Halifax 7% 3 months

MrSinister

Hi People, I was thinking of putting 20k into the fixed 3 months Halifax 7% interest account. Anyone see this as being a bad idea in the current climate?

Milarky

I opened one yesterday - a few hiccups but got there in the end.

Nope. You'll get recredited with the cash + interest in 13 weeks time (I'd apply now on Monday or Tuesday next week so that the money is available on Tuesday 27 or Wednesday 28 January - which gives you time to transfer it out to A.N. Other offer)

Have you also set up some short term savings like Egg (6.55%) or Tesco (6.50%) with instant access? You'll need bolt-holes like these I suspect

old_sage

Read the account terms and conditions...
http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/WS-TC-final.pdf

Clause 13 in effect says the fixed rate isn't 'fixed' if Halifax decide they want to change it. I looked at BoS and Anglo Irish Bank T&Cs for similar fixed-rate products and they don't have terms like that.

Baldur

old_sage wrote: »

Read the account terms and conditions...
http://www.halifax.co.uk/savings/forms/generic_sav_app/forms/pdfs/WS-TC-final.pdf

Clause 13 in effect says the fixed rate isn't 'fixed' if Halifax decide they want to change it.

It actually says that they can change the special conditions attached to the fixed rate option, not that they can change the rate.

YorkshireBoy

old_sage wrote: »

Clause 13 in effect says the fixed rate isn't 'fixed' if Halifax decide they want to change it.

You didn't get as far as condition 13.6 then?

Lokolo

Do you need a Halifax current account or anything?

I've got £3k which I am drip feeding out of my savings over next 9 months so I could tie some of it up for 3 months for a better rate than 4.75% lol.

Baldur

Lokolo wrote: »

Do you need a Halifax current account or anything?

No, but you need a variable rate websaver before you can open the fixed rate option(s).

YorkshireBoy

Lokolo wrote: »

Do you need a Halifax current account or anything?

See condition 29 in the above link.

Typically, it's a variable rate websaver or a Halifax/BOS current account.

Lokolo

Effort. For an extra £15 savings hm.

nomorekids

very nearly missed out on 7% for 6 months because the funds have to be in the web saver 24 hours before you can transfer them into a fixed, just thought I would let you know

Baldur

nomorekids wrote: »

very nearly missed out on 7% for 6 months because the funds have to be in the web saver 24 hours before you can transfer them into a fixed, just thought I would let you know

I transferred 3 tranches of cash into my websaver and straight out to 6 month fixed rates within minutes of their arrival in the websaver.