Fix Your Savings Rate NOW! Article Discussion

gelato_cat

It was 7% AER all day yesterday though - it changed to 6.75% first thing today and then changed again to 6.50% later on.

Suze

sosos wrote: »

I've just noticed this post. As can be seen, in the time A.Jones opened their account and I opened mine, the %age dropped a few points!

gelato_cat

Then have a look at this:

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

If you use Halifax Online Banking you can set one of these up in five minutes.

Suze

TheBearNecessities wrote: »

but that is exactly what i need...a 'regular saver'

i bank with HBOS.

jem16

Suzey wrote: »

It was 7% AER all day yesterday though - it changed to 6.75% first thing today and then changed again to 6.50% later on.

Suze

Mine was opened yesterday when it quite clearly said 7% on their website and on the online application. It was only when the funds were transferred and account opened before 10pm last night that the account said 6.59% gross - it should have said 6.82% gross.

gelato_cat

I think I read somewhere that they can do this even if they're advertising a higher rate - although I didn't think the rate was being reduced from 7% until today.

Suze

butterfly72 wrote: »

Mines also showing 6.59% which is the new 6.75% rate. I've phoned them as I applied last night and it was showing 7%. I got put through to another 'department' and they are going to pass it on and investigate?! I said to them, what do you mean investigate? It says in black and white on your screen when I opened the account and funded it! She agreed, but said that they still needed to look into it and call me monday. I mean really - just change the rate! What a lot of hassle for 0.25%.

gelato_cat

Am I understanding this right - you opened the account but didn't fund it as part of the application, you funded it afterwards?

Is there some clause which says you get the rate applicable at the time of first deposit (as opposed to the rate at opening, if the two are different)? I can't remember what, if anything, it said in the T&C regarding this.

Incidentally, if they don't honour the higher rate, what sort of amount are you looking at losing?

Suze

jem16 wrote: »

Mine was opened yesterday when it quite clearly said 7% on their website and on the online application. It was only when the funds were transferred and account opened before 10pm last night that the account said 6.59% gross - it should have said 6.82% gross.

jem16

Suzey wrote: »

Am I understanding this right - you opened the account but didn't fund it as part of the application, you funded it afterwards?

No. Funds were transferred from variable rate websaver as part of the application. Application said 7% AER, 6.82% gross. When the application was finished and I viewed the account it said 6.59%.

Incidentally, if they don't honour the higher rate, what sort of amount are you looking at losing?

Suze

I don't know - I haven't worked it out yet.

However it's more the principle here. They can't advertise one rate and give you another.

gelato_cat

That's strange. I've a feeling they can change the rate at any time until you put the money in. It just seems a bit weird that the other poster opened one just before you and got the full 7% - maybe you applied right when Halifax was making the change?!

Hopefully they'll give you the 7%. I know there's a principle involved, but banks don't have principles!

I spose the good thing is they only reduced it by 0.25 percentage points (I thought it was going to be a lot worse than that) and you got in before it went down to 6.50%.

Suze

jem16 wrote: »

No. Funds were transferred from variable rate websaver as part of the application. Application said 7% AER, 6.82% gross. When the application was finished and I viewed the account it said 6.59%.



I don't know - I haven't worked it out yet.

However it's more the principle here. They can't advertise one rate and give you another.

jem16

Suzey wrote: »

Hopefully they'll give you the 7%. I know there's a principle involved, but banks don't have principles!

I have just logged into my websaver and rate now shows 6.82% gross which is 7% AER, so it's now correct.

They have obvioulsy rectified their mistake.

miserable_ol_so_n_so

jem16 wrote: »

I have just logged into my websaver and rate now shows 6.82% gross which is 7% AER, so it's now correct.

They have obvioulsy rectified their mistake.

I have several online accounts with halifax, and there is no written correspondence etc. In view of the volatile nature of data that can be displayed, what is to stop halifax, either by mistake, or purposely to change the interest rate to anything come the end of the term? Come to think of it, to change your account balance downwards?

EalingSaver

Hummph. Well I tried opening the fixed web saver a couple (?) of weeks ago. It didn't let me becuase I hadn't yet seeded my existing Web Saver (has £1 in it) with the funds. Backed off, as I was originally hoping to open the 6 month and that then disappeared a day or two later (hadn't realised then that the Hx Web Saver accepted FPs....else might have done it straight away).

yesterday early morning....I decided to try and dump money into the 3 month. Transferred funds from my Tesco account to my FD CA because Tesco supports faster payments. then initiated transfer from my FD to my Hx Websaver BUT FORGOT THAT THERE WAS A LIMIT OF £10K on FP payments !!!! So it went by snail transfer. Called FD to try and get the payment cancelled, but they couldn't.....

So now I've got £15k that could be earning 6.5% in Tescos, stuck in ether, won't get credited to my Hx Web Saver till early next week....at which point I'll probably now be transferring it all back again....