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Halifax web saver - can't deposit at branch?

We have a Halifax variable web saver account (5.01 gross p/a).

We opened the account, transferred £1, and then a week later deposited £50 in cash at our local branch - there was no problem with this.

Last week we deposited £100 at our branch, and the cashier chastised us for doing so - apparently the internet saver accounts are meant to be managed entirely online, and so you're not really 'allowed' to deposit anything into it at a branch.. but she'd do it 'just this once'!

Is she correct? Seems a bit silly to me - I can understand no micro-management of the account at branch level, but surely it's no big deal to just deposit some cash? Isn't that.. what they want? :confused:

Thanks.

Comments

  • Well technically it's because they want to keep their admin costs down. But it does seem silly with cash deposits, because you'll have to use the branch to put it into your current account anyway...
  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It is all about cost.

    Although using a branch counter is great, by the time Halifax have paid the staff, rented the branch, fitted it out, paid for security, utility bills rates etc, your deposit has cost them well over £1.

    An electronic transfer on the other hand costs pennies.

    Which is why internet savings accounts offer a better rate of interest.

    So you can't have great service and convenience and get the best rates of interest for 'no frills' online accounts.

    R.
    Smile :), it makes people wonder what you have been up to.
  • The relevant T&C (see http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/WS-TC-final.pdf ) would seem to confirm (para 3.5) that you shouldn't pay cash in at a branch counter - but suggest (para 3.5) that you might be able to deposit cash in-branch using one of their cash dispensers.

    However, I suppose that may require the use of a cash-card for that account - and I don't know whether your particular web-saver variant has a card.
  • Dumyat
    Dumyat Posts: 2,143 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    I usually pay in to my current account and then do an online transfer at home.
    I tried to pay in to my credit card in branch (didnt have a statement ...long story!) and the cashier said she couldnt guarantee it would reach my account! some transactions have gone missing she said ??? So I had to pay in to current account and transfer at home online myself.
    x x x
  • Noctu
    Noctu Posts: 1,553 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Thanks everyone, it makes sense now - I think I'll do what you do dogrose, as I have a current account with them.. then I can just transfer it over on my online banking :)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Noctu wrote: »
    ...I think I'll do what you do dogrose, as I have a current account with them.. then I can just transfer it over on my online banking :)
    It depends on which current account you have. For example, if you have 'Easycash' you'll be back to square one...
    With Easycash you won't be able to:
    • Use the branch counter service when withdrawing less than £300, making deposits or carrying out routine account queries
    http://www.halifax.co.uk/bankaccounts/easycash.asp
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Noctu wrote: »
    We have a Halifax variable web saver account (5.01 gross p/a).

    As other responses - you shouldn't really deposit it in Branch. Put it in your current account - and it's then just a mouse click to get it across, when you get home?

    But consider opening (you just do it online .. but make sure you specify 'with card') the variable websaver (with card) as that's paying 6% AER up to 18th July. Transfer all your funds across from the 5.01% version - and leave that empty. Then, 18th July, close the 'with card' version and transfer all the funds + interest back to the empty one. (or then look at the Sainsburys 6% web ... which gives you instant transfers to Halifax. Although so should all accounts by then ... if 'faster payments' arrives end May, as promised)
    If you want to test the depth of the water .........don't use both feet !
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