Halifax Save4 it Children's Saving Account Review

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1.9 stars
Average rating for this product is: 1.9 out of 5

From 7 ratings and 32 reviews

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Guest's Review of Halifax Save4 it Children's Saving Account

1st Aug 2009

Overall Rating

2 stars
  • Value for money
    2 stars
  • Ease of Use
    3 stars
  • Ease of Opening Account
    3 stars
  • Customer Service
    3 stars

Opened this Halifax Save4 it Children's Saving account for my 2 grandchildren after reading on the internet it offered 6%. Well no it doesn't really. You have a passbook for the Save4it account and have to pay into the childs regular saver account a minimum of £10 per month by direct debit for 12 months to get the 6% interest. Not bad I thought, until I went into the branch. The passbook only gets 1% so if you want to pay in more money than the agree direct debit amount you gain virtually nothing. The 2 accounts ae connected because at the end of the 12 month term what is collected in that pot is swept into the passbook. It only earns 6% on the direct debit amount of money. A complete farce. Told me to keep changing my direct debit if I wanted to pay in more, but thought they would then say I'd not stuck to the contract terms and wouldn't even get the 6%. How on earth can I keep changing the direct debit amount? Furthmore it took forever to set it up in the branch even though I'd done all the detailing on the internet. Wish I'd not bothered. With the rate they will pay on the passbook I could earn as much in a current account.

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LenderAccountDescriptionInterestAEROverdraft  
Overdraft LimitOverdraft Rate
AbbeyDirect ISASave from just £1 to receive 2.00 AER (variable) tax free.Annually2.00%N/A