Halifax Web Saver - 7% Fixed

patrick78uk

I've seen the Halifax offer too and it attempts me. But my question is... IS IT SAFE TO DO THE SAVING WITH HALIFAX NOW???

XXXX

Mikeyorks wrote: »

There's an individual limit of 5 Web Savers - and that includes both fixed and variable

I thought that limit is no longer applied, as I certainly have more than 5 web savers now.

What is the point to have such restriction in place when additional funding is not allowed?

alared

patrick78uk wrote: »

I've seen the Halifax offer too and it attempts me. But my question is... IS IT SAFE TO DO THE SAVING WITH HALIFAX NOW???

Your first £50k is safe and now the government has bailed them out with tax payer`s money, and they actually own 40% of Halifax/BoS,so your dough should be safer than ever.

opinions4u

alared wrote: »

Your first £50k is safe and now the government has bailed them out with tax payer`s money, and they actually own 40% of Halifax/BoS,so your dough should be safer than ever.

1) The government bail out scheme effectively makes safe all savings in British banks - if in doubt, stay under £50k.
2) The government currently owns 0% of HBOS, but this will likely be in the region of 70% once they take their shares.
3) After Lloyds and HBOS merge (assuming they still do) the government share of the new bank is likely to be in the region of 40%.

Mikeyorks

XXXX wrote: »

I thought that limit is no longer applied, as I certainly have more than 5 web savers now.

You're (partially ) right - they have changed it. Used to include the fixed rate Web products as well ..... but now just specifies a limit on the variable ones.

Number of accounts - maximum of 5 variable rate Halifax Web Saver accounts in sole or joint names (including Web Saver Reward and variable rate Halifax Web Saver, with or without card options)

opinions4u

Web Saver Fixed at 7% - worth thinking about (and no limit on the number you can have).

Web Saver Extra at 6% (1 withdrawal a year) is ok and a fair option. You're allowed one of these. If you close one, that counts as a withdrawal and you can open a new one a few days later too! Sneaky little trick there to get round the system - no requirement to hold it for a year to get the rate !!

Web Saver Variable at 4.21% is limited to 5 accounts. Useful as a very short term home for cash, but no exactly a world beating rate. Waiting for reduction in rate to come soon!

EalingSaver

I also got rejected, and I only have a Websaver and an RS. It said the reason was 'either too many accounts or insufficuent funds in your websaver account.

I couldn't find anyting on this hence the quesiton - does this have to be funded from your websaver so you have to move funds into that first before you can open the term account?

Savings_Dave

EalingSaver wrote: »

I also got rejected, and I only have a Websaver and an RS. It said the reason was 'either too many accounts or insufficuent funds in your websaver account.

I couldn't find anyting on this hence the quesiton - does this have to be funded from your websaver so you have to move funds into that first before you can open the term account?

I opened one of these yesterday...

Your current websaver has probably been opened as a nominated account for when your regular saver ends (like me) - the funds and interest are swept into this upon maturity.

You don't have to open up another websaver or move money from a variable websaver to fund this fixed rate websaver. I moved mine from my Halifax High Interest Current Account. All done in 5 mins

Not sure what to do if no current account - perhaps fund your variable websaver and then transfer?

YorkshireBoy

EalingSaver wrote: »

I couldn't find anyting on this hence the quesiton - does this have to be funded from your websaver so you have to move funds into that first before you can open the term account?

See condition 29...

http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/WS-TC-final.pdf