Halifax Web Saver - 7% Fixed

arefem

Just seen Halifax are offering a fixed rate of 7% on their Web Saver. Confusingly, once it is opened you can't add to it, and the rate seems to be good for only the first 6month, then it drops.

When you open the account, you say how long you will keep the money there, but you can change this anytime upto 5-days before the end of term. So if you said 3 months, then 5 days before your 3 months are up, you could change it to 6 months.

See here for details:
http://www.halifax.co.uk/savings/fixedwebsaver.asp


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Lorian

I don't believe you can extend the term at the end. You can make the maturity value be automatically be invested in another fixed rate fix term account, at the then prevailing rate, or paid into another account.

arefem

You may well be right, however this page:

http://www.halifax.co.uk/savings/ImportantInfo/imporinfo_fixedratewebsaver.asp

simply says "Maturity of term - you will provide maturity instructions when you open the account. These can be changed anytime up to 5 days before maturity".

I'd recommend clarification from Halifax before opening the account.

Lorian

None of the options are to extend the term though, just where to pay the proceedes or re-invest at the rate on the day.

I've had a few of these.

Mikeyorks

arefem wrote: »

These can be changed anytime up to 5 days before maturity".

Lorian is right. All the bit above means is that you can vary what you want to happen to the matured sum (pay it to a different a/c / re-invest it etc) from 5 days prior maturity. You can't extend the fixed rate term on the same rates. If you want a further fixed period you have to take what's on offer on maturity day.

apt

The rate is fine, but it's really much better suited for those who want to make a big purchase in six months' time than for longer-term savings. Even though the headline rate is lower something like the Coop two year bond at almost 6.6% is better suited for this. If you go for the Halifax you'll likely struggle to find a decent rate in six months' time, plus there's the time and loss of interest incurred in moving you money to a new account.

Baldur

Ideal for fixing a good rate on funds for next April's Cash ISA subscription.

opinions4u

anyone reported the spam on the signature line?

Lorian

Baldur wrote: »

Ideal for fixing a good rate on funds for next April's Cash ISA subscription.

Or could be used for shifting the next 6 months worth of interest into the next tax year.

smash

I tried opening one online last night and it refused me. Think I need to pop into a branch as it said I had too many other accounts (or something similar). I do have my current account with them as well as the regular saver, guaranteed saver and my ISA Keeping it all under £50K though.

Mikeyorks

There's an individual limit of 5 Web Savers - and that includes both fixed and variable. But your post doesn't appear to suggest you're heading towards that limit?
Some of their other accounts (eg the Guaranteed Saver) you can only hold 1 of. But there's no 'combination' limit of accounts whereby they total current a/c / ISA etc.