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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Latest Reviews

“Halifax children's regular saver”

★☆☆☆☆

written by Lacasaloca123 on 27/08/2016

This account was a pain to set up it took me 3 weeks of trying to send the details via the computer. In the end I had to go to the local branch to show his birth certificate only they then had to photocopy it and get me to violin another form for the branch to send to the online decision of the bank. A week later I received an email from Halifax to say it was set up and I needed to put money in to it. My wife went into the branch in person as we were unsure the details where correct as all the emails they sent seemed to disappear from my account? She was told they could pay the. Obey in but couldn't confirm it was my sons account as I was the one who opened the account. It is now towards the end of the 2nd month and I have still to make another payment as I still don't have any documentation to prove the account exists!?!

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“Frustrating & time-wasting”

★☆☆☆☆

written by Judec489 on 16/03/2016

I had no problem with my childrens' Halifax savings accounts when they were younger, but the local branch closed down & the past few years I've been made to travel 10 miles to the nearest one in order to transfer their money to their linked (Halifax) accounts. What a piece of nonsense! The interest rate is good but not worth this faff so we'll be leaving. So long, Halifax!

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“Bad beyond belief”

★☆☆☆☆

written by Cerezinho on 30/10/2015

Cons: Not only have they not provided any account documentation at any time, but now they have lost record of the supposedly connected young saver accounts and are requesting that I open such accounts now for the regular saver money to be transferred to. This is an incredible shambles for such a major bank. Won't be using them again. Pros: None

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“OK but too Complicated”

★★★☆☆

written by Maheret294 on 27/08/2015

I opened this account for my daughter about nine years ago. Back then the regular saver paid 10% and after 12 months the balance was transferred into a easy access Kids book account called "Save 4 it" and then the whole process started again. Nice and simple, until they changed things, then changed them back and then changed them again,(I think). The regular saver is now called Young saver paying 3% which is ok as the balance now builds up with no transfers and you can get a cash card once your child reaches seven. The book account is no longer available. Accounts change in all banks but the whole process should not have been so "messy" and complicated, then I wouldn't have to waste my time ( and the advisers time) going into the branch to have it all explained to me as the letters that explained the changes were difficult to follow. In principle the account is good,and Im happy overall but please don't break it if its not broken.

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“Kids Regular Saver”

★☆☆☆☆

written by on 14/06/2015

Buyer beware!! I opened this account 4 years ago for my granddaughter and since that time, every year has been fraught with problems and I have had to make appointments at the branch to go in and sort them out. The right hand does not know what the left hand is doing! I have been given totally different information on this account by different branch staff and on the telephone and have made two official complaints and been paid £50 compensation for Halifax inefficiency. This year's debacle has been that the transfer of funds cannot be transferred to the opened kids savings account when it matures in July because the two accounts are not compatible!! albeit that they opened them up at the same time and funds have been transferred before!! I now have to make an appointment again at the branch to open a new account, get my granddaughters birth certificate AGAIN and take my own identification in again. I am at my wits end with this account. The branch manager says she will open up a complaint for me but she is really anxious to rectify it before going down that road! Of course she is! The 6% draws you in but the account is a nightmare and I am going elsewhere. Nightmare, dont touch!

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“Halifax kids regular saver -Worst ever experience ”

★☆☆☆☆

written by Jonathang1986 on 20/05/2014

I can only agree with the vast majority of comments on this site. I have held a kids regular saver for several years and, on each occasion, the transfer to the 'new' account and continuation of the existing account has been fraught with problems. As previously advised, there is no way you can find out any information unless you can get to a branch. The branch staff know less about the accounts than I do having read the terms and conditions. All I can say is that those of you who have given a score more tha 1 appear to be 'first time' account holders. Beware when the 12 months is up, the process is certainly anything other than straightforward unless you are happy for them to take weeks to process the payment and 'open' the regular saver again. The interest rate is good compared with others on the market at the current time but I am seriously considering cancelling my account and moving the money from this and the savings account to a bank with a better customer service ethos. Sorry Halifax, you have lost another 3 customers at least.

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“The Halifax and this account in particular, need to be...”

★☆☆☆☆

written by on 13/08/2013

The Halifax and this account in particular, need to be investigated by the Watchdog/Financial Ombudsman. You do not get a passbook or any means to keep an eye on what is happening with your money. Only one yearly statement is sent. You have to call personally at the branch, under strict appointment, to do anything regarding these accounts and you only get 3% not 6% interest (if you're lucky enough to get any interest at all). We as parents, are trying to educate our children about the value of saving. Halifax, I find you guilty of deliberately misleading the public, tying us up in red tape and then cheating us out of what you promised us!

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“very badly managed”

★☆☆☆☆

written by dreview on 01/02/2013

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 my local branch as they don't deal with kids' account on the phone!!!!!!!!!!!!!!!!Why? Why can't they? For god's sake, no wonder Lloyds share is doing so badly, this is not the way to run a proper bank! When trust is gone, so will your customers!

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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!!!

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“Rubbish!”

★☆☆☆☆

written by 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 website were functional. There was no way of communicating with Halifax online although these are supposed to be online accounts. I phoned to be told that I needed to go back to my local branch as they had made mistakes on two of the accounts. I refused and was told that they could make the changes over the phone after all. I had to make numerous phone calls to get the accounts opened. Each time I looked at the website 2 different accounts would be inactive, even though they had been activated after a previous phone call. Payments from my bank to the accounts were bounced. It was like some terrible joke. When at last all 4 accounts were active, all money transfers were again bounced as they, one by one, changed the account codes for no apparent reason. At last all seemed to be going smoothly for a couple of months, but no, they started bouncing back money that should have been transferred from my bank to the childrens' accounts. Again, it would be different children's money sent back each month! First Direct have been phoning and e-mailing me each month worried about the money being returned by the Halifax, but I have had no communication at all from the Halifax apart from a phone call trying to sell me other products! I am going now to close the accounts. I will not have received the 6% interest but I am past caring. I cannot believe how poor the service has been and I will not be going near the Halifax again.

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“Online Regular Saver - Good Luck!!!”

★☆☆☆☆

written by R Tate on 22/11/2011

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 received a message from my own bank to say the Halifax had refused the payment. I called them and they apologised, it was entirely their error but they couldn't fix it over the phone, I had to go into the bank to get the block removed on the account. I went into the branch and after half an hour trawling through the system the lady their finally managed to remove it, however by this time we had gone past the end of the month so the interest earned on the account would drop to pretty much nothing as a result of the non-payment for that month. She asked that I arrange two payments that month and she'd send a message to the call centre to ask them to back date one of the payments so that when the interest gets paid my daughter doesn't lose out. All of which I did. She further asked that I call the call centre the following month to confirm that it had been actioned which I have just done. Yes they had received the message but as it was not something they could do over the phone they marked the message read to confirm read but not actioned and then ignored it. They want me to go to the branch again and when the branch tell me they can't fix the problem I should pick up the free phone to the call centre and have them speak to the manager directly. WTF!?!?!?! I also had to wait half an hour on the phone to be told that because they weren't able to call me back as it is only an inbound call centre. Appalling customer service.

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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 by 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 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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“Good luck trying to deposit money. It's impossible!!”

★☆☆☆☆

written by 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!!

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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 by 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 save4it account within 48 hours, but The Halifax were unable to confirm this by phone,I had to do the chasing I phoned 72 hours to see if the problem was rectified - it wasn't I was kept on the phone for 20 mins because they were unwilling to call me back, I was then told it would be another 4 working days until I had access to my childrens money. I have now closed all my accounts with the halifax and will never use again. No apology throughout - be warned.

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“This is a very complicated account. Looks good when...”

★★☆☆☆

written by LizMac on 29/03/2011

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 found this account impossible to manage and drew everything out and started again in the Norther Rock Little Rock Account where you can just keep adding in your money at any time.
Halifax also made mistakes with two of the accounts and I had loads of paperwork and telephone calls to sort it out.
Poor show Halifax!!

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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 by Seyerus on 18/03/2011

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.

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“I'am a member of Staff, with the Regular saver we have...”

★★★★★

written by 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 the branch/post, would recommend if you are going to open the account to do it on the phone, you don't want to end up having to phone us from the branch if there busy. With regards to the interest any accounts you have are usually calculated daily, and its the same with this regular saver.

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D-Fens's Comment

Written on: 13/08/2013

I've never read such rubbish in all my life!

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“This is by far the best interest rate you can get. Of...”

★★★★☆

written by 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 saver.

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“I opened 2 accounts, 1 each for my children. It was a...”

★☆☆☆☆

written by 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 because when the account was set up the branch made an error and didn't open account as a tax free account! So my 8 year old daughter paid tax on her savings. They then said I had to contact the inland revenue to sort out! I complained and eventually they said they could sort it out. To date I await confirmation this has been carried out. A complete nightmare. I will be closing down their accounts and am currently looking for a bank/building society that will look after my childrens money!

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“Halifax. I have never been so traumatised than when...”

★☆☆☆☆

written by 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 saga continued for 6 weeks when in the end I closed every account I had with the Halifax. Never again!

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“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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