Halifax regular saver

vermania

colsten said:

Gareth2020 said:

Up until 2 months ago, worked for them 
When account was closed early it was closed at the interest rate of the everyday saver.

That's interesting, as this is not supported by the published T&Cs.

Last year, I considered closing my Halifax Regular Saver early, but when speaking to them on the phone they said there would be a "penalty" in the form of a low interest rate. Obviously it put me off. I mentioned it on here at the time but as you say it isn't very clear.

colsten

I don't doubt that you were told what you describe, but I also have no doubt that CS don't always know their own products.

The Halifax  Savings Accounts T&Cs state for the Regular Saver that the interest is fixed for 12 months, that "you have easy access to your savings", and there is no mention of any interest penalty for early closure. On other fixed term accounts, they specify penalties for early closure. By implication, there is therefore no early closure penalty. If Halifax wanted to get away with an early closure penalty for the Regular Saver, I am sure they'd have a hard time getting this past the FOS. I am quite sure it wouldn't have to go that far, though.

vermania

colsten said:

I don't doubt that you were told what you describe, but I also have no doubt that CS don't always know their own products.

The Halifax  Savings Accounts T&Cs state for the Regular Saver that the interest is fixed for 12 months, that "you have easy access to your savings", and there is no mention of any interest penalty for early closure. On other fixed term accounts, they specify penalties for early closure. By implication, there is therefore no early closure penalty. If Halifax wanted to get away with an early closure penalty for the Regular Saver, I am sure they'd have a hard time getting this past the FOS. I am quite sure it wouldn't have to go that far, though.

I'm just reporting back my experience. For me, for the sake of a couple of weeks early closure it was not worth having a drawn-out argument. Maybe you could do us all a good turn by taking it up with them directly and sort the issue once and for all.

wmb194

I closed a BoS and a Halifax regular saver early in December 2017 and received the accrued interest at the advertised rate for both of them. I didn't have a conversation with anyone, I just closed them online, and I don't think anything's changed in the terms in meantime. I did close a Halifax regular saver early in 2010 and that definitely did pay out at a miniscule rate but IIRC that was expected as it was in the T&Cs. It could be that Halifax/BoS employees are remembering the terms from an older version of the product.

Paenymion

Re-read the booklet ( https://static.halifax.co.uk/assets/pdf/savings/pdf/savings-account-conditions.pdf ) and nothing about interest penalty.  So I'll proceed assuming I get 2% even if closed early and then FOS if they try anything

Gareth2020

Might not be the officla answer but it was always closed when I was there at the interest rate of the everyday saver

bristolleedsfan

Gareth2020 said:

Might not be the officla answer but it was always closed when I was there at the interest rate of the everyday saver

I closed Halifax regular saver at a branch turn of this year, Interest was paid at regular saver rate up until closure, system does it automatically not possible to be different for some than others.

bristolleedsfan

wmb194 said:

I closed a BoS and a Halifax regular saver early in December 2017 and received the accrued interest at the advertised rate for both of them. I didn't have a conversation with anyone, I just closed them online, and I don't think anything's changed in the terms in meantime. I did close a Halifax regular saver early in 2010 and that definitely did pay out at a miniscule rate but IIRC that was expected as it was in the T&Cs. It could be that Halifax/BoS employees are remembering the terms from an older version of the product.

Halifax regular saver cannot be closed online .......

wmb194

bristolleedsfan said:

wmb194 said:

I closed a BoS and a Halifax regular saver early in December 2017 and received the accrued interest at the advertised rate for both of them. I didn't have a conversation with anyone, I just closed them online, and I don't think anything's changed in the terms in meantime. I did close a Halifax regular saver early in 2010 and that definitely did pay out at a miniscule rate but IIRC that was expected as it was in the T&Cs. It could be that Halifax/BoS employees are remembering the terms from an older version of the product.

Halifax regular saver cannot be closed online .......

That might be true now but I'm sure I did back then. .... .....  .....  ....

eddie7612

bristolleedsfan said:

wmb194 said:

I closed a BoS and a Halifax regular saver early in December 2017 and received the accrued interest at the advertised rate for both of them. I didn't have a conversation with anyone, I just closed them online, and I don't think anything's changed in the terms in meantime. I did close a Halifax regular saver early in 2010 and that definitely did pay out at a miniscule rate but IIRC that was expected as it was in the T&Cs. It could be that Halifax/BoS employees are remembering the terms from an older version of the product.

Halifax regular saver cannot be closed online .......

I think it (used to) be possible to "upgrade" it to an Easy Saver or whatever their 0.01% easy access account was called online, then you could withdraw the money.