Halifax to relaunch regular saver @10%+

dkmax_2

ctdctd wrote: »

Think I disagree here:-
Putting £5000 in the Halifax Guaranteed Saver gives £250 at its 6.25% "reward" rate

I think the problem is there appears to be some doubt as to whether the Halifax Guaranteed Saver Reward is a qualifying account. The T&Cs make it out to be a distinct account type from the HGS. If they are equivalent then it would clearly be one to pair up with the RS.

trashcan_2

I have just set up the regular saver on-line.
I am unclear what to do next. Do i have to go to a branch or phone them to set up a standing order, or do it through my own bank, or wait to they send me my password and set up my standing order online.

Cheers.

cepheus

Do the Halifax require any silly identification procedures for applying on line (signatures of accountants, actual birth certs etc) for those who are not a current member.

trashcan_2

Also in my post I ment to asked if the direct debits are fixed for the whole year or if you can change them.

Paul_Herring

I have just set up the regular saver on-line. I am unclear what to do next. Do i have to go to a branch or phone them to set up a standing order, or do it through my own bank, or wait to they send me my password and set up my standing order online.

(Assuming the source isn't a Halifax account) You require off Halifax the sort code, account number and roll number of your regular saver. (The roll number will be the reference number.)

In the source account, you need to set up a standing order (using the above details) for £25-£500 between the 1st and (Halifax recommend) 23rd.

trashcan wrote: »

Also in my post I ment to asked if the direct debits are fixed for the whole year or if you can change them.

They're standing orders, not direct debits, and you may vary both the date and the amount within the limits I've just mentioned, and you must ensure a payment goes in each month.

YorkshireBoy

trashcan wrote: »

I have just set up the regular saver on-line.
I am unclear what to do next. Do i have to go to a branch or phone them to set up a standing order, or do it through my own bank, or wait to they send me my password and set up my standing order online.

Cheers.

You were (or should have been) given your account details at the end of the application process. You can use these to set up your standing order.

Also in my post I ment to asked if the direct debits are fixed for the whole year or if you can change them.

Direct debits?

If you mean standing orders, then you can change the amount with every month that passes...so long as your payment falls within the min/max allowed in the account T&C's.

ctdctd

dkmax wrote: »

I think the problem is there appears to be some doubt as to whether the Halifax Guaranteed Saver Reward is a qualifying account. The T&Cs make it out to be a distinct account type from the HGS. If they are equivalent then it would clearly be one to pair up with the RS.

It's the same account AFAICS - if you click on the link to Guaranteed Saver on the RS page, it takes you to the "reward" page. Stick to the conditions and you get 1% reward to 6.25%, don't and you don't get the reward.

May be worth a call to the Halifax to clarify - I'll do this when funds arrive to open the Guaranteed Reward account at the same time as I do the RS.

debbie42

ctdctd wrote: »

May be worth a call to the Halifax to clarify - I'll do this when funds arrive to open the Guaranteed Reward account at the same time as I do the RS.

I've opened the regular saver with this as my qualifying account.

PosterBoy77

Paul_Herring wrote: »

Assuming you are planning on contributing the presumed requisite £750/month to service both regular savers, the person you spoke to was wrong. Somewhere down the line, someone or something will see you have two regular savers, and then something will be done about closing one of them and retrospectively calculating interest at a lower rate.

If, on the other hand, you stop contributing to the 7% it will lapse, the rate will drop to 4.whatever% for the whole term of the account, and it will close automatically.

Well we will have to see. In the branch they did not provide me with the full terms and conditions to check through. I asked them what I could do, and they said I could have both. If at sometime someone in Halifax does decide that one should receive less interest or be closed, I shall be making a formal complaint, and seeking compensation for the loss of interest. I have the right to be told correct information by the bank about their own products.

I was quite prepared to have to close the 7% one, but if they say I can keep it open, then why should I do anything else?

meinnit

Do you have to keep the £5000 in the same account for the duration of the year?

Lets say you move the money to another qualifying account within that year, do you lose the 2% bonus? Or if the funds fall below £5000 do you lose the 2% bonus for good?

Also, is the rate of interest shown when you log in and check the account online?