Halifax clarifies rules for its Monthly Saver account, stating that a £100 monthly deposit cap can limit savings potential if payments are missed.
Halifax has issued a warning to its customers about a potential savings limit ation tied to its Monthly Saver account. The concern arose when a customer inquired about the account's rules on social media, sharing a screenshot of the account information page and asking about the minimum and maximum monthly deposit amounts, as well as the implications of missing a month's payment. Halifax clarified that the minimum monthly deposit is £10 and the maximum is £100 through a single standing order.
Customers can also make additional bank transfers to top up their savings, provided the total monthly deposit doesn't exceed £100. The bank emphasized that while customers are not obligated to deposit every month, missing payments can significantly restrict their overall savings potential over the year due to the £100 monthly cap. The account has a 12-month term, and depositing the maximum £100 each month would result in a balance of £1233.00 at maturity. Deposits can be made at any time, and savings can be topped up via bank transfer, as long as the £100 monthly limit is not exceeded. Interest is calculated daily, and as the balance grows, so does the daily interest calculation.This incident follows a similar situation involving Nationwide Building Society, where a customer inquired about the monthly deposit limits for their Flex Regular Saver account. Nationwide confirmed that the maximum deposit limit for this account is £200 per calendar month. The account has a 12-month term and offers a 6.5% interest rate. To set up this account, customers need to have an existing current account with Nationwide. These examples highlight the importance of carefully understanding the terms and conditions of savings accounts, including monthly deposit limits, to ensure that they align with individual savings goals
Halifax Savings Account Monthly Saver Savings Limit Interest Rate Nationwide Flex Regular Saver
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