Halifax to relaunch regular saver @10%+

olivetti

The main page for the new reg saver specificaly states you can make additional payments by SO (I was using internal transfer before) as long as total not more than £500 per month. I have set up new SO for tomorrow and will see if that works!

mariaaaa wrote: »

The problem may not be with your HBOS current account. The Halifax RS T&C says "one payment each month" (under "Features") and "Each deposit must be a regular monthly payment..." (under "Deposits"). So I guess it means ONLY one payment can be made into the RS each month?

nicko33

Paul_Herring wrote: »

(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.

The Halifax Roll Numbers appear to have a blank space in them near the end.
Should this space be left in the reference number of the Standing Order, or does it not matter?

fagun

nicko33 wrote: »

The Halifax Roll Numbers appear to have a blank space in them near the end.
Should this space be left in the reference number of the Standing Order, or does it not matter?

It doesn't really matter, since the sort code and account are enough of a unique identifier.

Also, for those interested, my transfer from FD to Hfx regular saver went through as a faster payment and arrived in minutes. And that was within an hour of the account being set up.

So did £5k to Gtd Saver, which makes this account a better place to put emergency savings than FD's savings account. Though I'm not sure if Hfx to FD is faster payments

debbie42

Paul_Herring wrote: »

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?

It's in the leaflet as follows:

To ensure you get this rate (i.e. 12%) you must have at least 5K in your nominated account within 14 days of making the opening payment into your Regular Saver. You will need to keep at least £5K in this account for 12 months from the date of opening payment ...


Seems pretty clear to me.

Paul_Herring

debbie42 wrote: »

It's in the leaflet as follows:

To ensure you get this rate (i.e. 12%) you must have at least 5K in your nominated account within 14 days of making the opening payment into your Regular Saver. You will need to keep at least £5K in this account for 12 months from the date of opening payment ...


Seems pretty clear to me.

Not here I'm afraid; I'm sorry to keep banging on at this... does it specify the penalty for not keeping 5K in there (complete withdrawal of the 2% bonus or just for the period it was under 5K for) or just a vague implication because "you will need to keep at least 5K in this account..."

Also to be picky about the wording of the bit you quoted...

The second account must have 5K within 14 days of opening the RS. Say you open the RS on the 10th June, fund the other (in time) on 23rd June.

When is it safe to withdraw the funds from the second account? The wording would suggest the 10th June next year (when the RS matures,) but it could (at a stretch) mean the 23rd (is 'opening payment' still referring to the RS, or the second account,) and withdrawing any sooner could put the 2% in peril?

----

Aside: I just can't believe the ambiguity of some, and lack of other, T&C's with this account

I'm all for plain English for T&C's, but there's dumbing down, and there's making the rules ambiguous so you can fleece your customers later when they fail to follow them.

debbie42

I've interpreted at least 5K for 12 months to mean just that: if you go below it then you won't get the bonus. I guess it's not unambiguous in that it doesn't state the 12 months has to be contiguous but that is being picky.

<edit: found another bit>
12% gross pa applicable if nominated account is funded with at least 5Kwithin 14 days of making the opening payment into the Halifax Regular Saver account and maintained for 12 months.

Paul_Herring

debbie42 wrote: »

12% gross pa applicable if nominated account is funded with at least 5Kwithin 14 days of making the opening payment into the Halifax Regular Saver account and maintained for 12 months.

That would appear to strongly indicate total loss of the 2% if it drops below 5k, however...

(I can see some of you groaning...)

Back to my earlier question - so when is it safe to withdraw that 5K - the other section (likely) indicates the anniversary of funding the RS (50 weeks if you leave it the 14 days to fund the second account) - this section indicates otherwise (52 weeks regardless.)

Feel free to ignore my questions if they're getting boring

Lavendyr

Just an update - I opened the account on 9th June, received my internet banking password by post today and can see both the regular saver (though no sign of my first £500 yet, though it should take another 2 days to appear) and the nominated account. Great service so far.

matttttttttt

My 7% Regular Saver matured 31st may and last week I cancelled it over the phone so that I could open the new higher rate Saver.
Today I went into a Halifax and asked them to confirm that it was closed so that I would have no problems opening the new rate account.I was told that it wasn't closed even though I had been told it had been over the phone.
This along with the Halifax FA that advised me that the monthly limit would be £250 and not £500 has shown some real incompetence.

Starflower

Apologies if this question has already been answered, but to save me going through 17 pages - does anyone know if you can upgrade to the 10% Regular Saver from a 7% Regular Saver ?

I have been saving £250/mth via the Regular Saver for several years, but am currently on 7% fixed. I can see nothing in the T&C on the website about new customers only.

*EDIT* matttttttt seems to have answered my question inadvertently ! So, I have to close the account to open a new one at the higher rate. Urgh.