Fixed Rate Halifax Web Saver (3 month term)

Tibbledom

beecher wrote: »

I opened a 9 month one at 5.75% today, and the 3 month option was there.


Be aware that you have to open a WebSaver first of all, and leave the money in there for 24 hours before transferring it to a fixed web saver. And remember to transfer an extra £1 into your websaver in order to keep it open.

Thanks

Tried to open a 9 month 5.75% fixed rate myself this morning and transferred over to the Halifax web saver (that I had recently opened) to fund it earlier today. Then found out about the 24 hour requirement. :mad:

Worth opening a regular saver also at the fixed 7% rate; you can contribute £500 per month. It is a doddle to set up once you have got the Halifax web saver open. They opened the account there and then in the local Halifax branch and set up the first payment by cheque and subsequent standing order (I had popped in to show some identification documents) or you can do it on line. If you assume you are getting 1.25% of extra interest on the regular saver, and funding it out of income, then that is a "gift" of £30 (= 0.5 x 6000 x 0.0125 x 0.8) over the year for not a lot of effort.

obsessed_saver

Is there a 24 hour requirement? I just opened a 3 month Fixed Rate Web Saver online with Halifax (I am already an existing current account customer) today.

First, I had to open their Variable Rate Web Saver and funded it with money from my current account (immediately was in the account).

Then, I opened the Fixed Rate Web Saver and immediately transferred the money from the Variable Rate Web Saver (leaving £1).

It's all set up now with the money in the Fixed Rate. Done within 10 minutes.

opinions4u

Halifax usually change their fixed rates on a Friday.

If I had anything left to stash away in the Fixed Rate Web Saver I'd do it before midnight tonight!

Tibbledom

obsessed_saver wrote: »

Is there a 24 hour requirement? I just opened a 3 month Fixed Rate Web Saver online with Halifax (I am already an existing current account customer) today.

First, I had to open their Variable Rate Web Saver and funded it with money from my current account (immediately was in the account).

Then, I opened the Fixed Rate Web Saver and immediately transferred the money from the Variable Rate Web Saver (leaving £1).

It's all set up now with the money in the Fixed Rate. Done within 10 minutes.

There IS a 24 hours requirement. I think it may not apply if you transfer from a Halifax current account to the web saver which could explain what has happened to you, rather than transferring from an external account. I would emphasise we are not talking about funds in transit we are talking about funds showing in the Halifax web saver.

There is nothing in the terms and conditions or anywhere else about the 24 hours. I had to ring them up to find out about it having failed to open the account (he said the 24 hours is literally 24 hours and not one minute past midnight on the following day). They told me that even the Halifax branch staff don't know about the 24 hours! I have already registered a complaint in the expectation that the rate may be pulled tomorrow before I can open the fixed rate. They will have difficulty in saying no contract exists because I have already taken action (i.e. transferring to the Halifax websaver based on their terms and conditions that don't mention the 24 hours). If necessary I will take it to the banking Ombudsman if they won't honour the old rate and will also complain to the FSA about misleading financial advertising. Hopefully threatening halifax with that should it be needed will make them back down.

:mad:

If anybody else is in the same position please shout and I will let you know how I get on.

jbennett_2

Hi everyone,
How did you all setup the Halifax fixed rate account so quickly.
http://www.halifax.co.uk/savings/fixedwebsaver.asp
I just joined via the link above this afternoon but had to initially create a variable web saver, therefore I took the details of the account I obtained to the Halifax bank in town and put £501 in the account.
Halifax wouldn’t let me create the fixed rate web saver account for 9 months (5.75%) and the bank manager said that I need to now wait for my password for online banking and once this arrives I can apply for the fixed rate account. The problem I now have is that it takes about 5-7 days and in this time the interest could drop?
Oh no
Thanks

Also I noticed the following

No withdrawals or additional deposits - after account opening

Does this mean that once I put £500 in the account I cannot put any more money in?. Sounds a bit rubbish if so

Mikeyorks

jbennett wrote: »

Does this mean that once I put £500 in the account I cannot put any more money in?. Sounds a bit rubbish if so

It's a fixed rate account ..... so the requirement that you fund it fully at the outset isn't unusual. Yes .... it's fixed rate / fixed period .... based on the fixed value you put in initially.

If you want an 'easy access' account .... you're no longer going to get this sort of interest rate.

jbennett_2

Thanks,
So I presume that I can't put more than £500 in now that i've opened the account?.

Jon

beecher

jbennett wrote: »

Thanks,
So I presume that I can't put more than £500 in now that i've opened the account?.

Jon

No you can't. Though I *think* you can have more than one fixed rate Web Saver.

Tibbledom, hopefully the fixed rate will still be available when you need it - good luck. I have opened a 7% regular saver - what I like about it is that you can change the SO every month and so can be anythign from £25 to £500/month.

opinions4u

I would strongly suggest ensuring the account is funded tonight. I hold out little hope of those rates being maintained.

If they have effectively obstructed your funding in the branch (even if they were technically right, but how else were you to fund?), but you made reasonable effort to get your money in, I'm sure a nice polite phone call to their Customer Relations department will resolve everything to your satisfaction.

arealhighlander

Luckily I opened my Web Saver last week when I was chasing one of the previous highs, got all details and money transferred yesterday so punted over £10k to 1 year fixed at 5% this evening.

I have also started a Halifax Regular saver with £500 a month for 7%, got a Coventry Fixed Rate Poppy Bond with £29k at 6.25%.

I've never had so much invested in cash! Thank goodness I use Quicken to keep a track of whats where