Halifax to relaunch regular saver @10%+

Paul_Herring

pfpf wrote: »

is it another case of CS, T&C's and actual process not matching up?

i have also seen many of you funding the 7% RS from a Halifax savings account when its quite clear from the T&C's that that isnt allowed. no one has been affected financially?

(My edit)
Until I found a better use for £3000 (it lasted 2 years,) I funded my 7% from a HBOS WebSaver account. It is now funded from wages.

From previous comments, it would appear this loophole is still open however.

sloughflint

Read this thread. Not too sure where, but I'm sure somewhere way back it said that £5k in the guaranteed Reward saver @6.25% wasn't worth doing to get the extra 2%. I can't understand why not. What have I missed?

Paul_Herring

fpa wrote: »

do I need to set up the SO from my Nationwide current account a few days before (say the 27th of each month)?

From memory the T&C's suggest the 23rd from an external account, in order for the money to reach the account by the 28th (the cutoff for the month.)

If you are currently facing a shortage and relying on wages at the end of the month to fund this, I suggest making a (one off) payment of £25 to hit 'this' month, and (from the same wage packet) a £500 (or whatever) the 1st of 'next' month (essentially from the same wage packet) and let that continue - next month it'll come out on the 1st from the next wage packet.

pfpf

sloughflint wrote: »

Read this thread. Not too sure where, but I'm sure somewhere way back it said that £5k in the guaranteed Reward saver @6.25% wasn't worth doing to get the extra 2%. I can't understand why not. What have I missed?

i think this is the one where the rate is an offer rate and ends mid - late july, then the rate drops dramatically.

sloughflint

pfpf wrote: »

i think this is the one where the rate is an offer rate and ends mid - late july, then the rate drops dramatically.

No the rate is fixed for a year, I think:

Halifax Guaranteed Saver

Limited offer - we like to reward our customers, so that's why we're offering a whopping 6.25% AER that's fixed for a year with our Halifax Guaranteed Saver Reward.

• Open an account with £2,500
• Make unlimited deposits during the 12 months – in branch, online or over the phone 24/7.
• Option to make one withdrawal within the 12 months and still benefit from this great interest rate.
• If you do need to make more withdrawals, and you don't make more than 4, as long as your balance remains above £2,500, you’ll still get our highly competitive Halifax Guaranteed Saver rate of 5.25% AER (variable).
• After 12 months your account will become Halifax Guaranteed Saver

To get this great rate open an account between 9 June 2008 and 10 August 2008.

So why is it not a good plan to get this and ditch as soon as money swept in? Unless I misunderstood the posts earlier on.

Paul_Herring

sloughflint wrote: »

So any reasons why this is not a good plan?

=
The fact that the year offer can be withdrawn at any time to new accounts(despite the claim on some random page on their site,) and if that happens, the following clause applies:

For Halifax Guaranteed Saver, the rate will equal the Bank of England base rate until 16 July 2008 for all accounts containing at least £2,500. On and after 17 July 2008, the interest rate is guaranteed to be no lower than 0.50% below the Bank of England base rate until at least 1 Jan 2013 for balances above £2,500.

(Currently 5%, may go up, may go down)

Basically, if you use this, ensure you have it for the year, unless you're expecting BOE rate to go to above 5.75% in the next year, and you can't find a savings account that can't beat that for the year.

BiggaThanBen

I am getting this:

Regular Saver application ineligible
Unfortunately you cannot continue with this Regular Saver application for one or more of the following reasons:

• You do not meet our age requirements
• You already hold the maximum number of Regular Saver accounts we allow

For more information about savings accounts we offer please visit our savings pages

I never had any regular saver accounts with Halifax before and age is definitely OK.

???

Could the 10%-children-saver be the reason ?

Paul_Herring

BiggaThanBen wrote: »

Could the 10%-children-saver be the reason ?

Looks like their software is still broken. Ring them up or (preferably,) if you can do it) turn up in person in a branch[1]


[1] Expect (sales pitch/no you can't do it/why are we employeed here?)
Ignore it all and ask for a manager if you get nowhere. From what you've said here (so far) you are eligable

blizeH

No amount of money is worth going with these incompetent cretins.

I've been on the phone for almost two hours now trying to open this account, despite already having two accounts with them.

Now they want me to go into a branch with a load of security information, again, despite already having two accounts, and previously having had a regular saver also.

Tried calling once again just after half past seven, I was on hold for another thirty minutes and I didn't even get to speak to anyone.

They're an absolute shambles, I'm almost certainly closing all of my accounts with them, another word of warning is that they'll persistently try to contact you to sell you stuff.

Sorry for the rant, but I really don't get it, why would I need to verify my information again? - I've actually done it twice in the past (the first time they had a problem with their systems in the branch) and most annoyingly, my local branch won't cut it apparently. I have to do a two hour drive instead.

cashprincezac

blizeH wrote: »

No amount of money is worth going with these incompetent cretins.

I've been on the phone for almost two hours now trying to open this account, despite already having two accounts with them.

Now they want me to go into a branch with a load of security information, again, despite already having two accounts, and previously having had a regular saver also.

Tried calling once again just after half past seven, I was on hold for another thirty minutes and I didn't even get to speak to anyone.

They're an absolute shambles, I'm almost certainly closing all of my accounts with them, another word of warning is that they'll persistently try to contact you to sell you stuff.

Sorry for the rant, but I really don't get it, why would I need to verify my information again? - I've actually done it twice in the past (the first time they had a problem with their systems in the branch) and most annoyingly, my local branch won't cut it apparently. I have to do a two hour drive instead.

Have some patience, they are obviously busy because no one else is paying anything like this rate..yes it took me a while but now I have mine and one for the Mrs.

Banks have to verify id from time to time..that's the regulations.

Keep the faith....10% is well worth it