Halifax web saver

superstar_2

The rates has dropped from 7% to 6.5% for the 3 months fixed. Do you think the rate will continue to fall? I would assume that the initial 0.5% is just an immediate fall and they may reduce the rates o sub 6% very soon. What do you think?

I have missed the 7% but wondering if I should go for the 6.5% now...... opinions!?

KTF

I very much doubt they are going to increase it any time soon so I would grab it whilst you can.

superstar_2

KTF wrote: »

I very much doubt they are going to increase it any time soon so I would grab it whilst you can.

Good point, doubt they would increase too.

Icesaver

superstar wrote: »

The rates has dropped from 7% to 6.5% for the 3 months fixed. Do you think the rate will continue to fall? I would assume that the initial 0.5% is just an immediate fall and they may reduce the rates o sub 6% very soon. What do you think?

I have missed the 7% but wondering if I should go for the 6.5% now...... opinions!?

I would say they probably will fall, but you need to consider what rate will you be able to re-invest at in 3 months time? I don't know if you'd qualify but Halifax have a Guaranteed Saver reward at 6% fixed for 12 months. You need to keep a minimum of £2500 in the account and also have a current account that is funded with£1000 monthly for the 12 month period.
If you qualify and can do it I'd open one of those so you have somewhere to deposit your funds on maturity. Or even just open the Guaranteed Saver reward and lose 0.5% for 3 months if you think rates will be pretty low in 3 months time.

superstar_2

Icesaver wrote: »

I would say they probably will fall, but you need to consider what rate will you be able to re-invest at in 3 months time? I don't know if you'd qualify but Halifax have a Guaranteed Saver reward at 6% fixed for 12 months. You need to keep a minimum of £2500 in the account and also have a current account that is funded with£1000 monthly for the 12 month period.
If you qualify and can do it I'd open one of those so you have somewhere to deposit your funds on maturity. Or even just open the Guaranteed Saver reward and lose 0.5% for 3 months if you think rates will be pretty low in 3 months time.

Thats what I have been thinking, how the rates would be in 3 months and should i take the gamble and go for 3 months and see what im going to do in February? Tough deciison.

Icesaver

superstar wrote: »

Thats what I have been thinking, how the rates would be in 3 months and should i take the gamble and go for 3 months and see what im going to do in February? Tough deciison.

Personally if I could only do one or the other I'd go for the 12 months fixed at 6%.
I was fortunate enough to be able to open both, So I have somewhere to put my maturing Websaver into (I managed to bag the 7% rate).
I also needed a home for my Icesave compensation so a proportion is going there too.

opinions4u

If you don't want the "£1000 a month credit to a current account" link with the 6% Guaranteed Saver Reward, Bank of Scotland are offering a similar account at 5.8% with no current account requirements.

So £5k in to the Bank of Scotland IASA Reward fixed at 5.8% (£5k minimum, additional deposits allowed, 4 withdrawals).

Up to £45k in to the 3 month Fixed Web Saver at 6.5% (or the Birmingham Midshires 6 month 6.97% AER product).

When the £45k choice matures, review the market and if it's still low bang the proceeds in to the Bank of Scotland one.

superstar_2

thanks folks, i need to make a decision about it soon. anymore opinions would be appreciated.

superstar_2

Tried to open one and this showed up:

• You do not meet our age requirements
• You already hold the maximum number of variable or fixed rate Web Saver accounts we allow
• You do not currently hold a variable Web Saver account (This is a requirement, as on maturity one of the options is to roll over funds into your variable rate WebSaver)
• You have insufficient funds in your account to fund the new Fixed Web Saver (Min £500)

none applies to me though, anyone had this before?

KTF

You need to be able to transfer in t least £500 I think so if you dont have that in an available Halifax account it refuses to let you open one.

superstar_2

KTF wrote: »

You need to be able to transfer in t least £500 I think so if you dont have that in an available Halifax account it refuses to let you open one.

I have that, so I dont see a reason for that to happen. Anyone else had any problems like this before?