Prevent Halifax regular saver renewal online - but how?

colsten

surreysaver said:

MDMD said:

You also need to close the everyday saver account they have opened. That way the old account will be converted into a new everyday saver rather than roll round into a new RS.

I cannot see how to close an account in the Halifax or BoS app

You will have to use online banking to do it

surreysaver

colsten said:

surreysaver said:

MDMD said:

You also need to close the everyday saver account they have opened. That way the old account will be converted into a new everyday saver rather than roll round into a new RS.

I cannot see how to close an account in the Halifax or BoS app

You will have to use online banking to do it

Cheers. Just done it on the laptop. Because next tax year I'll be earning over the personal savings allowance, I want to wait until the new tax year before renewing recently matured Regular Savers at 1% so they don't mature until the 2022/3 tax year. My Halifax and TSB mature shortly, and HSBC did last week

trickydicky14

colsten said:

surreysaver said:

MDMD said:

You also need to close the everyday saver account they have opened. That way the old account will be converted into a new everyday saver rather than roll round into a new RS.

I cannot see how to close an account in the Halifax or BoS app

You will have to use online banking to do it

Just been looking at my accounts with Halifax and BOS, following the above info I can close my every day saver online but not my Halifax regular saver but I can close my monthly saver with BOS which is all on the same page.
Is that not strange?

surreysaver

trickydicky14 said:

colsten said:

surreysaver said:

MDMD said:

You also need to close the everyday saver account they have opened. That way the old account will be converted into a new everyday saver rather than roll round into a new RS.

I cannot see how to close an account in the Halifax or BoS app

You will have to use online banking to do it

Just been looking at my accounts with Halifax and BOS, following the above info I can close my every day saver online but not my Halifax regular saver but I can close my monthly saver with BOS which is all on the same page.
Is that not strange?

The BoS and Halifax Monthly/Regular Savers have different T&Cs. I believe you can close the BoS one early, but not the Halifax 
Edit - having just checked, you can withdraw money from the BoS one, but not the Halifax

quirkydeptless

surreysaver said:

trickydicky14 said:

colsten said:

surreysaver said:

MDMD said:

You also need to close the everyday saver account they have opened. That way the old account will be converted into a new everyday saver rather than roll round into a new RS.

I cannot see how to close an account in the Halifax or BoS app

You will have to use online banking to do it

Just been looking at my accounts with Halifax and BOS, following the above info I can close my every day saver online but not my Halifax regular saver but I can close my monthly saver with BOS which is all on the same page.
Is that not strange?

The BoS and Halifax Monthly/Regular Savers have different T&Cs. I believe you can close the BoS one early, but not the Halifax 
Edit - having just checked, you can withdraw money from the BoS one, but not the Halifax

You can close the Halifax Regular Saver early. I have done it. To close it online you need to "renew" it as an Easy Access Saver and then you can close that.

where_are_we

Whilst many will have valid reasons for closing a maturing Halifax Regular Saver, there are reasons to renew it. If you have maxed out any better rates (these are fast disappearing), 1% fixed is not bad, you do not need an associated current account, your first deposit can be £25 and you can miss monthly paying ins with no penalty and be ready to fund again if other rates fall further.

trickydicky14

quirkydeptless said:

surreysaver said:

trickydicky14 said:

colsten said:

surreysaver said:

MDMD said:

You also need to close the everyday saver account they have opened. That way the old account will be converted into a new everyday saver rather than roll round into a new RS.

I cannot see how to close an account in the Halifax or BoS app

You will have to use online banking to do it

Just been looking at my accounts with Halifax and BOS, following the above info I can close my every day saver online but not my Halifax regular saver but I can close my monthly saver with BOS which is all on the same page.
Is that not strange?

The BoS and Halifax Monthly/Regular Savers have different T&Cs. I believe you can close the BoS one early, but not the Halifax 
Edit - having just checked, you can withdraw money from the BoS one, but not the Halifax

You can close the Halifax Regular Saver early. I have done it. To close it online you need to "renew" it as an Easy Access Saver and then you can close that.

Ok, so I have a regular saver still paying the old rate of 2% due to mature soon.

Obviously, I want this to go full term to get the most back.

So, are you saying allow it to mature and get moved to an easy access saver but cancel the SO and then convert the new regular saver as you described to an easy access saver?

Then delete both easy access savers, this is getting complicated.

MDMD

trickydicky14 said:

quirkydeptless said:

surreysaver said:

trickydicky14 said:

colsten said:

surreysaver said:

MDMD said:

You also need to close the everyday saver account they have opened. That way the old account will be converted into a new everyday saver rather than roll round into a new RS.

I cannot see how to close an account in the Halifax or BoS app

You will have to use online banking to do it

Just been looking at my accounts with Halifax and BOS, following the above info I can close my every day saver online but not my Halifax regular saver but I can close my monthly saver with BOS which is all on the same page.
Is that not strange?

The BoS and Halifax Monthly/Regular Savers have different T&Cs. I believe you can close the BoS one early, but not the Halifax 
Edit - having just checked, you can withdraw money from the BoS one, but not the Halifax

You can close the Halifax Regular Saver early. I have done it. To close it online you need to "renew" it as an Easy Access Saver and then you can close that.

Ok, so I have a regular saver still paying the old rate of 2% due to mature soon.

Obviously, I want this to go full term to get the most back.

So, are you saying allow it to mature and get moved to an easy access saver but cancel the SO and then convert the new regular saver as you described to an easy access saver?

Then delete both easy access savers, this is getting complicated.

To get the max benefit you need to

1. close the associated easy access saver before the old one matures. This is needed so you can time the payment in step 4.
2. let the RS run to term and convert to a new easy access everyday saver
3. withdraw all the funds and close the easy access account
4. Open a new RS online, with the first payment preferably as close to the end of the month as possible, and pay in a second and subsequent payments in on 1st of every month. 

Step 4 allows you to effectively make a £500 first payment (if payment one is on 28th Feb and payment two is on 1st March), although the benefits are lower at a rate of 1%. You can do the same with BOS.


the “renew RS into an easy access saver” thing is only relevant if you want to access the funds early - you can’t withdraw from the account but to close it online you have to have a balance of less than £5, but if you “renew” you get round that issue.

surreysaver

MDMD said:

trickydicky14 said:

quirkydeptless said:

surreysaver said:

trickydicky14 said:

colsten said:

surreysaver said:

MDMD said:

You also need to close the everyday saver account they have opened. That way the old account will be converted into a new everyday saver rather than roll round into a new RS.

I cannot see how to close an account in the Halifax or BoS app

You will have to use online banking to do it

Just been looking at my accounts with Halifax and BOS, following the above info I can close my every day saver online but not my Halifax regular saver but I can close my monthly saver with BOS which is all on the same page.
Is that not strange?

The BoS and Halifax Monthly/Regular Savers have different T&Cs. I believe you can close the BoS one early, but not the Halifax 
Edit - having just checked, you can withdraw money from the BoS one, but not the Halifax

You can close the Halifax Regular Saver early. I have done it. To close it online you need to "renew" it as an Easy Access Saver and then you can close that.

Ok, so I have a regular saver still paying the old rate of 2% due to mature soon.

Obviously, I want this to go full term to get the most back.

So, are you saying allow it to mature and get moved to an easy access saver but cancel the SO and then convert the new regular saver as you described to an easy access saver?

Then delete both easy access savers, this is getting complicated.

To get the max benefit you need to

1. close the associated easy access saver before the old one matures. This is needed so you can time the payment in step 4.
2. let the RS run to term and convert to a new easy access everyday saver
4. withdraw all the funds and close the easy access account
4. Open a new RS online, with the first payment preferably as close to the end of the month as possible, and pay in a second and subsequent payments in on 1st of every month. 

Step 4 allows you to effectively make a £500 first payment (if payment one is on 28th Feb and payment two is on 1st March), although the benefits are lower at a rate of 1%. You can do the same with BOS.


the “renew RS into an easy access saver” thing is only relevant if you want to access the funds early - you can’t withdraw from the account but to close it online you have to have a balance of less than £5, but if you “renew” you get round that issue.

Except you'd need the first payment in by 26th February, as 28th is a non working day. I always like to ensure I adhere to the T&Cs, which say 25th, that way they have no come back if something goes wrong

MDMD

surreysaver said:

MDMD said:

trickydicky14 said:

quirkydeptless said:

surreysaver said:

trickydicky14 said:

colsten said:

surreysaver said:

MDMD said:

You also need to close the everyday saver account they have opened. That way the old account will be converted into a new everyday saver rather than roll round into a new RS.

I cannot see how to close an account in the Halifax or BoS app

You will have to use online banking to do it

Just been looking at my accounts with Halifax and BOS, following the above info I can close my every day saver online but not my Halifax regular saver but I can close my monthly saver with BOS which is all on the same page.
Is that not strange?

The BoS and Halifax Monthly/Regular Savers have different T&Cs. I believe you can close the BoS one early, but not the Halifax 
Edit - having just checked, you can withdraw money from the BoS one, but not the Halifax

You can close the Halifax Regular Saver early. I have done it. To close it online you need to "renew" it as an Easy Access Saver and then you can close that.

Ok, so I have a regular saver still paying the old rate of 2% due to mature soon.

Obviously, I want this to go full term to get the most back.

So, are you saying allow it to mature and get moved to an easy access saver but cancel the SO and then convert the new regular saver as you described to an easy access saver?

Then delete both easy access savers, this is getting complicated.

To get the max benefit you need to

1. close the associated easy access saver before the old one matures. This is needed so you can time the payment in step 4.
2. let the RS run to term and convert to a new easy access everyday saver
4. withdraw all the funds and close the easy access account
4. Open a new RS online, with the first payment preferably as close to the end of the month as possible, and pay in a second and subsequent payments in on 1st of every month. 

Step 4 allows you to effectively make a £500 first payment (if payment one is on 28th Feb and payment two is on 1st March), although the benefits are lower at a rate of 1%. You can do the same with BOS.


the “renew RS into an easy access saver” thing is only relevant if you want to access the funds early - you can’t withdraw from the account but to close it online you have to have a balance of less than £5, but if you “renew” you get round that issue.

Except you'd need the first payment in by 26th February, as 28th is a non working day. I always like to ensure I adhere to the T&Cs, which say 25th, that way they have no come back if something goes wrong

Good point, plus if you do it at the weekend it may be treated as being made on the 1st