Halifax to relaunch regular saver @10%+

Paul_Herring

mikael wrote: »

In the branch they did not provide me with the full terms and conditions to check through. [...] 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.

But you don't have the T&C's.

You surely didn't sign up for something without reading the T&C's? (Which clearly state that it is one regular saver per person.)

I'm afraid you won't have a leg to stand on if you rely solely on the (wrong) information provided by an untrained member of staff - the T&C's will take precedence.

It's not as if the staff member was an IFA where you do have a grievance procedure if they tell you wrong stuff regardless of any T&C's.

I'm sorry, but I believe you should sort this out yourself - sooner rather than later. I don't think you'll get very far if you wait for Halifax to sort this out in a way you don't think is 'fair'

Paul_Herring

meinnit wrote: »

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

In all the T&C's I've seen so far, I've not found it, (but I haven't gone searching for it,) but I get the impression that yes, it should remain in there for the duration of the RS.

It wouldn't surprise me to find out that the 2% is totally forfeited if at any time the balance drops below £5000.

MigsyBigsy

Hello All,

just wanted people 's opinion on the following:

Not sure if I should open the new Halifax 10% saver account as I have already my limit on a Barclays ISA, I have money in the KaupthingEdge and currently in a Alliance and Leicester current account.

Should I close my Kaupthing and open the Halifax.

cheers all

thumshie

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.

In the leaflet available from branch its got in bold the following:

If you can limit how often you need to take money out and make just 1 withdrawal is 12 calendar months from the date you open your halifax guaranteed saver, then you'll be rewarded with an even higher rate on your Guaranteed saver!

So the reward one is valid...

debbie42

Paul_Herring wrote: »

It wouldn't surprise me to find out that the 2% is totally forfeited if at any time the balance drops below £5000.

That's what I was told by the saving's advisor who opened mine.

thumshie

meinnit wrote: »

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

The requirement is to keep £5000 in your nominated account - defined when the Regular saver is set up. I doubt you're allowed to change your nominated account through the year, so the £5000 has to say in the same account for the 12 months..IMHO

Paul_Herring

debbie42 wrote: »

That's what I was told by the saving's advisor who opened mine.

We've already had one case of a saving's advisor giving the wrong 'advice' in direct contradiction to the T&C's - do you happen to have a cite to T&C's that actually state this please?

thumshie

MigsyBigsy wrote: »

Should I close my Kaupthing and open the Halifax.

Depends if you've only got £500 in there. As the most you can pay into the RS is £500 a month, if in the Edge account you have more than this you could drip feed into the RS every month - even if it's via the current account..

MORPH3US

Hi guys, sorry if this has been asked already, thread is long so only scanned....

According to this site, the best ISA is Barclays @ 6.25%...

Using MSE's calculator I would need 7.8% from a regular saver to beat the ISA...

Obviously Halifax are paying 10%, so does that mean I am better getting a regular saver then paying into my ISA?

At the end of the year I could stick it all in the ISA anyway as I never fill my ISA...

Surely its not so simple... how can a regular saver that I have to pay tax on beat a tax free ISA...?

Also, would I be better closing my old ISA's and paying into the regular saver? I am with NS&I at the moment and I get a pittiful 5.3% and have about £6k in there paid in over the last 2 years....

meinnit

In the long term an ISA would probably be better as the interest accumulated in an ISA will be tax free for the life of that ISA.