Trying to open halifax fixed rate - system won't let me

domcastro

I'm desperately trying to open a fixed rate 7% Halifax saver. It won't let me grrrrrrrrrrrrrr! Rang them twice, they said there's nothing wrong with what I'm doing and nothing wrong with account.

Anyone else having problems?

withabix

Probably website overload.

domcastro

I thought that could be the case as the rate's going overnight, - they told me this

MORPH3US

Where is the 7% account? All I can see under savings is a 6% account...

domcastro

It's ok panic over. I've sussed it. I only transferred some of the money into the websaver this morning. so even though the money was all cleared and showing in my web saver - their application system must have had an earlier figure. I therefore transferred in less money to the fixed (as if I hadn't made the extra deposit this morning) - bit of a bummer as I've now got 5k with a crap variable rate!

domcastro

MORPH3US wrote: »

Where is the 7% account? All I can see under savings is a 6% account...

Fixed rate web saver. You need to go to the link that says "show all acounts". It's in that section. You need to have a variable web saver to open one.
https://www.halifax.co.uk/savings/comparealloursavingsaccounts.asp

domcastro

https://www.halifax.co.uk/savings/fixedwebsaver.asp

It's 7% AER for 3 months but this is 6.82% gross. God knows what that all means but 6.82 is good enough for me!

withabix

You can only make one deposit into it, so no good for anyone wanting to grab an account, dump £500 in and then start moving money around!

MORPH3US

Thanks guys.... I have an NSandI ISA at 4.80% which according to MSE means I need a 6% savings rate to beat this (I am a basic rate tax payer).

I assume with the BoE Base Rate change that this 4.80% will drop to more like 3.3%....

Should I leave all my ISA cash where it is or look to move it sharpish?!?!

Where should I put it?

strawberrylane

It's 7% AER for 3 months but this is 6.82% gross. God knows what that all means but 6.82 is good enough for me!

It means that each month your money will effectively earn (6.82/12)% interest = 0.5683% per month. This will be compounded, so after 3 months you will have earned 1.7147% interest (which is equivalent to 7% AER).

If you put in £10,000 say, you will get back £10,171.47 after 3 months.

Milarky

strawberrylane wrote: »

It's 7% AER for 3 months but this is 6.82% gross. God knows what that all means but 6.82 is good enough for me!

It means that each month your money will effectively earn (6.82/12)% interest = 0.5683% per month. This will be compounded, so after 3 months you will have earned 1.7147% interest (which is equivalent to 7% AER).

If you put in £10,000 say, you will get back £10,171.47 after 3 months.

Not quite correct. It's not (6.82%/12) compounded monthly for 12 months, it's (6.82%/4), or 1.705% payable after 3 months.

It's '7%AER' because (1.01705) x (1.01705) x (1.01705) x (1.01705) = 1.07