Is there a way to quickly renew my Halifax 5.5% Regular Saver?

CricketLady

I have a Halifax 5.5% regular saver due to mature on the 21st November - I didn't fund it last year, it simply rolled over from the previous year.  Is there any way I can close it early, and open a new one this week? I've had a letter today saying that on the 21st it will mature then automatically renew but I think the rate will drop before then.  I'd like to be able to get it going for another year from now but I daren't cancel it in case it then doesn't allow me to start on the renewal date. Should I hold out for the 21st or is there another option?  Thanks in advance 

elsien

You need to check the specific terms and conditions, but I know that other banks only allow you to have one so the one has to close before you open a second one to roll funds over into. 

I’ve just had the same discussion with nationwide. Computer said no. 

masonic

You can upgrade it online to an easy access saver. Then you will be able to open another.

CricketLady

Thanks Masonic, it simply says "renew account" then when I click on that it says that if I don't want to renew, I should take a look at their other savings options and below that it lists an Everyday Saver at 1.3 - 1.8%.  If I click to do this, will it make my 5.5% regular saver account turn into this instantly or will it only do that on the renewal date (21st?)  

Middle_of_the_Road

Will be instant. You might need to log out and then when you log in it will be visible.

CricketLady

Was indeed instant!  Thanks so much!

jimjames

Unlike some other banks the Halifax regular saver seems to have changed recently. Rather than converting to an instant saver at much lower rate the proceeds now transfer into a different account but the regular saver continues with the same sort code and account number which makes it somewhat easier.

surreysaver

jimjames said:

Unlike some other banks the Halifax regular saver seems to have changed recently. Rather than converting to an instant saver at much lower rate the proceeds now transfer into a different account but the regular saver continues with the same sort code and account number which makes it somewhat easier.

I believe that's how the child version of it has always operated 

35har1old

CricketLady said:

I have a Halifax 5.5% regular saver due to mature on the 21st November - I didn't fund it last year, it simply rolled over from the previous year.  Is there any way I can close it early, and open a new one this week? I've had a letter today saying that on the 21st it will mature then automatically renew but I think the rate will drop before then.  I'd like to be able to get it going for another year from now but I daren't cancel it in case it then doesn't allow me to start on the renewal date. Should I hold out for the 21st or is there another option?  Thanks in advance 

Withdrawn all money then renew to easy excess account it then can be closed and new monthly saver opened

35har1old

jimjames said:

Unlike some other banks the Halifax regular saver seems to have changed recently. Rather than converting to an instant saver at much lower rate the proceeds now transfer into a different account but the regular saver continues with the same sort code and account number which makes it somewhat easier.

That's when it matures the OP wants to close early to fix the interest rate for the year

Eco_Miser

jimjames said:

Unlike some other banks the Halifax regular saver seems to have changed recently. Rather than converting to an instant saver at much lower rate the proceeds now transfer into a different account but the regular saver continues with the same sort code and account number which makes it somewhat easier.

It's been changed for at least a year now. The catch is that you don't get to add a 13th payment (more precisely a first payment in the same month as the last payment of the maturing account).