Halifax Web Saver

firefox26

Hey guys,

Ive got an Halifax online web saver account with the 5.8% reward rate or w.e it is.

But yeah i had a question and when i asked in the branch they couldnt seem to give me an answer so i wondered if anyone here could help me.

As far as i know i have U/L withdrawals and the interest is paid every year. This week im late getting paid due to Bank Holiday so im going to have to take some money out of the websaver. If i put it back in by the end of the week/month how much would it affect my interest?

Im guessing its calculated by adding up each months interest then paying it at the end?

Thanks in advance

exel1966

Interest is calculated and accrued daily, therefore you only lose out on the term the money is removed only.
So take the money out for 7 days and you'll lose 7 days interest on the amount withdrawn. Nothing else !
Interest is paid annually on the anniversary date of account opening.

firefox26

Ahh thanks, ill get it back in asap then hehe!

Mikeyorks

As post #2 ..... it's a daily calculation based on the account balance at close of business each day. Are you seriously suggesting the Branch aren't aware of that ...... ?

opinions4u

Mikeyorks wrote: »

As post #2 ..... it's a daily calculation based on the account balance at close of business each day. Are you seriously suggesting the Branch aren't aware of that ...... ?

If a branch cannot answer a question as simple as that ..... ask for the manager!

opinions4u

By the way, not tested this one but the small print says if your balance goes below £1 you revert to a 4.21% rate and lose the 'Reward' status. So always leave a quid or more in!

Mikeyorks

opinions4u wrote: »

So always leave a quid or more in!

If you move money via a direct transfer - it won't allow the transfer if that reduces the balance below £1.

But - if you move the money indirectly, such as via SO ....... it does allow the balance to reduce below the £1 threshold.

greyster

just closed my web saver down after 8 years and moved to kaupthing edge. Account was ordered online and fully set up in a few days. I was able to close my halifax account down online without phoning up and the balance was transferred.

Just incase you decide to move to a better rate account. Min balance 100GBP to get rate.