Halifax to relaunch regular saver @10%+

Dagobert

As always with Halifax, Terms & Conditions will not be made availbale until you have signed up.

Paul_Herring

YorkshireBoy wrote: »

The SO is now set up, but has an end date of 10/6/09. Is this a problem?

No, it's a default. It's advertised as a "one year regular saver" that you can continue simply by continuing to fund it. They simply default to the "one year" bit.

I thought this regular saver continued into a second year (assuming the rate is still good and I want to keep it)?

Should I amend to leave this 'date of last payment' field blank?

If you intend to carry on with the RS after the year is up, yes.

Paul_Herring

Dagobert wrote: »

As always with Halifax, Terms & Conditions will not be made availbale until you have signed up.

Incorrect. They are available online before you attempt to complete step 5 which is acceptance of said T&Cs.

Dagobert

Dagobert wrote:

As always with Halifax, Terms & Conditions will not be made availbale until you have signed up.

Paul_Herring wrote:

Incorrect. They are available online before you attempt to complete step 5 which is acceptance of said T&Cs.

Sorry to have posted incorrect information. However, this is what I was told over the phone and in my experience it is true for phone applications. They refused to send me out the T&Cs for an ISA I was going to apply for prior to the application process.

obsessed_saver

Thank you for your interest in applying for a Halifax Regular Saver account. Before you continue with the application please note that the following points apply:

• You can save between £25 and £[FONT=Times New Roman, Times]500[/FONT] per month, fixed for a year.
• Applicants must be 16 years of age or over
• You can only have one a Halifax Regular Saver per person
• You must have a nominated Halifax or Bank of Scotland account to pay your money into at the end of the Regular Saver term, if you do not have a suitable account*, we will open a variable rate Halifax Web Saver (without card) for you as part of this application
• You will need to set up a standing order (STD) to fund your new Regular Saver. You can do this at any of our branches if you have an eligible Halifax or Bank of Scotland account, or you can set up an STD from another financial provider.
• If you fail to make a payment of at least £25 by standing order to reach your new Regular Saver account on or before the 28th of each month (23rd for STD's from another provider), we will close your account, pay interest up to the date of closure at the current rate for Halifax variable rate Web Saver (without card) account and transfer the account balance to your linked nominated account.

*Suitable accounts are Variable Rate Halifax Web Saver (without cash card option); Halifax Premium Savings Direct; Halifax Saver Reward or a Halifax Instant Saver Note that only the Web Saver account can be opened online.

Full terms and conditions PDF:
https://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_336203-7.pdf

Hope the link works for everyone, and not just because I'm logged into Halifax.

YorkshireBoy

YorkshireBoy wrote: »

The SO is now set up, but has an end date of 10/6/09. Is this a problem? I thought this regular saver continued into a second year (assuming the rate is still good and I want to keep it)?

Should I amend to leave this 'date of last payment' field blank?

Dagobert, Paul...

Sorry, I meant to say date of last payment was 10/5/09 (but thankfully you both knew what I meant anyway!).

SuiDreams

I have just had a new 10% account opened over the phone, but they haven't closed my 7% one they said just leave it and not pay into it and it will close after 12 months anyway. Is this correct?

Lavendyr

On the "apply now" page it says "Set up a monthly standing order from your bank account - you can make other deposits too, as long as the total each month doesn’t exceed £500 " but in the account conditions PDF it says you can only fund it by one monthly standing order payment. Does anyone know which is correct?
Thanks!

Milarky

Lavendyr wrote: »

On the "apply now" page it says "Set up a monthly standing order from your bank account - you can make other deposits too, as long as the total each month doesn’t exceed £500 " but in the account conditions PDF it says you can only fund it by one monthly standing order payment. Does anyone know which is correct?
Thanks!

What you quote on multiple payments are the conditions applicable to existing (7%) Halifax Regular Saver accounts. This new account, whilst it goes by the same name, has a different funding limit. The existing RS terms must be honoured, of course, or 30 days notice of any restriction given under the Banking Code. It sounds like, in all the excitement to launch their 'new' account, Halifax might have forgotten to ties the ends up.

Paul_Herring

SuiDreams wrote: »

I have just had a new 10% account opened over the phone, but they haven't closed my 7% one they said just leave it and not pay into it and it will close after 12 months anyway. Is this correct?

No. You (well the CSA) shouldn't have been able to open the 10% over the phone without the 7% being closed - the CSA should have offered to close it for you.

If you do nothing else and stop paying into the 7% it will close after a complete calendar month has passed due the the T&C's of the account. Not until maturity.

I'd get them to ring you back[1] to confirm all this, since the CSA you spoke to seems to have told you, or at least inferred at least 2 incorrect things: (a) that you can have a 7% and 10% running concurrently and (b) not paying into the 7% won't affect the maturity date.

[1] http://www.halifax.co.uk/savings/savingscallback.asp