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

Milarky

domcastro wrote: »

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!

Doesn't sound right to me. If the cash has been transferred to your websaver earlier it should be identified as cleared and available*. As you can have up to 5 fixed rate websavers - and more than one at the same term/rate I see nothing to stop you trying again with what's left to use. The money will either be accepted or not.

*But remember to leave at least '£1' in the variable rate websaver OR it won't transfer - that was an error I made the previous time initially.

YorkshireBoy

strawberrylane wrote: »

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

Sorry to be a pedant, but I think the interest calculation is as follows:

£10,000 x 6.82% / 365 x 92(days) = £171.90 gross.


EDIT: For an account opened before this Friday's deadline. Thanks Milarky!

strawberrylane

Sorry to be a pedant, but I think the interest calculation is as follows:

£10,000 x 6.82% / 365 x 92(days) = £171.90 gross.

What do you think the gross interest would be if the account could run for 365 days then?

guli

YorkshireBoy wrote: »

Sorry to be a pedant, but I think the interest calculation is as follows:

£10,000 x 6.82% / 365 x 92(days) = £171.90 gross.

But but if you use the equivalent AER interest calculation, it would be:

£10000*((1+7%)^(92/365)-1) = £172.00 gross

Milarky

guli wrote: »

But but if you use the equivalent AER interest calculation, it would be:

£10000*((1+7%)^(92/365)-1) = £172.00 gross

Basically the same thing as saying that: 6.82% = ((1.07)^(1/4)-1) x 4

YB is just quoting the simple interest rate x number of days in order to give an exact figure of interest for an account opened during November - but in this case it becomes 92 days rather than exactly '91.25', or a fourth of a calendar year, to the maturity.

I gave 1.705% (£170.50 for £10,000) in my reply but I accept the exact amount paid varies with the numbers of days in each month

The relationship between '6.82' gross and '7.00' AER is a slightly different argument.

YorkshireBoy

strawberrylane wrote: »

What do you think the gross interest would be if the account could run for 365 days then?

If they wanted to claim the same 7% AER they'd have to quote 7% gross p.a.

westv

Can I open one of these this evening if I don't already have a Halifax websaver account?

strawberrylane

They do quote 7% AER (6.82% gross) which is correct.

itsmeuk

so is this worth opening for 3 months with 5k. or is it a waste of time

riad_2

westv wrote: »

Can I open one of these this evening if I don't already have a Halifax websaver account?

I tried and it's saying you need another savings account.

What I'd like to know is, does the websaver open instantly? Or does it take several days or initial deposit by cheque to open (by which time the fixed rate will be gone of course).

Anyone know?