Halifax Regular Saver automatic renewal

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surreysaver
surreysaver Posts: 4,105 Forumite
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in Savings & investments
I received notification today that my Halifax Regular Saver will be automatically renewed when it matures next month. However, I do not want it automatically renewed, as I would like to start a new one when the timing suits me, rather than have them do it automatically. I do not recall it being in the conditions that it will be automatically renewed upon maturity. How can I prevent it from being automatically renewed?
I consider myself to be a male feminist. Is that allowed?

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  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
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    Maybe contact them?
  • surreysaver
    surreysaver Posts: 4,105 Forumite
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    veryintrigued wrote: »
    Maybe contact them?

    Well, I have. But the employee on the phone tried to tell me that it doesn't automatically renew, and transfers into an Everyday Saver. I explained to her that that's what the conditions stated when I opened the account, but that is in contradiction of what they have written to me and told me. So who knows? Sounds like another case or left-hand right-hand.
    I expect it is someone in the Savings department trying to be helpful, but doing it without consent.
    I consider myself to be a male feminist. Is that allowed?
  • EarthBoy
    EarthBoy Posts: 3,040 Forumite
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    I confirm the Halifax Regular Saver does automatically renew, because it happened to me. They transfer your savings to an Everyday Saver account, but they keep the Regular Saver open and your standing order continues into the old account.

    I presume you could cancel the Regular Saver just by cancelling your standing order, and if no money goes into it the Halifax will close it, but I can't confirm this.
  • gingercordial
    gingercordial Posts: 1,681 Forumite
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    It does automatically renew. I was a bit annoyed about this as I didn't realise and mine renewed and ran on empty (I'd cancelled the standing order), then when they upped the interest rate for new accounts I could not immediately open one because you can only have one RS at a time and the renewed empty one counted for mine. Nor could it be closed online or by telephone - I was advised that I had to go into a branch to do so. That said, it was a quick conversation at the counter and it was done.
  • surreysaver
    surreysaver Posts: 4,105 Forumite
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    Automatic renewal is fine if the terms and conditions say that. But they don't, so therefore Halifax are in breach of them
    I consider myself to be a male feminist. Is that allowed?
  • IanManc
    IanManc Posts: 2,085 Forumite
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    surreysaver wrote: »
    Automatic renewal is fine if the terms and conditions say that. But they don't, so therefore Halifax are in breach of them

    Yes, they do.

    "After 12 months:
    • We’ll transfer your savings and interest to the account you chose. This will happen each year on the day after the anniversary of your Regular Saver account opening. (See Section M for more detail on what happens if that anniversary is a non-working day.) Your monthly payments into your Regular Saver account will continue, and will earn interest at the Regular Saver rate that applies at the time. If you don’t have an account for us to transfer your savings and interest into, for example because you’ve closed the account you chose originally, your savings will stay in your Regular Saver account and we’ll change that account to an Everyday Saver. Your regular payments will continue. We’ll write and let you know, and if you keep your savings in your Everyday Saver account we’ll regard you as having agreed to the new account conditions."

    The Regular Saver automatically renews unless you have closed the account you nominated for the proceeds after the end of each year, or you didn't have a nominated account.

    That's what the terms and conditions say.
  • surreysaver
    surreysaver Posts: 4,105 Forumite
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    I can't see where those terms and conditions are on the website, there is certainly no link to them from the Regular Saver page. It is also contrary to what I was told over the phone. But then product knowledge of staff at the Halifax seems patchy from my experience
    I consider myself to be a male feminist. Is that allowed?
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
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    https://www.halifax.co.uk/helpcentre/legal-information/product-terms-and-conditions/
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • surreysaver
    surreysaver Posts: 4,105 Forumite
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    It doesn't say anything in those conditions about closing the account, so I presume I can just close my Regular Saver after its matured, and open a new one later in the year? The terms and conditions are contradictory to other literature elsewhere.
    I consider myself to be a male feminist. Is that allowed?
  • IanManc
    IanManc Posts: 2,085 Forumite
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    In order to close a Halifax savings account online you have to reduce the balance to below £5 and then you can do it.

    I've no idea why. It is the Halifax, after all .........:grinheart
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