Halifax to relaunch regular saver @10%+

LittleVoice

baby_boomer wrote: »

This has probably been covered already - if so, apologies.

My man in the Halifax today suggested that I could open with a £500 cheque (done) and also pay in a £500 S/O before the end of the month.

Is this correct? If so it looks like a great way to realise another £39 net interest!

Has anyone actually done this without an adverse reaction from Halifax?

I don't want to fall foul of regulations as Halifax are sticklers for closing their regular saver accounts on the first evidence of any breach of rules .

BTW they were very nice, perhaps because I have other Halifax accounts so ID was less of a problem & I also had the paperwork from Head Office re the account opening. I had said over the 'phone that I wanted to sign up & pay in my first cheque in one branch, but another branch was happy to oblige in order to accommodate my changed arrangements.

Assuming you are writing of the 10% regular saver:

You will have realised that if you pay in another £500 before the month is up you will have contravened the term of the account which says a maximum of £500 a month!

LTSB had a regular saver which allowed you two payments in the first month, but that was in their written terms. Don't believe what you are told, believe what you can see in writing. If you ask for them to give it to you in writing and they say they can't do so, you will know they are on shaky ground - and you wouldn't be able to prove what you had been told.

alared

LittleVoice wrote: »

Assuming you are writing of the 10% regular saver:
You will have realised that if you pay in another £500 before the month is up you will have contravened the term of the account which says a maximum of £500 a month!

Littlevoice is correct.
After online problems of getting a payment into my account on time,I went to my local branch yesterday, where they set up the first payment.
They also set up the SO for the 1st of NEXT month,which they said was the earliest a second payment could be made.

baby_boomer

Thanks alared and LittleVoice.

I thought - it sounded far too good to be true. And I know that Halifax closed my mum's Regular Saver a year ago over a minor indiscretion, without bothering to check with her first. [Having the linked account simplifies such summary behaviour. The first you learn of it is when you get a closing statement . ]

slipthru

Ok i have just phoned and set up my account and i was told i can pay 500 now which i have from current account and he set up the standing order to start on the 22nd of this month.

Is this ok?

sloughflint

slipthru wrote: »

Ok i have just phoned and set up my account and i was told i can pay 500 now which i have from current account and he set up the standing order to start on the 22nd of this month.

Is this ok?

No. This is wrong.
By all means pay the £500 today but the next payment should be 01/08

slipthru

sloughflint wrote: »

No. This is wrong.
By all means pay the £500 today but the next payment should be 01/08

Ok thanks, i have changed the standing order online now to the 18th but will change it again to the first of the month.

Can't even trust the people setting up the account, lucky i read this thread they would have closed it before was even open.

ih8stress

ruggyb wrote: »

My father deposited £25 into the account today to make sure its up and running. I just want to clarify 2 things:

1). Is it OK to transfer in another £475 before the 28th July to make it £500 for the first month?

My understanding was that you could only make ONE payment per month into the RS account.

Perhaps others could clarify this?

10_66

ih8stress wrote: »

My understanding was that you could only make ONE payment per month into the RS account.

Perhaps others could clarify this?

As per my post #864

10_66 wrote: »

You can make as many payments a month by SO, as long as you do not exceed the limit of £500. There has been some speculation about this, but Halifax have confirmed that they realise the T&Cs are a bit confusing and are in the process of amending them. Have received written confirmation that more than one payment a month is acceptable.

Mikeyorks

regularsaver1 wrote: »

Any guaranteed saver opening between 9/6/08 and 10/8/08 will automatically get be called Guaranteed saver Reward

That is absolutely true but ..... don't expect to see 'Reward' in the title of your online account. As - like the new Websaver with the same suffix - it doesn't show the 'Reward' bit. Just look for the interest rate ..... at 6.25% for the Guaranteed Saver and 5.8% for the variable Websaver .... that's the way you know you have the right account.

Sebby*

ih8stress wrote: »

My understanding was that you could only make ONE payment per month into the RS account.

Perhaps others could clarify this?

I was told in a branch on Thursday (when I was opening the account) that it was only one payment per month, so I was a bit miffed that I'd only drawn out £100 to pay in. So I called Halifax on Thursday night who confirmed you can pay in as many times as you like, as long as it doesn't exceed £500/month. So I went back on Friday and paid in £100 cash to "open" the account, and transferred the other £400 by BACS, which'll be in my account next week I'd imagine, but that doesn't matter. I've now setup a SO starting 1/8/08.