto-rollover mode. Only Santander understood the benefit it would deliver to both parties.  Halifax was (not invented here)  luke-warm, HSBC - glass-eyed. 

As you'd expect.

As regards LBG - just another example of how un-integrated NBG still is. ...

MDMD

polymaff said:

MDMD said:

This is the anomaly compared to all the other LBG Regular Savers.

Over recent years, I've lobbied Halifax, Santander and HSBC to introduce the option of an auto-rollover mode. Only Santander understood the benefit it would deliver to both parties.  Halifax was (not invented here)  luke-warm, HSBC - glass-eyed. 

As you'd expect.

As regards LBG - just another example of how un-integrated NBG still is. ...

My preference is for them to be closed rather than rolled over (unless it gives a benefit of a higher interest rate). 

An auto rollover will mean that you can’t take advantage of making a 13th payment and maximise interest by effectively doubling your permitted first payment if you open the account right at the end of a month (as the account will have already had a payment that month).

polymaff

I also, where possible, use the 13th payment approach.  The auto-rollover approach is a good idea for many, though.

When describing this to HSBC, btw, I was so reminded of those Homer Simpson moments where someone is telling him something important:

wmb194

polymaff said:

MDMD said:

This is the anomaly compared to all the other LBG Regular Savers.

Over recent years, I've lobbied Halifax, Santander and HSBC to introduce the option of an auto-rollover mode. Only Santander understood the benefit it would deliver to both parties.  Halifax was (not invented here)  luke-warm, HSBC - glass-eyed. 

As you'd expect.

As regards LBG - just another example of how un-integrated NBG still is. ...

You'll be interested to know that for the first time in my experience Halifax's Kids' Regular Saver automatically rolled over this year. I assumed it was due to Covid and Halifax wanting to keep people away from its branches but another possibility is that it is a test. It'll be interesting too see whether it rolls again next year.

kaMelo

wmb194 said:

polymaff said:

MDMD said:

This is the anomaly compared to all the other LBG Regular Savers.

Over recent years, I've lobbied Halifax, Santander and HSBC to introduce the option of an auto-rollover mode. Only Santander understood the benefit it would deliver to both parties.  Halifax was (not invented here)  luke-warm, HSBC - glass-eyed. 

As you'd expect.

As regards LBG - just another example of how un-integrated NBG still is. ...

You'll be interested to know that for the first time in my experience Halifax's Kids' Regular Saver automatically rolled over this year. I assumed it was due to Covid and Halifax wanting to keep people away from its branches but another possibility is that it is a test. It'll be interesting too see whether it rolls again next year.

It always has rolled over, or at least it rolled over when we were using the children's regular saver around a decade ago.
Around a month before maturity a letter was sent asking what to do upon maturity. Upon maturity the funds were transferred from the regular saver into a new young saver account and the standing order continued sending money to a new regular saver for another year using the same account no and sort code 

karlie88

Re: Furness BS reg saver (closed issue, due to mature in Jan, paying 2.5%).
Due to the pandemic there will be an option of rolling it over (with full balance) into a new 12 month reg saver paying between 1.5%-1.7% (rate not confirmed yet). It will remain easy access and continue to allow £500/month pay-ins. Information obtained from Preston branch, probably best not to phone because they're busy. Letters to be sent out within the next 10 days. Very impressive.

schiff

Saffron
The maturity options are being sent out by e-mail apptly, I've had mine. The new one is 1.5% fixed! Max £500pm.

Archie_Duke

Daft amount of leaflets sent out for me to restart a RS, just for the sake of FD rolling over the details from the one they wrapped up in the same working week! Returning customers should be familiar with the basics of the account and just sent a link to read/ignore as they see fit. These are all going straight into the recycling. Hardly worth the effort of all of it really, for a maximum interest gain of £19.50.