Help... Halifax 3 months 7%

itsnothing

Ok I am getting slightly confused, brain not all with it now!!!
Interested in the 7% for 3 months and have £3*** in a web saver extra which is now on 5.5% and when I first took it out it used to be something like 6.75% with a bonus.

This websaver when I looked had giver just over £100 of interest which I wont get until next year in april. My question is if I were to take xyz out into this new 7% for 3months would I actually be better off?

Does the account purely run for 3months or do you have to keep it in for 12months?

Thankyou

itsnothing

can anyone help me?

stormy_2

Hi Itsnothing,
The three month bond from Halifax only runs for three months, I had some money in my Websaver account and decided to put some of it into this bond as the rate is 7% gross (a fair bit higher than my Websaver at around 3.8%).

When you apply you can simply say that you want all of the money including interest to go straight back into your Websaver account at the end of the three month term, this is what I have done and it was easy to set up online too.


I hope this helps

Mikeyorks

Yes. Whatever you put into the fixed rate you will obviously be better off, in interest terms, at 7% as opposed to 5.5%

The '3 month fix' is exactly that. It starts the day you fund it and it closes exactly 3 months later. You can open it from your Portfolio and put your £xyz straight into it. You have to nominate an account for the £xyz + interest to go into at the end of the 3 months. Which could be your existing Websaver (although I don't recognise the 5.5% .... mine's 5.8%) or one of their current a/c's.

opinions4u

Here's what I'd do:

1) Transfer all but 1p out of your Web Saver Extra in to your Web Saver Variable.

2) Open your 3 month fix with the money you want to invest at 7%.

3) Close your Web Saver Extra and get the interest added.

4) After 3 or 4 days, open a new Web Saver Extra and get a new year at 5.5%.

YorkshireBoy

Mikeyorks wrote: »

(although I don't recognise the 5.5% .... mine's 5.8%)

OP says they have a Web Saver Extra Mike...

http://www.halifax.co.uk/savings/websaverextra.asp

itsnothing

Thankyou all for your help!!

It seems like a good deal!??

Mikeyorks

YorkshireBoy wrote: »

OP says they have a Web Saver Extra Mike...

Quite right - I'd just eaten and obviously a bit sleepy!;)

Which part explains why I quoted my Web as 5.8% (Websaver Reward) ... when the cheeky sods have reduced it to 5.3% behind my back. That's what happens when you move virtually all your cash out of Halifax ..... you don't keep a watchful eye on it. So that's a bit more going over the fence to BM.

YorkshireBoy

Mikeyorks wrote: »

So that's a bit more going over the fence to BM.

BM esaver (issue 1) now 6.00% AER though, following a 0.5% cut.

My BM funds are on their way to Egg for a 6.3% fix (further deposits allowed and no withdrawal penalties)...unless I can catch another 7% 3 month fix with Halifax on Wednesday.

itsnothing

It wont let me use my web saver extra for some reason....... am I best closing the account so I get the interest to date. Putting it all into the fixed for 3months and then putting it somewhere else in feb?

Sorry to be a pain, just don't know what the best thing to do is!?

YorkshireBoy

Would this be your first withdrawal from the Web Saver Extra, or have you made a previous withdrawal?