Halifax to relaunch regular saver @10%+

DUS

sloughflint wrote: »

I can't be bothered to check, but I seem to remember reading further back that the nominated account could not be changed (T&Cs).

Well, I had no probs changing my nominated account from Web Saver to GS, today. Took less than 5 mins on the phone.

DUS

Mikeyorks

sloughflint wrote: »

Apparently the transfers have to be done manually in order for people to get registered for the 12%. ....... Have I been fed rubbish or is it true this time?

I trust you've been fed rubbish! As my RS's and a joint Guaranteed Saver - have all been initially fed (2 x £500 + 1 x £5000) via SO from my Current a/c. And that was several days ago - with all accounts showing 'Awaiting Details'.

Rang them earlier today as I returned the paperwork over a week ago. To be told they have significant arrears (of the paperwork) .... but he was able to see the applications (Halifax image all their paperwork and put it online to be worked) and 'enabled' the accounts immediately.

Just looked and both RSs (set up by 'phone because I had existing 7% ones) are active and showing the GS as the nominated account! So all looks to be OK?

(The issue with 'Awaiting Details' is a nuisance, but its not stopping anyone funding etc. So really not quite sure why I rang them!)

pthompson

Just wondering...

Why do banks impose limits on the size of deposits (e.g. £500 per month in the case of the Halifax RS account)? Surely they either want deposits... or they don't.

What am I missing?

Pendle_Gazza

The limit on the amount you can save allows them to offer these so-called eye-catching rates. They are paying it only on a maximum average of £3K a customer per year. I suppose it also gives them a better chance of attracting a greater number of individual customers.

Mikeyorks

pthompson wrote: »

What am I missing?

The fact that it's a Regular Saver ..... and they're offering up to 12%??

ctdctd

pthompson wrote: »

Just wondering...

Why do banks impose limits on the size of deposits (e.g. £500 per month in the case of the Halifax RS account)? Surely they either want deposits... or they don't.

What am I missing?

Because this account is a loss leader and costs them money.
They are only doing it to attract more customers and / or because they really need the cash!

pthompson

Mikeyorks wrote: »

The fact that it's a Regular Saver

Thanks for the explanation.

So you're saying that as it's a RS account, they don't want customers to deposit, say, £1K per month? Still not sure I understand the relevance of it being a RS, though.

Mikeyorks wrote: »

they're offering up to 12%??

...and because they're offering such a good %, they want to keep the total deposited funds relatively low. OK, that kinda makes sense to me now.

Thanks.

Foggy

For those wanting to use existing funds to put in a feeder account, I have just rang Tesco to check that SO's are allowed. Apparently they are but only for up to 120 days into the future. Then its a case of diarising the next 3 (or 4) payments and so on.

voyager_on_web

here again..

I need some advice.
I went to bank on 27th June and asked to open my Halifax Regular Saver on 1st July onwards. I was asked to drop a initial deposit any time before 1st July. So I deposited £300 on 30th June.
I got my online a/c access today and in recent transaction i see that first payment by cheque is shown on 30 June 2008 and the anniversary date is showing 30 June 2009, so does it mean
1) I can set up SO from July 2008.
2) I have to set up 12 SOs (july 2008, Aug 2008, ...., June 2009)?
3) If 2 is yes, then assuming I set up £500 as SO/month, my total deposit wud be £6300?

I am so confused, thanks everyone for your help.

ctdctd

voyager_on_web wrote: »

I got my online a/c access today and in recent transaction i see that first payment by cheque is shown on 30 June 2008 and the anniversary date is showing 30 June 2009, so does it mean
1) I can set up SO from July 2008.
2) I have to set up 12 SOs (july 2008, Aug 2008, ...., June 2009)?
3) If 2 is yes, then assuming I set up £500 as SO/month, my total deposit wud be £6300?

I am so confused, thanks everyone for your help.

1) Yes
2) Yes
3) Yes

HTH!