Halifax Monthly Saver Changes

dublinhead

At what stage did bank of scotland drop the max u can save per month from 750 to 350 euro? I does this affect people who were originally paying 750 per month.
I rang their contact number it doesnt seem to be in use.


http://www.halifax.ie/index.jsp?pID=94&nID=107

MarkR

Just been pointed out on askaboutmoney that they've dropped the maximum from €750 per month to €350 for new savers. Existing ones won't change. Allegedly. Must check next month.

Halifax Clicky

stepbar

Good to see Halifax rowing back, must be getting it hard to keep up with the competition. Might be time to change to BOI so.

BendiBus

stepbar wrote: »

Good to see Halifax rowing back, must be getting it hard to keep up with the competition. Might be time to change to BOI so.

How sad that the only way BOI can keep up with the competition is for the competition to go backwards

stepbar

BendiBus wrote: »

How sad that the only way BOI can keep up with the competition is for the competition to go backwards

Keep up? The only bank not keeping up is Halifax. Simple as. We've always been there. So I don't know what you're on about TBH.

BuffyBot

We've always been there

How short the memories are...

I'm pretty sure that I don't remember any of the big "domestic" banks offering any competitive rates until the new entrants came along.

Bit sad to see Halifax cutting back the limits, but I guess it probably caused more of a demand than they themselves had predicted. Once it doesn't effect existing savers, then it's fair enough - new customers have the choice to proceed or change their plans.

optiplexgx270

Well they took 750 this month out of my account so im guessing it only affects new accounts.

BuffyBot

Merging similar threads

irishpancake

The EBS are still offering a Regular Saver Account from €20 to €1000 per month (Instant Access). The rate is almost as good as Halifax (7% CAR) and the rate promise looks OK

Rate promise: Our rate will be a minimum of 3% over the European Central Bank (ECB) rate until the 1st of April 2008. After that the rate will not be less than ECB rate until the 30th of April 2010

See here for info.

You have to be an EBS member, but I think that is a formality.

Stuart1

1st of April isn't that far away now tho!

irishpancake

First Active has just introduced a new market-leading regular saver account:


for info see FA regular saver account


No mention of how long this rate will last.

Key features are :

Your savings will earn 7.15% AER - a market-leading interest rate

You can save as little as €1 per month to a maximum of €1,000 every month

The maximum balance of the account is €100,000

Instant access to your savings

No fees and charges on your Account

You can keep track of your account online

You can request a statement anytime

Seems pretty good to me.

To Stuart, in fairness almost all of these savings accounts are loss leaders for the Banks, but EBS 1st April is probably the latest date advertised with a guaranteed Rate Promise.

el diablo

good looking offers from both Halifax and First Active. Think I'll take advantage of both.:D

stepbar

Good to see Halifax are making people jump through hoops to open a current a/c -

http://www.halifax.ie/index.jsp?pID=520&nID=521&aID=3617

:rolleyes:

Having a monthly saver a/c is pretty useless unless you have a current a/c to go with it and internet access to same.

BendiBus

stepbar wrote:

Having a monthly saver a/c is pretty useless unless you have a current a/c to go with it and internet access to same.

Why's that then? :rolleyes:

And apart from the requirement to prove regular income, the other Halifax requirements are based on money laundering rules. So all banks need that documentation. I even had to provide it to change my EXISTING BOI account to an interest earning one.

BuffyBot

Good to see Halifax are making people jump through hoops to open a current a/c

Not hugely different from any bank, really.

zod

with any of these accounts can you move a large amount of money in ?

el diablo

stepbar wrote: »

Having a monthly saver a/c is pretty useless unless you have a current a/c to go with it and internet access to same.

not sure what you mean. why do you need a Halifax current account in conjunction with the monthly saver account?

BendiBus

el diablo wrote: »

why do you need a Halifax current account in conjunction with the monthly saver account?

No you don't. I have a Halifax monthly saver which I feed from a BOI c/a.

el diablo

BendiBus wrote: »

No you don't. I have a Halifax monthly saver which I feed from a BOI c/a.

that's ok then. I plan to feed it with a Permanent TSB savings account. it's a pity the monthly limit is so low.

stepbar

el diablo wrote: »

not sure what you mean. why do you need a Halifax current account in conjunction with the monthly saver account?

Well if you're of my generation, you like to see accounts accessable online etc. To access your accounts online you need a current a/c. Yet Halifax insist on seeing 3 months bank statements and won't entertain you if you want to open a first time bank account. Some competition :rolleyes:

BendiBus

stepbar wrote: »

Some competition :rolleyes:

They won some of my business. And I have no loyalty. Note I also have an AIB regular saver and a BOI c/a. Thought it might make you feel better to know that I use the Irish banks too

parsi

stepbar wrote: »

Good to see Halifax are making people jump through hoops to open a current a/c -

http://www.halifax.ie/index.jsp?pID=520&nID=521&aID=3617

:rolleyes:

Having a monthly saver a/c is pretty useless unless you have a current a/c to go with it and internet access to same.

Both Mrs. Parsi and I had to provide all that to open our SSIAs with an Irish bank. They proceeded to lose some of her documents which got them off to a good confidence-inspiring start.

On a side note good to see that AIB have extended their High Interest Current Account high rate for another wee while - nice to see local banks trying to hold on to customers rather than shying away from competition.

stepbar

The problem I have is providing this.......

3 months of original bank statements dated within the last 5 months? (These allow us to verify your regular income)

and this....

Can you provide one original document to confirm your residence for tax status?
(A document issued by the Revenue Commissioners or the Minister for Social & Family Affairs showing your name, address and PPS number)

As it stands, Halifax require double the amount of documents (assuming you call in personally, they need ID, POA, 5 months bank statements and a document with my Tax Status). Yet if I go into any of the other high street banks they are happy with ID and Proof of Address. Two documents. If Halifax have suspicions about a persons income / lodgements / withdrawals etc they can go through the proper reporting channels that exist.

So, what are exactly are Halifax playing at?

Jesus Wept

stepbar wrote: »

Keep up? The only bank not keeping up is Halifax. Simple as. We've always been there. So I don't know what you're on about TBH.

stepbar wrote: »

Good to see Halifax are making people jump through hoops to open a current a/c -

http://www.halifax.ie/index.jsp?pID=520&nID=521&aID=3617

:rolleyes:

Having a monthly saver a/c is pretty useless unless you have a current a/c to go with it and internet access to same.

stepbar wrote: »

The problem I have is providing this.......



and this....



As it stands, Halifax require double the amount of documents (assuming you call in personally, they need ID, POA, 5 months bank statements and a document with my Tax Status). Yet if I go into any of the other high street banks they are happy with ID and Proof of Address. Two documents. If Halifax have suspicions about a persons income / lodgements / withdrawals etc they can go through the proper reporting channels that exist.

So, what are exactly are Halifax playing at?

My jebus your posts in this thread are nonsense.
Do you work for BOI or do you have shares in them? All this 'We've always' stuff?
You might as well just explain your relationship to them, because the blinkers you are wearing are obvious.

The financial regulator is making Halifax jump through extra hoops that the Irish Banks don't have too. Do you honestly believe Halifax want to make potential customers jump through hoops they don't have too??

I was a BOI customer for 14 years, they never did a thing for me (aside from a few overcharges, thanks!). I've switched everything to Halifax. Had my current account 20 days and got paid
'interest'. That was refreshing!

It's all spin and nonsense from BOI, the market is opening up, and BOI (much like Eircom did when the telecom market was opened up) are now trying to convince people that they have always offered value.
It's bollix and some of us aren't mugs.

With that said, I shall check out first active, though it looks much the same.
I don't work for any bank or have any loyalty beyond what they can offer me.

stepbar

The-Rigger wrote: »

My jebus your posts in this thread are nonsense.

Nonsense :rolleyes:... LOL

Right, lets look at the Halifax offering -

Halifax Current a/c 10.5% interest (one which first time customers can't open)

Now lets look at the competition
AIB 11% BOI 10.5% Ulster Bank €150 when you switch your account (no restrictions on account opening)

Halifax Savings - 7% Max 300 P.M Only 2 withdrawals per year!!!!!

AIB 7.1% Max 300 p.m BOI Easysaver 7% on the first 5k 3% on the balance above. Max 500 p.m. (No restrictions on withdrawals).
Anglo 7% Max 1000 p.m. Reverts to a 4% rate if you withdraw money.

Halifax Fixed Rate Demand Savings 3.75%
Rabodirect 5%
Anglo 4%
First Active 7.15%

No student offer.

The only thing they are competitive are on some fixed rate personal loans, credit cards and some mortgage lines.

The financial regulator is making Halifax jump through extra hoops that the Irish Banks don't have too.

The Financial regulator would impose no such regulations. HBoS are cherry picking simple as and doing a fairly crap job at it. Its not the first time HBOS has used such tactics. Try going into heading into Bank of Scotland with a start up business plan. They'd laugh you out the door. But they are starting to feel the pinch now. Michael Lynn & Thomas Byrne must have been laughing very hard indeed when they lent them a few bob. I believe Katy French's former squeeze is also in a spot of bother with BoS as well at the moment.

BTW I do have an afflilation to one of the large banks. That being said I maintain accounts with their competitors as well. And believe me I would happily move money around the place if I didn't think I was getting value for money. HBoS (and their attidute) just don't cut it for me.

Jesus Wept

stepbar wrote: »

Nonsense :rolleyes:... LOL

Right, lets look at the Halifax offering -

Halifax Current a/c 10.5% interest (one which first time customers can't open)

Now lets look at the competition
AIB 11% BOI 10.5%

BOI website

You can now earn the new high rate of 10.5% (10.92% Ear) 1 variable on cleared credit balances2 of up to €1,500 in any interest quarter. This special introductory rate is available until 24th February 2008, when you make three 365 phone or online payments from your account in a fee quarter. The rate will revert to 4% (4.06% Ear) on the 25th February 2008.



The Interest is for upto.....

€1,500 - Bank of Ireland
€1,500 - AIB
€2,000 - Halifax

stepbar wrote: »

Right, lets look at the Halifax offering -

Halifax Current a/c 10.5% interest (one which first time customers can't open)

What do you mean first time customers can't open?! I signed up 2 weeks ago.

Do you mean people who have never had a bank account before?

stepbar

The-Rigger wrote: »

What do you mean first time customers can't open?! I signed up 2 weeks ago.

Do you mean people who have never had a bank account before?

Sorry that's what I mean - http://www.halifax.ie/index.jsp?pID=520&nID=521&aID=3617

"Can you provide 3 months of original bank statements dated within the last 5 months? (These allow us to verify your regular income)"

I looked at opening a Halifax a/c (because I want to switch my Student AIB c/c to Halifax and view the card balance online) and came to the conclusion that it wasn't worth the hassle. 3 months bank statements. :rolleyes: A joke. I didn't have to provide statements to get the credit card.

Jesus Wept

stepbar wrote: »

Sorry that's what I mean - http://www.halifax.ie/index.jsp?pID=520&nID=521&aID=3617


I looked at opening a Halifax a/c (because I want to switch my Student AIB c/c to Halifax and view the card balance online) and came to the conclusion that it wasn't worth the hassle. 3 months bank statements. :rolleyes: A joke. I didn't have to provide statements to get the credit card.

Ok, what if it was one statement? I fail to see how it causes you more hassle unless you crumple up your statements as soon as you look at them.

I keep mine, and grabbing 3 or 5 pieces of paper wasn't anymore hassle for me than grabbing one or zero, I still had to go to the bank with the application.

I just don't understand your point? Do you think Halifax plan to plot against their customers with the extra info garnered?

Stepbar wrote:

The Financial regulator would impose no such regulations.c
I don't believe that is accurate.

Stepbar wrote:

HBoS are cherry picking simple as and doing a fairly crap job at it.

Cherry picking how? Even if that were the case, how is it a bad idea?y
Making sure they aren't getting into bed with anyone who is dodgy as fúck?
Surely that is a good practice?

Stepbar wrote:

Its not the first time HBOS has used such tactics. Try going into heading into Bank of Scotland with a start up business plan. They'd laugh you out the door.

And BOI are throwing money at anyone who comes into them with a business plan?

Stepbar wrote:

But they are starting to feel the pinch now. Michael Lynn & Thomas Byrne must have been laughing very hard indeed when they lent them a few bob. I believe Katy French's former squeeze is also in a spot of bother with BoS as well at the moment.

No idea how that is relevant to Halifax specifically?


A quick google search tells me:
'Mr Lynn has listed in court documents some 154 bank accounts here and abroad involving him or his firms and has also listed some 148 properties or sites in Ireland, various European countries and the US.'

'Solicitor Michael Lynn, who is being pursued by several financial institutions for multi-million euro sums''


Can you explain how it relates to Halifax far more than the other financial institutions?

stepbar

The-Rigger wrote: »

Ok, what if it was one statement? I fail to see how it causes you more hassle unless you crumple up your statements as soon as you look at them.

I keep mine, and grabbing 3 or 5 pieces of paper wasn't anymore hassle for me than grabbing one or zero, I still had to go to the bank with the application.

I just don't understand your point? Do you think Halifax plan to plot against their customers with the extra info garnered?

My point is that it's not needed. I can open an account tomorrow with any bank needing only 2 documents. There are roughly six (bar Anglo) other high street banks in Ireland and one online bank who offer personal current account facilities. Halifax is the only one who "requires" 3 months bank statements and a confirmation that your taxes are in order (effectively). Halifax don't need this information but I suspect that its being used to determine how big of a risk you are. I can see a suitation where they could politley tell you to PFO. I don't think much of it TBH.

Cherry picking how? Even if that were the case, how is it a bad idea?y
Making sure they aren't getting into bed with anyone who is dodgy as fúck?
Surely that is a good practice?

Of course they are. BoS won't even entertain you unless you have a T/O of 500k+. Halifax won't even open a personal current account unless you have one already! Of course it's not good practice to be dealing with dodgy customers. Every bank tries to reduce their exposure to such customers and reserves the right not to do business with same. As you well know there are lots of smart operators out there and so, how can you tell whether a customer is dodgy or not until you do business with them?

And BOI are throwing money at anyone who comes into them with a business plan?

No bank is, at least I know BOI isn't. You won't find a more conservative bank that BOI. At least most other banks are entertaining new entrapreneurs. HBoS aren't exactly supporting new entrapreneurs.

parsi

And in Breaking News:

A bank has been accused of cherry-picking customers. Bank also accused of asking for too much information from customers (presumably to send out to other customers like the other banks do).

meanwhile also in breaking news a pot today called a kettle black.

Davy

Credit card transactions cannot be viewed with or without a current account. they haven't decided a date it will be up and running i was told from customer care, don't think it applies for saver account though