Halifax Kid's Regular Saver Reviews
Summary
Was previously named the Halifax Childrens Regular Saver.
Media Gallery for Halifax Kid's Regular Saver
Latest Reviews
★☆☆☆☆
“very badly managed”
Written on: 01/02/2013 by dreview
I have Halifax Regular Saver accounts for my kids a few years back. Some time last year I believe they did some changes with their system, don't know why! As a result, I can't see my kids account online again, they just disappeared! When I went down to my local branch trying to move my money and to make sure everything is in order, no one seems have a clue what's going on! When I ring the branch hoping to find someone that can help was only being told that I have to make an appointment with... (read more)
★☆☆☆☆
“Rubbish!”
Written on: 27/04/2012
I can only echo the previous poor reviews of the Halifax children's regular saver accounts. I have never had such a bad experience with any bank before (I bank with first direct who are wonderful). I tried to open accounts for my 4 children. The first problem was having to attend a Halifax branch in person. I work full-time but managed to get to my local branch eventually. The 'signing on' process was tedious and extremely lengthy. After a few weeks there was no sign that the accounts on the... (read more)
★☆☆☆☆
“Online Regular Saver - Good Luck!!!”
Written on: 22/11/2011 by R Tate (4 reviews written)
I opened an online regular savings account for my daughter shortly after she was born expecting the account to require minimal maintenance on my part. However I have had to make more phone calls and do more legwork than I have for any other account/mortgage/credit card etc that I posess. You have to go into the branch to complete the account setup which is a bit of a faff but not a deal breaker and for a few months I paid into the account no problems. Then one day out of the blue I... (read more)
R Tate's Response to R Tate's Review
Written on: 22/11/2011
I meant to also mention that the call costs and car parking to visit the branch amount to more than the interest that would have been earned but it's just so frustrating!!!
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★☆☆☆☆
“very poor service!”
Written on: 25/10/2011
Since 1 month I've tried to open the account for my child. First I was waiting almost 2 weeks for the appointment. Ok, I went at proper time and I've been told I needed birth cert. I didn't have any with me (I didnt know about that) so they postpone my appointment for another week. I came on time and they ask me to wait. Ok, no problem. At 1.35pm (I had app was at 1.30 pm) came into the bank the clerk, who I suppoused to have this app with. Is he late? Then I've been noticed that 'I... (read more)
★☆☆☆☆
“Good luck trying to deposit money. It's impossible!!”
Written on: 21/09/2011
I opened these accounts for my daughters a month ago. I've still not managed to deposit any money into the account. It's an online account yet I've been into the branch, I've phoned them too. Still no luck. They don't even understand the system themselves. One minute they say you need to come in to the branch. Then they say you need to do it online. I do as they say but it doesn't work. AVOID! btw - I'm an accountant and I just don't get it. A waste of time!! (read more)
Guest's Comment
Written on: 25/10/2011
I agree. Since 1 month I've tried to open the account for my child. First I was waiting almost 2 weeks for the appointment. Ok, I went at proper time and I've been told I needed birth cert. I didn't have any with me (I didnt know about that) so they postpone my appointment for another week. I came on time and they ask me to wait. Ok, no problem. At 1.35pm (I had app at 1.30 pm) came into the bank the clerk, who I suppoused to have this app with. Is he late? Then I've been noticed that 'I disapeared' from their computer so they can't open the account. I wanted to speak with that guy, they announced me to him and when ours eyes crossed he... run away. After minute I've been told he's on the lunch and they can book another app for me.
It's ridiculos.
VERY POOR SERVICE!!!
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★☆☆☆☆
“I have had the most appauling service from the Halifax...”
Written on: 16/05/2011
I have had the most appauling service from the Halifax since my childrens accounts matured, it appears that an admin error caused all the savings to go into one childs account only and nothing into the other because of this there was a restriction put on the account saying that further ID was required. I took the ID into branch - this did not fix the problem,the lady I saw was more interested in trying to sell me insurance/ open a bank account etc I was told the money would transfer to the... (read more)
★★☆☆☆
“This is a very complicated account. Looks good when...”
Written on: 29/03/2011 by LizMac (7 reviews written)
This is a very complicated account. Looks good when you see 6% interest rate but you have to remember this is compound interest.
I put £50 per month in and made £24 in one year.
You would make far more if you could put in the whole £600 at beginning of the year.
I found it very complicated to administrate because at the end of the year it goes into a Save4it Account with a very small interest rate so you have to remember to put this amount into some other account.
With 3 grandchildren I...
(read more)
Guest's Response to LizMac's Review
Written on: 07/09/2011
I totally agree with you that the 6% only seems very good but actually is not good if you have a lump sum to invest which this account cannot be used for. Interest is paid monthly at a rate of 0.5%. I will not be getting one of these.
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★★☆☆☆
“The 6% AER interest rate draws you in but don't be...”
Written on: 18/03/2011 by Seyerus (1 review written)
The 6% AER interest rate draws you in but don't be fooled by the numbers. This and other Regular Saver accounts actually offer very little interest relative to a normal saving account.
Saving £100 a month for a year will return around £40 in interest and during that time your money is locked away.
I'm not saying don't use the account but just be aware of what the advertised 6% rate actually means.
Thanks for listening.
(read more)
★★★★★
“I'am a member of Staff, with the Regular saver we have...”
Written on: 03/02/2011
I'am a member of Staff, with the Regular saver we have made it alot easier for you. Instead of the hassle of opening a save4it account, we automatically just change your account to an easy access then you can see what other higher interest accounts we can offer with the money you have saved for the 12 months. There's also no more hassle if you miss a payment, your account stays open and the interest remains the same, it just limits the maximum you can save. You do have to provide ID into... (read more)
★★★★☆
“This is by far the best interest rate you can get. Of...”
Written on: 17/12/2010
This is by far the best interest rate you can get. Of course, being a regular saver account, you won't get the full 6% on all of the money put into the account, since the later payments into it will accrue interest for only the remaining months (eg one month for the last payment). Still, it's a great way to save regularly for your little ones. After 12 months, the money is transferred into a low-interest account, but you can always switch it to a better one - and you can open a new regular... (read more)
See next 10 reviews
Showing 1 - 10 of 28 Reviews
★☆☆☆☆
“I opened 2 accounts, 1 each for my children. It was a...”
Written on: 23/10/2010
I opened 2 accounts, 1 each for my children. It was a Halifax Guaranteed reserve for 1 year. They managed to completely mess up one of the accounts, so much so that when I looked online, it had been cancelled without my knowledge! Both the local branch and telephone service could not get their act sorted. It took them 4 months to get it right. Then, when the reserve got near to it's maturity, I got a letter stating the incorrect interest. When I contacted them via phone they said it's... (read more)
★☆☆☆☆
“Halifax. I have never been so traumatised than when...”
Written on: 07/09/2010
Halifax. I have never been so traumatised than when ATTEMPTING to open a childrens savings account. . .on-line was a started for none, then following customer services calls, then telling me I had to open a Save 4 It alongside the account, then had to go into the branch to do that when actually that wasn't the case it had to be done over the phone, then becuase a month had lapsed the account was dormant until I went into the branch and tried to move money from one account to another. The... (read more)
★★★★☆
“I have just opened two accounts in branch for my...”
Written on: 25/08/2010
I have just opened two accounts in branch for my nieces and found the process quite easy albeit lengthy (30minutes). OF COURSE one has to go into a branch and produce the relevant ID. I would expect and am happy to do that to help prevent fraud. Yes,at the end of the initial twelve month term the account does revert to another saver account with a lower interest rate and this is confirmed by the interviewer when opening the account. Sometimes I think some people only hear what they want to... (read more)
★★☆☆☆
“Awful customer service. Had to complete the forms...”
Written on: 16/07/2010
Awful customer service. Had to complete the forms twice as the originals were lost. They then said I was not named as a trustee!
The final straw was the annual statement - They took tax at 20% off the interest - even though I completed an R85 on both occasions.
Called to query why this has happened and been told it was an admin error - on 4 accounts??? They say I have to claim the money back from HMRC as they can't credit the account?
Never going to use Halifax again.
(read more)
★★★★★
“Read the reviews on here before opening, however the...”
Written on: 16/01/2010
Read the reviews on here before opening, however the account is just fine for anyone who has half a brain and can work out how to calculate interest correctly. One previous reviewer was moaning they didn't get enough interest. Interest is calculated daily as it is on the majority of accounts out there. Therefore don't be stupid enough to think you should get £120 on £100 a month over 12 mths. The £1200 capital isn't in there all year so why on earth would the bank pay you interest on money... (read more)
Guest's Comment
Written on: 07/09/2011
The account is not worthwhile if you have a lump sum to invest. The interest is paid at 0.5% a month.
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★☆☆☆☆
“Terrible customer service, the worst I have ever...”
Written on: 14/10/2009
Terrible customer service, the worst I have ever encountered. Halifax are a shambles. I've collectively wasted about 70 minutes on the phone, most of that time on hold, never received promised call backs, been into a branch, and still I have not been able to get this account activated. DO NOT WASTE YOUR TIME, I AM SURE THERE ARE SIMILAR DEALS OUT THERE. (read more)
★☆☆☆☆
“Awful customer service. Advisers who do not know the...”
Written on: 09/10/2009
Awful customer service. Advisers who do not know the product and are insulting on the telephone. C**p interest rate. (read more)
★☆☆☆☆
“Trying to set up this account is a nightmare. First...”
Written on: 24/09/2009
Trying to set up this account is a nightmare. First you can't set it up by phone as you need to take ID into the branch. Trying to combine phone and face to face led to 2 accounts being set up. The money was transferred to a save fir it account at the end of the year ok. I have tried to set up the account again recently but Halifax have opened another save for it account to link to without asking / telling me! Have closed all! Good rate - rubbish service (read more)
★☆☆☆☆
“what a complete waste of valueable time. i have lost...”
Written on: 14/09/2009
what a complete waste of valueable time. i have lost count of how many phone calls and visits to the branch i had to make to get this Halifax Childrens Regular Saver account up and running. staff kept making mistakes that i had to point out to them. standing orders kept getting rejected for no reason at all. had to show my child's birth certificate to the branch 3 times (40-mile round trip each time!) before they acknowledged that they had logged it on their system. they even put my one... (read more)
★☆☆☆☆
“WARNING: don't be fooled by what looks like a high...”
Written on: 11/09/2009
WARNING: don't be fooled by what looks like a high interest rate on the halifax children's regular saver account. The 6% currently advertised is actually worked out that they calculate interest daily and apply it annually, so you in fact get around half the advertised rate on the final balance in your account (so 3% on todays rate). I opened this account when the rate was advertised at 10% for my wee one but just got 5% of the final balance in the account. So please be aware it is not as... (read more)
See next 10 reviews
Showing 11 - 20 of 28 Reviews
★☆☆☆☆
“I found it completely impossible to open this halifax...”
Written on: 03/08/2009
I found it completely impossible to open this halifax childrens regular saver account - struggled with the online system and then wasted loads of time in the branch with documents trying to confirm my and my children's identity. I gave up in the end. (read more)
☆☆☆☆☆
“As with several other reviewers I had great difficulty...”
Written on: 20/05/2009 by alectoris (2 reviews written)
As with several other reviewers I had great difficulty in getting Halifax Childrens Regular Saver account created correctly, after opening it originally online. It then took three weeks of visits to the branch to get it correctly sorted and after four tries, they never did send a correct certificate of investment.
Also, as with earlier comments, I was shocked at the end of the year to find that the interest was not allocated at 10% on the balance, but had been calculated each month on the...
(read more)
☆☆☆☆☆
“Trouble opening this online. Branch finally did it but...”
Written on: 28/07/2008 by MadamM (1 review written)
Trouble opening this online. Branch finally did it but the account kept being closed even though regular monthly standing order payments HAD been received in the account. Not worth the hassle of trying to set this up for 7 months and not getting anywhere. Complete waste of my time. (read more)
☆☆☆☆☆
“Not worth the hassle. Have had this account since it...”
Written on: 17/07/2008
Not worth the hassle. Have had this account since it started, for my son and daughter, filled in children's tax forms and every year tax is taken off! Every year I have one heck of time making phone calls and visiting bank to rectify this. Wonder what will happen next year. Hope your reading this ACCOUNTANTS! (read more)
☆☆☆☆☆
“6 weeks after opening the accounts, they still could...”
Written on: 29/04/2008
6 weeks after opening the accounts, they still could not tell me when I would be able to expect the monthly payments to be made. IT couldn't fix it - they hadn't come across the problem before, but still no further forward. I wasn't prepared for my children to lose out, so closed the accounts and went elsewhere. (read more)
☆☆☆☆☆
“If I hadn't personally checked the passbook a/c...”
Written on: 12/03/2008 by hemasolanki
If I hadn't personally checked the passbook a/c balance, this fiasco would not have been highlighted.
To date my query remains unresolved!
Thus the money is still sitting in someone's else's account!
(read more)
☆☆☆☆☆
“We were led to believe that it we put £100 a month...”
Written on: 12/03/2008
We were led to believe that it we put £100 a month into our sons account the interest was 10% giving him £1320 after one year-this was NOT the case even though this is what we were actually told. (read more)
☆☆☆☆☆
“You do NOT receive 10% - It is more like 5% - on...”
Written on: 20/12/2007
You do NOT receive 10% - It is more like 5% - on Halifax Childrens Regular Saver.
You receive a 'dividend' on anything you deposit throughout the year, the first month it's 85p, the 2nd 1.00 etc. The most interest you can earn on this account is 61.85 over the year. Considering you will have to deposit the maximum of 1,200 for this you can clearly see the interest earned is 5%, not the 10% advertised.
(read more)
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Jasmoore's Response to dreview's Review
Written on: 19/02/2013
Totally agree, since they got taken over by Lloyds, they have separate systems for children's accounts so they can't give you any details over the phone or through internet. You can't even reinvest money for them without going in. When you do go in make sure you have all details of account numbers etc as they couldn't even find those when I went in. Got so messed around. Only reason why I use them has been actual account interest rates are good. But the service and management are so poor it's like they have reverted to the 1970s!!!