Halifax High Interest A/C 2.5%

miller

Just noticed on my e-statement that the rate on the High Interest Current Account is down to 2.5%.

Also confirmed on their interest rates page:
http://www.halifax.co.uk/bankaccounts/interestrates.asp

opinions4u

miller wrote: »

Just noticed on my e-statement that the rate on the High Interest Current Account is down to 2.5%.

Also confirmed on their interest rates page:
http://www.halifax.co.uk/bankaccounts/interestrates.asp

Not exactly a surprise with base rates being 3% lower.

They should rename it "Quite good but not exeactly high interest current account".

simax

You think you got it bad....... I just looked at Nationwide:

Overdraft interest rates (notice given) EAR
Authorised overdraft rate 12.90%
Unauthorised overdraft rate (applied to whole balance) 24.90%

FlexAccount
Credit interest ratesFrom 1 December 2008
Amount paid in Gross p.a. / AER Net p.a.
£1,500 or more a month 1.50% 1.20%
£0 to £1,499 a month N/A N/A

Cash Card Account
Credit interest ratesFrom 1 December 2008
Gross p.a. / AER Net p.a.
Any amount paid in N/A N/A

So, effectively, my Flexaccount has gone from an excellent account, interest-wise to junk in the space of 5 months (Mine gets credited £1,100ish a month) :mad:

Time to use my e-savings more wisely in future... (Nice to see they've reduced the overdraft rates too - NOT!!)

By the way - Nationwide SHOULD have notified my in way of an insert or on my statement, no?? I've had NOTHING.

TomJ

The LloydsTSB ClassicPlus account noew pays a higher rate for the the same soprt of input (ie £!000 pm) at 3.0% AER. And there are, of course, the likes of A&L and Abbey offering good rates for the first year, then dropping of precipitously.

PremierFella_2

The significant cuts in the Halifax HICA interest rate surprised me, until I saw the reports of Halifax plans to replace accounts with Halifax Reward.

http://forums.moneysavingexpert.com/showthread.html?t=1351763

Needless to say there is now a zero balance in my HICA.

Rafter

It is all relative

With

Rafter

It is all relative

With inflation on average about 4.5% in the last 12 months and expected to be 2% or below in the next 12 months in real terms.

Earning 5% when everything costs 5% more in 12 months time is just the same as earning 2% when things will be costing 2% more - just doesn't feel like it!

R.

realaledrinker

Classic spin from the Co-op Bank press office who announced a 0.5% reduction in their SVR today, quoting the need to balance the interests of both savers and borrowers, forgetting to point out that savings rates had already been lowered by the full 1% December cut, backdated to 8th December.

Presumably this is what they mean by Treating Customers Fairly - both borrowers & savers get $hafted together!

Sharon87

I've noticed this too, it's a bit annoying, but understandable with the base rate cuts. My savings in HSBC are down a lot too. I'll probably still be using it though, 2.5% is better than 0.01% with the regular current account!

I won't be getting an OD with it though due to accounts changing next with those ridiculous charges. So if I keep it in the red, that's an extra £5 a month lol.

YorkshireBoy

Sharon87 wrote: »

I won't be getting an OD with it though due to accounts changing next with those ridiculous charges.

I would have thought an agreed overdraft facility would be a very wise move, since £1 per day is far better than £5 per day if you dip into the red.

So if I keep it in the red, that's an extra £5 a month lol.

I assume you mean "black"?