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Halifax to relaunch regular saver @10%+

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  • mary
    mary Posts: 1,585 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I got the same message this morning. A bit of a nuisance after closing the old and opening the new one over the phone yesterday, to then have to go in and authenticate who you are! To confirm your ID is a bit of a joke, when they have no problems closing the account of someone who they know and yet the same voice on the phone in the same conversation suddenly must appear like a complete stranger to them and they don't know who you are!. Oh well, I guess they are only protecting themselves, and presumably us somewhere in there.

    The £500 is visible in the account, but as yet you can't access the individual account.
  • Paul_Herring
    Paul_Herring Posts: 7,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    uk1 wrote: »
    I can feed the account from my High Interest Current Account - and create the standing order from within that account. And as long as I keep £5k in my Web Saver Account (without card!) then I should receive my 12%?

    Yup - I can't check (since I'm not after the 12%, there's no mention of '2%' in the T&C PDF and I can't see it stated on the website) but I get the impression that the £5k must also remain in there for the whole year for you to get the bonus. What happens if (say) it drops below for a month, I've no idea.

    One of two scenarios are possible:
    1) You drop the 2% bonus while the balance is below £5k.
    2) You drop the 2% bonus totally if the balance goes below £5k (Akin to cancellation of the RS if you fail to pay for one month.)
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • Paul_Herring
    Paul_Herring Posts: 7,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Well, nothing because I don't get paid until the 24th of each month. :p
    You've got a 'legitimate reason' for 'waiting' - you don't actually have the £500 to put in yet, so you aren't losing out.
    Poor me has no big lump sum to "drip feed" into the RS. Just the regular monthly income. ;)
    That's what most of us do for RS I think (or recycle maturing RS's from elsewhere that have started in other months.

    My lump sums are elsewhere.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • tiptoe_mouse
    tiptoe_mouse Posts: 344 Forumite
    Part of the Furniture 100 Posts
    Can anyone working for Barclays confirm whether you can only make one deposit per month (as per pdf terms and conditions) or more than one (as shown on the info page for account). It would be really useful to be able to have a small standing order then top it up as funds allow.

    Thanks

    tiptoe
  • Paul_Herring
    Paul_Herring Posts: 7,484 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    By applying say on 29th of June and first funding on 30th June (forget the fact its a week end, this is just an example),
    Also forget the fact that you cannot pay in on the 30th (or indeed the 29th) since they require funds to be deposited between the 1st and 28th.

    Halifax T&C's Adobe page 4:
    Missed payment
    • Your standing order payment must reach your account by the 28th of each month. We recommend that standing orders from non-Halifax accounts be arranged for no later than the 23rd of each month in order to reach the Halifax Regular Saver account
    by the 28th.
    and then paying your 2nd payment on 1st July, you already have £1000 in your account and have only had it open for a few days.
    Where is the first £500 between 'now' and 'the 28th'?
    Considering you get the most advantage out of the account towards the end of the term when you have the most money in there, doing things this way will mean you have the larger sum in there for a slightly longer period of time.
    It would be in there even longer if you put it in ASAP, rather than risking missing the 28th.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • oldfella
    oldfella Posts: 1,534 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    assuming the £500 is in a zero interest current account the most you will loose is about £4 by starting the RS late in the month, whereas I think an earlier posting demonstrated you gain around £20 over the RS year.

    obviously if the £500 is income you loose nothing

    if you intend to rollover into the second year starting late in the month is probably not worth it as the 13th payment is transferred to the nominated account. But as the 10% is likely a oneoff, this seems less likely.
  • Where is the first £500 between 'now' and 'the 28th'?

    Since the 12 months doesn't start until your opening deposit is received, assuming you paid in the £500 today you would be missing out on interest between 10 June and 28 June 2009.

    I.e. you don't "lose out" by waiting for the 28th, you just take the 'loss' now rather than next year.
    It would be in there even longer if you put it in ASAP, rather than risking missing the 28th.

    12 months from 10 June and 12 months from 28 June is still 12 months. Doing the 28th/1st trick just means that your average balance is almost £500 higher than if you paid in on 1st of each month.

    Paying in your first £500 ASAP would be the best plan if the 12 months ran from account opening - but it doesn't (see T&Cs)

    Hope that clarifies!

    JC
  • meinnit
    meinnit Posts: 929 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Im confused!!
  • Closed the old Reg Saver & opened a new 10% one in 10 mins on the phone today - no problem getting through & no problem with the CSA's understanding what I wanted and knowing what to do . I've used Halifax for a few years now and never do have a prob with their service - maybe I'm just lucky!

    The helpful chappie who opened the new acct explained re the £5k to get the extra 2% (which sadly I don't have so couldn't do even if I wanted to!) - To answer some previous posters' questions - he said that you need to keep at least £5k in the nominated acct FOR THE WHOLE YEAR - if the balance drops below £5k you don't get any of the extra 2%. Hope that helps some people.

    Remains to be seen if I get asked to take in ID - this is apparantly a random thing so you may or may not..........

    All the best,

    FE
    The best advice you can give your children: "Take responsibility for your own actions...and always Read the Small Print!"
    ..."Mind yer a*se on the step!"
    TTC with FI - RIP my 2 MC Angels - 3rd full ICSI starts May/June 2009 - BFP!!! Please let it be 'third time lucky'..... EDD 7th March 2010.
  • timberford
    timberford Posts: 15 Forumite
    I applied for one of these accounts online last night, I haven't received an email notification as yet... is that normal?

    It said the application went through ok.
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