Fixed Rate Halifax Web Saver

noh

ExBanker wrote: »

So it's actually a bond as opposed to a savings account which they seem to market it as..

No it is a fixed rate savings account

ExBanker_2

It appears to have binding terms and conditions though, that you have to leave your money in there for the duration- the same as a bond but at a worse rate!

noh wrote: »

No it is a fixed rate savings account

YorkshireBoy

loaner wrote: »

smacks of a gimmick to get on top of the best rate tables

Where else can you enjoy gross p.a. rates of 6.82% for 3 months and 6.88% for 6 months?

noh

ExBanker wrote: »

It appears to have binding terms and conditions though, that you have to leave your money in there for the duration- the same as a bond but at a worse rate!

No its not a bond its a savings account with a fixed rate for a defined term. A number of deposit takers incorrectly label saving accounts as bonds.
For the definition of a bond see here:- http://en.wikipedia.org/wiki/Bond_(finance)

I thought the rate was good is there anyone else offering more for a 3 or 6 month term?

Nigel

YorkshireBoy

loaner wrote: »

they need the money now short term

Exactly right. Have you seen the LIBOR climbing...even after last week's 0.5% BOE rate cut?

Alfie_E

loaner wrote: »

there is a significant drop off after 6 months, which means one of 2 things, they need the money now short term, or they are trying to pull punters in with a headline grabbing rate.

Six central banks co-ordinated a significant interest rate cut and the three-month inter-bank lending rate then went up. I would go with your first suggestion.

noh

loaner wrote: »

there is a significant drop off after 6 months, which means one of 2 things, they need the money now short term, or they are trying to pull punters in with a headline grabbing rate.

Actually I would say that both those statements are true. They need the money now and in order to get it they are offering a headline rate.

Nigel

butterfly72

I've had these fixed rate accounts with Halifax before and have just fixed £3600 at 7%. Its my ISA 09 cash!! I'm wondering if I should fix some more of my savings. I'm looking at the B&B 6.70% one year fixed. (Currently have cash in B&B variable esaver 6.51%) I know interest rates have gone down and its been suggested they will fall futher, but I don't want to miss out on any other good deals that may surface between now and the account maturing. Surely banks will be wanting our money for some time to come and offer high rates to entice us!!??? What does anyone else think?