Halifax explains £250 deposit limit rules for this savings account | Personal Finance | Finance

Halifax has explained the rules for one of its savings accounts after a customer was surprised to find their deposit had been returned to them.

The customer contacted the bank over social media to ask: “My regular saver matured a couple of days ago and money moved into an Instant [Everyday] Saver.

“Is it correct I can start saving £250 a month into the regular again? Tried to make a payment and it was returned.”

You can save between £25 and £250 a month into the Regular Saver Account. The account has a 12-month account and pays 5.5%.

When you launch the account, Halifax will also open an Everyday Saver account for you, and after the 12 months has ended, your funds and interest payments from the Regular Saver will be transferred into your Everyday Saver, which currently pays just 1.35%.

Halifax responded to explain the rules. The group said: “You can continue to save into the Regular Saver after the funds have transferred into an Instant Saver.

“However, it will still have a maximum savings limit of £250 per calendar month. If you have already paid in £250 before in April, you will need to wait until May.”

Once the funds have transferred to the Everyday Saver at the end of the term, the Regular Saver will renew for another 12 months.

If a person chooses to close their everyday saver, their saivngs will in their Regular Saver and after 12 months this will be changed into an Everyday Saver.

If you want to access your funds in your Regular Saver before the end of the term, you will need to close the account.

To open a Regular Saver, you must be aged 16 and over and be a UK resident. You can only hold the account in a sole name.

In other news affecting savers, Nationwide Building Society has been sending out a £50 thank you to millions of members.

The provider said in an update about the payments last week: “We’ve now made over 95% of payments and as planned and previously announced, electronic payments should arrive by 30 April, while cheques will be sent out to be received by customers by 14 May.”

To find out where your £50 will be paid, Nationwide advises to check the original email or letter you received about the payment.

To qualify for the bonus cash, you must have been a Nationwide member on September 30, 2024, and still be a customer when the payment goes out.

Other qualifying rules include that in the 12 months to the end of September 2024, you must have had either:

• At least one qualifying transaction on your Nationwide current account or savings account, or
• At least £100 in total in one or more of your Nationwide current accounts and savings accounts, or
• Owed at least £100 in total on one or more Nationwide residential mortgages

You could also qualify for the £50 thank you payment if you made a switch to a Nationwide current account, between July 1 and September 30, 2024, using the Current Account Switch Service.