Halifax Web Saver 6.5%

kswkid

I signed up for the Halifax Web Saver account last night (it is required to open the 3 month Fixed Term account with 6.5%) after looking through the Top Savings account article on the site. I went in branch today to make the required first deposit, however I was told I am only allowed to make one, initial deposit to the account over the counter, all other transactions must be made online. I thought this was a bit odd but ok..

But it made me think, surely if Im moving money from another bank to this account, its going to cost me a transfer fee consequently costing me more than the extra 1% interest I'd make on my money compared to a non web based account. (I only have £2,500 to put in there).

Do other banks allow you to deposit money in branch to online accounts? I just seems an expensive way to deal with savings when you have to pay to have them transfered.
Please help!

Money_Grabber13579

kswkid wrote: »

I signed up for the Halifax Web Saver account last night (it is required to open the 3 month Fixed Term account with 6.5%) after looking through the Top Savings account article on the site. I went in branch today to make the required first deposit, however I was told I am only allowed to make one, initial deposit to the account over the counter, all other transactions must be made online. I thought this was a bit odd but ok..

But it made me think, surely if Im moving money from another bank to this account, its going to cost me a transfer fee consequently costing me more than the extra 1% interest I'd make on my money compared to a non web based account. (I only have £2,500 to put in there).

Do other banks allow you to deposit money in branch to online accounts? I just seems an expensive way to deal with savings when you have to pay to have them transfered.
Please help!

Not odd at all! It is a "web" saver after all! And it doesn't cost you anything to transfer money between accounts online. Well it does if you use CHAPS, but I never use that!

brookerbabyisababy

Also opened one of these. Problem is it is displayed but does not allow me to access the recent transcations or rate of interest on the account? I have not yet reached any documentation on the account.

RayWolfe

kswkid wrote: »

I signed up for the Halifax Web Saver account last night

You surely read the Terms and Conditions?
But of course Money_Grabber13579 is correct, it doesn't cost anything to transfer money via BACS .................. should you want to, after all you only opened it because it was a condition of the fixed term account! Minimum in and forget about it until the term expires on the fixed rate account.

opinions4u

Might be worth parking £50 in a Web Saver Reward (fixed for a year at 5%).

This might be a top deal in 3 months time!

Milarky

What you must do when applying for one of these fixed rate accounts is have all your cash deposited into a variable rate Websaver first - which you can do in dribs and drabs. Then move your single large deposit across when you apply.

BTW, Halifax accepts Faster Payments from many banks now...

kswkid

opinions4u wrote: »

Might be worth parking £50 in a Web Saver Reward (fixed for a year at 5%).

This might be a top deal in 3 months time!

Thats the account I thought I was signing up for, but due to the layout of the website I signed up for the standard Web Saver - seriously it is stupid, there is no 'confirmation' screen or whatever, you click sign up for Web Saver Reward, go through the signup process and end up with something you didnt ask for! Usually Im on the ball with this kind of thing but wasn't paying enough attention at 2am. Lesson learnd, only open bank accounts in the day time!

As for other responses, yeah I didn't really read the T&C's and assumed one too many things ...
Might be an obvious question, but what if I just put my lump sum into the account as the initial opening balance then just transfer it all into the fixed term account? Good idea or not?
Im in a rush to get it opened in case they drop their rate next week or anytime soon really.

Money_Grabber13579

kswkid wrote: »

Thats the account I thought I was signing up for, but due to the layout of the website I signed up for the standard Web Saver - seriously it is stupid, there is no 'confirmation' screen or whatever, you click sign up for Web Saver Reward, go through the signup process and end up with something you didnt ask for! Usually Im on the ball with this kind of thing but wasn't paying enough attention at 2am. Lesson learnd, only open bank accounts in the day time!

As for other responses, yeah I didn't really read the T&C's and assumed one too many things ...
Might be an obvious question, but what if I just put my lump sum into the account as the initial opening balance then just transfer it all into the fixed term account? Good idea or not?
Im in a rush to get it opened in case they drop their rate next week or anytime soon really.

Yea well why not just open the correct one, transfer your money, and close the old one?! It can all be done online.

kswkid

Because the link I click to open the Reward account ends up with me opening the other account. I'll try it again though as soon as I get my online banking details (post in 3 days).
Cheers for everyones help!

opinions4u

kswkid wrote: »

Thats the account I thought I was signing up for, but due to the layout of the website I signed up for the standard Web Saver - seriously it is stupid, there is no 'confirmation' screen or whatever, you click sign up for Web Saver Reward, go through the signup process and end up with something you didnt ask for! Usually Im on the ball with this kind of thing but wasn't paying enough attention at 2am. Lesson learnd, only open bank accounts in the day time!

As for other responses, yeah I didn't really read the T&C's and assumed one too many things ...
Might be an obvious question, but what if I just put my lump sum into the account as the initial opening balance then just transfer it all into the fixed term account? Good idea or not?
Im in a rush to get it opened in case they drop their rate next week or anytime soon really.

1) Your original post said you wanted a Web Saver Fixed (6.5%) not a Web Saver Reward (5%).

2) To get the Fixed choice, for reasons known best to Halifax you have to have a Variable Web Saver too.

3) So you need the Variable Web Saver you opened, get the funds in to it, open the Fixed that you wanted, transfer the funds (except £50) from the Variable to the Fixed.

4) When you've done this, open a Web Saver Reward with your £50. This may then be a nice home for your maturing Fixed account in 3 months. But assess the rates then!

RayWolfe

kswkid wrote: »

As for other responses, yeah I didn't really read the T&C's and assumed one too many things ...
Might be an obvious question, but what if I just put my lump sum into the account as the initial opening balance then just transfer it all into the fixed term account?

Well, read them now ... and understand them. Then you will find a minimum balance that must be kept ... I think it's a pound! So you can nearly do what you want.
I could read the T&Cs for you and give you the definitive answer but I don't think that will achieve the objective.