Halifax Kid's Regular Saver Reviews

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Halifax Kid's Regular Saver
★☆☆☆☆
1.3
11.0% of users recommend this
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  • Ease of Opening Account

  • Ease of Use

  • Customer Service

  • Value For Money

Summary

Was previously named the Halifax Childrens Regular Saver.
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Media Gallery for Halifax Kid's Regular Saver

“I have just opened two accounts in branch for my...”

★★★★☆

written by 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 hear. It pays to listen and not just hear. My recent experience with the Halifax was good. Can recommend.

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“Awful customer service. Had to complete the forms...”

★★☆☆☆

written by 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.

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“Read the reviews on here before opening, however the...”

★★★★★

written by 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 you haven't paid in yet. Great a/c for people that actually understand maths

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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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D-Fens's Comment

Written on: 13/08/2013

Yes we understand what should happen, it's what actually happens and how we are treated that people are complaining about.

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“Terrible customer service, the worst I have ever...”

★☆☆☆☆

written by 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.

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“Awful customer service. Advisers who do not know the...”

★☆☆☆☆

written by on 09/10/2009

Awful customer service. Advisers who do not know the product and are insulting on the telephone. C**p interest rate.

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“Trying to set up this account is a nightmare. First...”

★☆☆☆☆

written by 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

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“what a complete waste of valueable time. i have lost...”

★☆☆☆☆

written by 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 pound in the wrong account. staff in branch couldn't work computer properly and even at the bank counter made a mistake. staff on telephone couldn't answer half my questions. even now, my standing orders are going out of a relative's bank account as halifax are denying receiving the standing orders from my own aaccount (which my bank, barclays, say are showing as paid their end). have probably spent the equivalent of the interest this money will earn on petrol and phone calls, not to mention time. would NEVER use the halifax for anything again.

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“WARNING: don't be fooled by what looks like a high...”

★☆☆☆☆

written by 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 good a deal as it looks a first glance and read all the small print. When I complained at the bank I was told its their most common complaint, so lots of other folk have also beenmisled by this, I'm not just stupid! Just to warn you to check it through before opening.

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“I found it completely impossible to open this halifax...”

★☆☆☆☆

written by 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.

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“As with several other reviewers I had great difficulty...”

☆☆☆☆☆

written by alectoris on 20/05/2009

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 monthly balance, although not credited to the account. I feel that this is a swindle, because that is not made clear at the outset, and it drops the real interest rate closer to 5%.

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“Trouble opening this online. Branch finally did it but...”

☆☆☆☆☆

written by MadamM on 28/07/2008

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.

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“Not worth the hassle. Have had this account since it...”

☆☆☆☆☆

written by 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!

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“6 weeks after opening the accounts, they still could...”

☆☆☆☆☆

written by on 30/04/2008

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.

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“If I hadn't personally checked the passbook a/c...”

☆☆☆☆☆

written by hemasolanki on 12/03/2008

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!

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“We were led to believe that it we put £100 a month...”

☆☆☆☆☆

written by 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.

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“You do NOT receive 10% - It is more like 5% - on...”

☆☆☆☆☆

written by 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.

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