Halifax Guaranteed Saver Reward

YorkshireBoy

ashbourne,

You seem to be a little confused. Perhaps you should read the thread again?

There are strings attached to the 6% paying Guaranteed Saver Reward, which are mentioned earlier in this thread, and are also neatly summarised by 'LongTermLurker' in this post...

http://forums.moneysavingexpert.com/showpost.html?p=15699405&postcount=159

LongTermLurker

ashbourne wrote: »

Am i right in thinking i can do the following on the Halifax guaranteed saver account:

- Open this account as a new saver and get the 6% fix for 12 months - YES

- Deposit say £3000 initially. - YES, into the GSR

- Obviously pay the £1000 every month for 12 months but if i wanted to i could put in alot more too? - Pay £1000 into a Halifax current account (not the GSR) each month - you can use and abuse this £1000 as much as you like - it doesn't have to stay there.

- could i take out all or most of it in one withdrawal and at some point a long the line as long as i still deposit the £1000 every month and still not lose the 6%? - You have two accounts; you can do what you like with the £1000 that you've paid into the current account each month, and you can withdraw up to £500 from the GSR, because if you ever have less than £2500 in the GSR you will receive less interest. If you make more than 4 withdrawals from the GSR (not counting the current account payments) you will also lose out on interest.

- or do i have to keep all those £1000 deposits in the account for the term? - NO, as above, the £1000s can be spent as you would normally use a current account

I hope the above makes sense. It's not a regular saver account. As YB says, my post linked above explains the limits quite simply, I think. If you are wanting to save £1000pm then my suggestion would be to put £1000 into the current account and move that across to the GSR manually or by standing order - as you say, you could put in whatever you like up to the upper account limit. Just don't miss a £1000 payment, don't make more than 4 withdrawals from the GSR and don't let the GSR go below £2500.

ashbourne

Ok, thanks for that.

I recently opened a Halifax Web Saver (Variable). Is that the current account?

ashbourne

oh, its not - sorry!

jem16

ashbourne wrote: »

Ok, thanks for that.

I recently opened a Halifax Web Saver (Variable). Is that the current account?

No that's a websaver savings account.

LongTermLurker

ashbourne wrote: »

Ok, thanks for that.

I recently opened a Halifax Web Saver (Variable). Is that the current account?

These pages will tell you all you need to know:

http://www.halifax.co.uk/savings/gua...averreward.asp
http://www.halifax.co.uk/savings/Imp..._HGSReward.asp

And here are the Ts&Cs

ashbourne

Right,

I've opened a current account and guaranteed saver (which will become a guaranteed saver reward once i meet the 1000 a month requirements).

I have also transferred £2500 into the guaranteed saver.

Once my current account is fully opened i will deposit £1000 every month.
To my understanding i can even take this back out if i want to as long as £1000 goes in at some point every month?

funguy

Yes as long as £1000 is deposited into a valid current account then all should be okay. My online account also says 4.5% interest and the customer services guy didnt know why it wasnt showing 6%!!

Anyone having any more luck with info from the Halifax? In my opinion it should show 6% UNTIL you breach one of the conditions....just like the Bank of Scotland instant access account which shows the higher rate unles the balance drops or you take out more than 4 withdrawls....

rb10

ashbourne wrote: »

To my understanding i can even take this back out if i want to as long as £1000 goes in at some point every month?

Yes, you are correct. The money does not need to stay in the current account, a total of £1000 (in one or more payments) just needs to be credited at some stage during the month.

funguy wrote: »

Anyone having any more luck with info from the Halifax? In my opinion it should show 6% UNTIL you breach one of the conditions....just like the Bank of Scotland instant access account which shows the higher rate unles the balance drops or you take out more than 4 withdrawls....

As has been said before, the interest will be calculated at the standard Guaranteed Saver rate (currently 4.5%) throughout the term, but THEN, at the end of the term, will be recalculated at the Reward rate of 6% providing the extra conditions have been met.

Many people will have opened the GSR who will not pay in £1000/month - should they have the 6% rate shown on internet banking too, when they can not get that? Halifax have to do it one way or the other, they have decided to show the basic rate, then apply the Reward to those who are due the higher rate.

You have opened an account paying 6%, surely you can trust that this is what will be paid.

miller

rb10 wrote: »

As has been said before, the interest will be calculated at the standard Guaranteed Saver rate (currently 4.5%) throughout the term, but THEN, at the end of the term, will be recalculated at the Reward rate of 6% providing the extra conditions have been met.

If their software cannot cope with this situation then putting N/A would be clearer. As it stands "Current rate: 4.5%" is plain wrong - hence the confusion on this thread.