Halifax International saver 8%

NCK

Haiifax Internatioanl are offering 8% interest on a regular saver off shore account if you save between £100 and £2000 every month for 12 months - this looks like a great deal - why is no one shouting about it? - is there a problem with off shore accounts?

DeepSporran

The Halifax International account is covered in this excellent thread.

Some of us subscribed earlier this year when it was offering 10%. At that time there was slight concern that the compensation was under the Isle of Man scheme which only offered up to 75% payout. Apparently the IOM scheme has been beefed up and now offers 100% of the first £30000 which covers your max exposure on this account.

Some savers will undoubtedly feel uncomfortable with a non-UK compensation scheme. However, Halifax International is still part of the UK HBOS group so it's likely that the parent company would have to go completely belly up before there would be any call on the IOM scheme. That is a possible scenario but I think unlikely. It is currently being baled out by the merger with HSBC, but then again, virtually all the larger banks are currently being baled out one way or another.

M_Thomson

DeepSporran wrote: »

The Halifax International account is covered in this excellent thread.

Some of us subscribed earlier this year when it was offering 10%. At that time there was slight concern that the compensation was under the Isle of Man scheme which only offered up to 75% payout. Apparently the IOM scheme has been beefed up and now offers 100% of the first £30000 which covers your max exposure on this account.

Some savers will undoubtedly feel uncomfortable with a non-UK compensation scheme. However, Halifax International is still part of the UK HBOS group so it's likely that the parent company would have to go completely belly up before there would be any call on the IOM scheme. That is a possible scenario but I think unlikely. It is currently being baled out by the merger with HSBC, but then again, virtually all the larger banks are currently being baled out one way or another.

You mean Lloyds!!!

nicko33

DeepSporran wrote: »

Apparently the IOM scheme has been beefed up and now offers 100% of the first £30000 which covers your max exposure on this account.

100% of £50,000
http://www.halifax-international.com/home/depositors-compensation-scheme.asp

apt

Still not worth it in my opinion when you can get 7% or more on-shore. The IOM scheme may be 100% upto £50,000, but only pays out when it has sufficient funds.

wimbleQ

Hello,

Re the above post, please can you say where it is possible to find 7% or more as I would like to open an account with the best rate on-shore, rather than off-shore.

Many thanks.

Baldur

wimbleQ wrote: »

Re the above post, please can you say where it is possible to find 7% or more as I would like to open an account with the best rate on-shore, rather than off-shore.

Select 'Regular Savings Accounts' in this search page - http://www.moneyfacts.co.uk/searches/savings.aspx