Halifax regular saver rate

I logged into my regular saving account today and found the following.

They seem to have added €253.76 to the total on the first payment and left it like that.

What are these jokers at?

Yesterday the Balances all read correctly.

Date Paid Interest Rate 4%
Account Type MONTHLY SAVER

Transaction Summary
Date Pay Out (€) Pay In (€) Balance (€)
09/03/2007 750 "1,003.76"
16/04/2007 750 "1,753.76"
15/05/2007 750 "2,503.76"
15/06/2007 750 "3,253.76"
16/07/2007 750 "4,003.76"
15/08/2007 750 "4,753.76"
17/09/2007 750 "5,503.76"
15/10/2007 750 "6,253.76"
15/11/2007 750 "7,003.76"
17/12/2007 750 "7,753.76"
15/01/2008 750 "8,503.76"
15/02/2008 750 "9,253.76"

Sorry about the formatting, but you see what i mean.

If €253.76 is the total interest on this account for the year then i would say i've been conned.
And why add it to the first installment when there was no interest earned at all at that point.

I would be expecting nearer to €400 minus 23% as almost 11 months of this was at 7%.

Anyone else had similar messing with thier account from Halifax?
 
If you check the [broken link removed] - 750 a month for 1 year @ 7% = 9337.72, that's before DIRT. Deducting DIRT brings it down to 9270.
 
Fair enough, but why mess with the payment log like that. And add it to the first payment at all.

I'm not impressed with the way Halifax have handled this at all.
 
This seems to be a glitch with Halifax online banking.
For instance, the monthly DD on my account is due tomorrow, but when I log into my account now, they have added the DD amount to the balance all the way back to the start of the account.

It seems like they work out the historical balance working back from the current balance... and for some reason the current balance is updated before the transaction actually appears so this screws things up... if you know what I mean.

I'd imagine if you log in tomorrow it will be OK
 
DublinTexas said:
11.1 We will tell you about any changes we make under condition 3.1 and 10.1 to the interest rate which we pay on your credit balance or charge you on any overdraft, by putting a notice in at least three national daily papers and in our branches, or by writing to you.
Click to expand...

Since they have not written to me, or probably most customers, I presume they have placed adverts in at least 3 daily papers. Mind you, I was in the branch last week and did not see any notices there. Of course, there may have been some that I never saw.
 
Joe1234 said:
Since they have not written to me, or probably most customers, I presume they have placed adverts in at least 3 daily papers. Mind you, I was in the branch last week and did not see any notices there. Of course, there may have been some that I never saw.
Click to expand...
That T&C is particularly nicely worded - no timescale whatsoever - maybe the notice will be in the Dec 31, 2999 newspapers. That is, if we still have newspapers by then :D

Of course, they didn't count on having AAM to keep us all informed!
 
Hi guys, I closed my first reg. saver account (the one now reduced to 4%) and decreased my monthly payments on the 2nd regular saver account to 10 Euro/month. Then I'm just keeping my flexisaver for the moment. I'm a bit fed up with the regular saver accounts as I can see some trends moving to reduction of the rate after the capital has reached a certain point (average after 1 year and 1/2)...:confused:
 
Yes, I agree with John J regarding the notification (or lack of it) when rates were reduced - if AAM did not exist many would still think the interest was unchanged. When I read it here I wrote a letter closing my four regular saver accounts. Three were closed but when I enquired about the fourth Halifax stated they only received notice of three - despite all four requested in the same letter. They were very abrupt on phone. I am going to a Halifax office to-morrow to close the account. Will not bother with a Flexisaver account - prefer to put it into EBS or Irish Nationwide. I also agree with Godfather regarding regular saver accounts, quite a few reducing rates and putting savers to the bother of opening new accounts.
 
oldtimer said:
When I read it here I wrote a letter closing my four regular saver accounts.
Click to expand...
Hi oldtimer
I thought you could only have one regular saver - is it possible to open several of the accounts provided they're in different "generations"?

For instance I have one of the accounts whose rate has been cut to 4% (left open purely to avail of bonus interest).
Could I now open one of the accounts which pays 7%?
 
John J said:
That T&C is particularly nicely worded - no timescale whatsoever - maybe the notice will be in the Dec 31, 2999 newspapers. That is, if we still have newspapers by then :D

Of course, they didn't count on having AAM to keep us all informed!
Click to expand...

Of course! :D
 
John J said:
For instance I have one of the accounts whose rate has been cut to 4% (left open purely to avail of bonus interest).
Could I now open one of the accounts which pays 7%?
Click to expand...

I think you can now open a 7% account. In June (approx) 2006, I opened a reg saver account, and opened another one in May 2007. When I went to open the 2nd a/c I told the staff member that I had another account and there didn't seem to be a problem.
 
Hi John J,
Re my four accounts, opened 2 accounts pre October 2006, one single name and one joint account. Then when they changed the interest rate in October they allowed me open two more accounts. If the same flexibility is allowed now then it should be possible for anybody to open accounts at 7%. Worth checking out if you are interested.
 
Damn! I am only hereing about the rate change to 4% now! I opened my account in Nov 06 so the first I have heard of any change in rates was my statement arriving yesterday.

I guess I should have been should have been checking AAM more closely rather than trusting the Bankers (pun intended) to inform it's customers of a rate change. It is really bad form that they didn't notify people by mail and it was clearly designed to stop people from cashing out. It's effectively a €350 difference in gross interest for my account and I'm quite pi$$ed off about it.
 
Just closed down my Halifax Regular Saver today and after 6 months of paying the full €350 per month since 28/8/2008 (back when it was 7%) and without missing any months payments I was given €7.48 net in interest. Does this sound correct interest/calculation-wise to any of you? Tks.
 
Perhaps it's because you closed it before the first 12 months were up so you didn't get the bonus rate of interest.

Here are the account's [broken link removed].

€350 per month over 6 months means an average balance of €1050 = (€0 + 6 * €350)/2.

So if a penalty wasn't applied it would have been = €28.30 = €1050 * 0.07 * 0.5 * 0.77

What you got sounds like a non-bonus standard rate of about 1.75%.

Did the bank official advise you of this before proceeding with your instruction to close the account?
 
I posted here on 23rd January advising holders of regular saver accounts with Halifax not to close their accounts until twelve instalments were paid, otherwise the bonus rate would not be paid and interest would be very low. It is clearly set out in the term and conditions. This is what happened to you.
 
You must log in or register to reply here.
Back
Top