halifax web saver reward account!?

mrbrown

Hi all,
I opened a web saver fixed reward account on the 18th nov and deposited £60 in there. I noticed in my control panel that it was showing as variable (its meant to be 5% fixed for 12 months) and there was no mention of 'reward'. After sending them an email and getting a reply that bore no relation to my question, I phoned them on 2 seperate occasions. They said i had openend a web saver variable account by mistake. I patiently told them I hadnt and that the halifax lady that created the account had (unless she was lying to me on the phone) opened a web saver reward account for me. On my 3rd phone call I got someone a bit more helpful saying that it was a web saver reward, but couldnt tell me why it was down as 'variable'. Ive given up trying to get any help out of them and have resorted to what I normally do when I need a helpful answer - ask on this forum!
Does anyone know why it displays as a web saver (variable) even though it is a web saver 'reward' account?
thanks

ctdctd

mrbrown wrote: »

Hi all,
I opened a web saver fixed reward account on the 18th nov and deposited £60 in there. I noticed in my control panel that it was showing as variable (its meant to be 5% fixed for 12 months) and there was no mention of 'reward'. Does anyone know why it displays as a web saver (variable) even though it is a web saver 'reward' account?
thanks

I don't think they do a fixed rate Web saver Reward account.
Oh, and minimum balance for the fixed Web savers is £500

From the site:-

Halifax Web Saver Reward*
UK annual rates: Rates of interest are subject to change but are correct as at 5th November 2008.
£50+ 5.00%

HTH

johnoz

Hi mrbrown,

I think you will find that any websaver account that continues to allow deposits and withdrawals during its lifetime automatically always shows up as "WebSaver (variable)" for some reason.

"WebSaver (fixed)" shows up on those accounts that only allow a single deposit for a fixed term with no withdrawals, and are also marked in Online as "enquiry only".

If you had not opened the Reward account, it would be showing a much lower interest rate, their current offering!

Mind you, guess just like us you'll be checking that "Interest rate: 5.00%" box every now and then! I think you'll find it will stick like that for the 12 months, though.

Hope this helps.

Both my wife and I have opened this account (online) and it displays exactly as you described.

johnoz

ctdctd,

The website specifically says this is a fixed rate. To quote:

!Halifax Web Saver Reward

Access your savings online 24/7 with Halifax Web Saver Reward and get a great guaranteed rate for 12 months. Tiered interest rates mean the more you save, the more you earn.

Limited offer - open and fund an account before 1 December 2008.

Minimum opening balance - £50 (higher rates for larger balances)

Maximum balance - £500,000

Up to 4 withdrawals - within the 12 month reward period

Unlimited deposits

Manage your savings - access to your money 24/7 online. Transfer money, view recent transactions and check your balance online.

Fixed interest - guaranteed interest paid annually on anniversary of account opening. The rates won't change, even if the Bank of England bank rate changes.

1 account per customer - if you have an existing Halifax Web Saver Reward, it must be closed before you can apply for this offer."

mrbrown,

I suggest, like us, you print off this page for future reference, as it'll be gone next week!

opinions4u

All Web Saver Variable accounts (no card) are allocated the Reward terms and conditions. The rate on your online service screen shows as 5% (if it doesn't, then something is wrong!).

This means that until those terms and conditions are broken (e.g. 5th withdrawal or dipping below £50, or the year expiring) the account will pay 5% fixed. They class it as a variable rate account as that's exactly what it becomes when the year is up.

Personally I'd say it's worth opening one with £50 and seeing how the market develops, as it allows additional deposits. Deadline 1st December.

mrbrown

Thanks guys. I have 2 web saver accounts - 1 variable which is paying 3.5% and the other 'fixed' which is showing as 5%.
johnoz: yes, i completly agree - i will be checking that interest rate every now and then!
Thanks for clearing this up - youve all been more helpful than the Halifax support team.

jem16

Can anyone clarify if interest will be paid in full at 5% if the account is closed before the end of the year?

mrbrown

Ive just received an email from halifax (after nearly deleting is as it looked like a phishing email - nice one halifax!) saying i need to reply to it agreeing to their terms and conditions. Did anyon eelse get this email?
In the tersm it says "If you transfer funds from any other account with us or with another bank or building society,you must pay the money into a variable-rate option first. You may have to open a variable-rate option to do this.". My account is fixed (websaver reward account), although it says variable, so I guess im still OK to pay money directly into my web saver reward account directly. they dont make it easy do they!?

lucky77

I found opening this 5% fixed rate reward account very confusing too. I initially started completing the application for the fixed rate websaver then when it said the minimum balance was £500 rather than £50 I switched to the application for the variable one. This didn't seem right either - the terms & conditions stated the interest rate was 0.8% above base rate. I also ended up ringing Halifax and a lady opened the account over the phone. When I mentioned the terms & conditions of the Reward account (page 15 I think) she said they were incorrect and she would speak to her manager. I got an e-mail requiring me to accept the terms & conditions but the attachment didn't have the bit about base rate that was on the web site. She did assure me on the phone that the rate was fixed for 12 months and then presumably becomes variable.

mrbrown

Yes, it does annoy me when banks (among other companies) make things more confusing than they need be. If I was a cynic (which I am btw), Ild presume they were deliberatly making it confusing and misleading. Does Martin mention about banks having accounts with similar names to mislead? Anyway, I dont want to get off topic - Im still not sure (and neither is the halifax help centre) what account I have. Ill just have to keep logging in and checking the interest rate every now and then to see if its dropped.

Icesaver

Mine shows as 'Websaver - Variable (Websaver Reward)'and shows 5% as interest rate.Ive had no e-mail asking me to confirm T&C's.

Account opened on 5 Nov with £50.

Rate now looking more attractive as variables drop!