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Halifax 6.88% AER Fixed for 3 months. Any good?

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Ben1982
Ben1982 Posts: 731 Forumite
in Savings & investments
Got this email today:
We are pleased to tell you that we're offering a winning rate of 6.88% AER on our 3 month fixed rate Halifax Web Saver.
That's the best fixed online savings rate around! Perfect if you have savings with another bank or building society that you can put aside for a rainy day to earn you a top rate.
So why not move your money now to a 3 month fixed rate Halifax Web Saver and take full advantage of this great rate?
  • A great rate of 6.88% AER (6.71% gross pa) fixed for 3 months
  • Minimum opening balance of £500
  • No withdrawals or additional deposits are allowed during the 3 month term
  • At the end of 3 months your savings and interest are transferred to an account of your choice
  • A choice of other terms and rates are also available – find out more


If I read this right, I can dump £2k into the Account (from my Sainsbury's savings account) and get it transferred to my High Interest Current Account after the 3 months, it'll earn me about £26-£27? and then I can put it back into the Sainsbury's account to earn interest for the rest of the year?
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Comments

  • ukdutypaid
    ukdutypaid Posts: 346 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Given the amount of clicks involved (say against the Abbey one), it's a no brainer. I've got 10K sat in in the BoS one for 6mths and I'll stick another 5 into this 3 month one....
  • zzzLazyDaisy
    zzzLazyDaisy Posts: 12,497 Forumite
    Part of the Furniture Combo Breaker
    If you can fix for a year, the Derbyshire is paying 6.85%
    I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.
  • Huggins
    Huggins Posts: 412 Forumite
    "Given the amount of clicks involved (say against the Abbey one), it's a no brainer." I'm confused what do you mean by clicks? I have some money to invest for a 5 month period - is this the best account currently available or are there some better options out there? Regards huggins
  • Huggins
    Huggins Posts: 412 Forumite
    sav4it wrote: »
    I calculate that you will earn an extra £2.52 after tax by doing this.

    hi do you mean the OP will end up with approx £26 + £2.52 OR will be left with just £2.52 total interest from the investment? If the latter pls can you explain to me in lay mans terms pls! regards Huggins
  • Ben1982
    Ben1982 Posts: 731 Forumite
    sav4it wrote: »
    I meant that compared to leaving the £ 2000 in the Sainsbury's account, the short term move will earn him an extra £ 2.52

    ( 6.88-6.25)/400*2000*0.8

    Wouldn't it work out more than that with the interest after the 3 months then earning interest when placed into the sainsbury's account. Got to take into account though that will probably lose a bit of interest with the transfers taking place.

    The 3 months fixed I think is ideal for me since my 0% card rates are up in April, so should have it back in the account and available with a reasonable amount of time if I need to dip into those to pay off the 0% cards.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Ben1982 wrote: »
    Got to take into account though that will probably lose a bit of interest with the transfers taking place.
    Shouldn't lose anything with a Sainsburys=>Halifax variable Websaver=>Halifax fixed WebSaver transfer.
  • The_Fiddler_2
    The_Fiddler_2 Posts: 565 Forumite
    YorkshireBoy wrote: »
    Shouldn't lose anything with a Sainsburys=>Halifax variable Websaver=>Halifax fixed WebSaver transfer.


    Can't you move direct from Sainsbury's to Fixed WebSaver?
    Noobie (not so :D) trying to make loads a dosh - please bear with all my questions :beer: Thanks :D


  • superstar_2
    superstar_2 Posts: 2,104 Forumite
    I have been thinking about the same iine as well. I am on Variable Web Saver at 5.40% atm, so might take up the fixed for an 1.6% additional interest rate.

    What do you all think?
  • superstar_2
    superstar_2 Posts: 2,104 Forumite
    The_Fiddler wrote: »
    Can't you move direct from Sainsbury's to Fixed WebSaver?

    Nope, you need a variable web saver to open a fixed web saver.

    Solution: Just open a variable with [SIZE=-1]£1 :rotfl:[/SIZE]
  • The_Fiddler_2
    The_Fiddler_2 Posts: 565 Forumite
    superstar wrote: »
    Nope, you need a variable web saver to open a fixed web saver.

    Solution: Just open a variable with [SIZE=-1]£1 :rotfl:[/SIZE]

    :rotfl: I've got one as I have RS, but I was just trying to miss out the middle man :rotfl:
    Noobie (not so :D) trying to make loads a dosh - please bear with all my questions :beer: Thanks :D


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