Hfx 10% regular saver and standing order question

nm1213

Thanks in advance for any help provided. I just opened a hfx regular saver account online. Question is do I set up the sntanding order from my Lloyds account online right away or do I wait for something in the post from Halifax first?

In the important info section it says:

---

If you've not already done so, you'll need to set up a standing order to fund your new account. You can do this at any of our branches from an eligible Halifax or Bank of Scotland account, or you can set up external funding from another financial provider.
You can print out a standing order request form which contains all the necessary details you require to creating a payment.*
*If you fail to make a payment of at least £25 before the 28th of each month when funding from an eligible Halifax or Bank of Scotland account, or 23rd of each month when funding from another financial provider, we will close your account, pay interest up to the date of closure at the current rate for Halifax Web Saver (no card) account and transfer the account balance to your linked account.

---

Today is already the 27th. Does this mean I need to make sure money goes in for today?

I was given an account number and sort code. Can I just go online to my Lloyds account and set up a standing order right now to this new account/sort code, and that will take care of things?

Newly_retired

Yes I have been trying to get this sorted out too today for the same reasons.
On Monday I closed my old 7% RS and opened the new one. The guy said he could transfer my (one and only) payment from old to new account and it would be online the next day. Well it wasn't ( though my new Guarantee Saver reward is, even though it is not yet funded). Rang them just now and they said they were waiting for my signature which I posted off yesterday when I received their forms. The girl talked me through adding my new RS manually to my online accounts, which worked, and it showed the initial transfer but account "awaiting details" i.e. signature. Crazy, since I already have accounts with them and the GSR did not ask for any signature.
Anyway I have ( hopefully) set up a one off transfer from my (non Halifax) current account to make my total up to £500 before the end of this month. I am just hoping it goes through.
As far as SO is concerned, I closed the old one and set up a new one myself thgough my own bank on Tuesday, but next day I saw there were TWO SOs to my new RS!!! I can only think they had done one as well as me. Good job I noticed before 1 July. I cancelled one,as I am funding this by SO for £250, as before, but adding more when I can, by separate transfer each month. I gather this is within their rules as long as I don't exceed £500 and both the Halifax people I phoned confirmed this.

Newly_retired

Am now going away for the weekend so just hope this gets sorted.
Back Monday!

Dagobert

nm1213 wrote:

Question is do I set up the sntanding order from my Lloyds account online right away or do I wait for something in the post from Halifax first?

All you need is sort code and account number of the r/s account. You do not need to wait for communication from HBOS if you have these details.

Banking with Lloyds you cannot get a payment in for June. The earliest that the payment could leave your Lloyds account is on Monday.

As far as I know, Lloyds are still using BACS, not Faster Payments (= immediate payments).

A payment has to arrive by the 28th of the month. For this month, this means to-day.
A one-off payment from RBS or HSBC, who operate Faster Payments, would arrive to-day.

nm1213

Thanks Dagobert for the info. I am not concerned about getting a double payment in, ie, end of june, and then july 1st. What worries me is that they say that if a payment is not received by the 28th, then the account will be closed.

I just opened one today, so hopefully they won't just close it right away. Will they?

DeepSporran

Dagobert wrote: »

Banking with Lloyds you cannot get a payment in for June. The earliest that the payment could leave your Lloyds account is on Monday.

As far as I know, Lloyds are still using BACS, not Faster Payments (= immediate payments).

Lloyds are using faster payments, though it is a little unclear whether it's available for online payments. What is clear though is that they can use Faster Payments for transfers initiated by phone.

I tried earlier today to set up the first transfer online from my Lloyds account to my new Halifax Regular saver. It appeared to me that I couldn't get it to go out immediately, so I phoned Lloyds up and they set it up for me. The £500 appeared in the Halifax Regular Saver a few minutes later.

The Lloyds CSA said that it should be possible to creat a Faster Payments transaction online, so it may just be me. This Loyds account is not the one I normally use for day to day banking so it could be my unfamiliarity with the screens. Anyway, main point is that if you are funding your Halifax regular saver from Lloyds, you can still get a first payment in for June, and I suspect that you will still be able to do so up until the 30th.

DeepSporran

nm1213 wrote: »

I just opened one today, so hopefully they won't just close it right away. Will they?

Even if they do (which I doubt), you can just set up a new one. Bit of a faff, but it's as much work for the Halifax as it is for you, so I suspect they wouldn't want this to happen.

steviewander

nm1213 wrote: »

Thanks Dagobert for the info. I am not concerned about getting a double payment in, ie, end of june, and then july 1st. What worries me is that they say that if a payment is not received by the 28th, then the account will be closed.

I just opened one today, so hopefully they won't just close it right away. Will they?

No they won't close your account. I was in exactly the same position, so I ended up calling into the branch that my Regular Saver is held with. I asked them the same question you're asking and they said that you don't have get your first opening deposit in by the end of the month, just get it in before the 10% offer ends (they say it's 20th July but past experience shows that they can pull the offer early if it gets too popular). The interest rate applicable to your account will be the one that is advertised on the day of your first deposit. So if the Halifax drop their rate from 10% to say 6% before you get your opening deposit in, you'll get the lower rate for the whole duration of the fixed year (bad times!). My advice is to get your opening deposit it asap.

If you *did* want to take advantage of maximise your interest, you still have tomorrow to put in £500 cash as your opening deposit at your local branch (if they open on Saturdays). This would constitute your June deposit and then your standing order payment in July will be another £500. This way, I'm should get 13 deposits in with the last one on June 1st 2009. Here's hoping!

Mikeyorks

nm1213 wrote: »

I just opened one today, so hopefully they won't just close it right away. Will they?

No ..... the 28th deadline doesn't apply to the initial deposit - as your account is inactive until that's received. It's only when it's activated by the first deposit that the 28th criteria kicks in.

But it does mean that people opening late in the month and funding from remotely - need to be careful the initial payment doesn't stray over into July? Otherwise (if it's £500) you can't add further funds in that month.

Mikeyorks

steviewander wrote: »

but past experience shows that they can pull the offer early if it gets too popular). The interest rate applicable to your account will be the one that is advertised on the day of your first deposit. So if the Halifax drop their rate from 10% to say 6% before you get your opening deposit in, you'll get the lower rate for the whole duration of the fixed year

There's no historic evidence to support that? This issue is limited solely by date (20th July) ....... not by subscription limit.

shazkhan111

does anyone know what happens to the reg saver at the end of the 12 months??

the 7% reg saver matures and rolls over