HBOS Websaver fixed rate

Paul1951

I took out 3 month fixed rate Websaver with HBOS on 1st December, it was on Moneysavingexpert at the time at 6.25%. Have just got the maturity statement and the interest was less than I expected. After 4 calls to the (hopeless) help line, was eventually told that the interest rate was reduced from 6.25% AER to 5.68% on 21st November. This doesn't tally with my records but I can't find any proof of the rate at the time

Does anyone out there have any relevant info?

Lorian

Paul1951 wrote: »

I took out 3 month fixed rate Websaver with HBOS on 1st December, it was on Moneysavingexpert at the time at 6.25%. Have just got the maturity statement and the interest was less than I expected. After 4 calls to the (hopeless) help line, was eventually told that the interest rate was reduced from 6.25% AER to 5.68% on 21st November. This doesn't tally with my records but I can't find any proof of the rate at the time

Does anyone out there have any relevant info?

I had the same account started on the 12th November. It was 6.5% AER (a little less over the 3 month term obviously - 6.35%). Its just matured today (3 days early for some reason).

My recollection is it did reduce shortly afterwards, but I don' know when exactly.

rb10

Paul1951 wrote: »

I took out 3 month fixed rate Websaver with HBOS on 1st December, it was on Moneysavingexpert at the time at 6.25%.

Never rely on Moneysavingexpert (or any other comparison site) to give you an accurate interest rate. The web site is not kept totally up to date with all interest rate changes (and with so many accounts out there, it would be a mammoth task to do that). Always check the bank's website before committing yourself. That would give you the correct rate, the one that you would actually receive.

Unfortunately, I doubt there's anything you can do. HBOS will say that they were advertising it correctly themselves (as I'm sure they will have been - they always update their website as soon as there are changes), and it's not their problem if elsewhere on the internet someone else is giving out of date info.

ray123

I had a similar issue. I opened the one year fixed rate at 6% (with 4 withdrawals) at end of November and told the person on the phone that I would not have the money for roughly ten days. He told me that I had 14 days to make my first deposit and would receive the 6% rate...
12 days later I rang halifax before making the deposit to confirm the rate. Oops it had been reduced to 4% - we apologise but you were told the wrong information...
Did you open the account and fund it immediately, or perhaps wait a few days (if so the rate probably dropped in that time)!

jennyjerome1

The money comparison sites are a reasonable initial guide, but even the bank / building society website is not necessarily bang up to date. I always phone immediately before posting a cheque to get the correct rate. A few months ago I rang Yorkshire Building Society one early evening and was told the rate would be good for a few weeks, and it actually changed the very next morning for anyone who didn't already have an application form in their possession, so even the staff don't seem to know in advance!

oldfella

the interest rate you are getting is on the account page for each of your Websavers

mars_2

Each time I open a fixed rate saver with Halifax I get a letter within a few days of opening it with all the details on and then another a couple of weeks before it matures with what the final balance will be.

As HBOS are the same bank maybe had something similar?

Also Halifax always advetise the AER on the website and then after you have opened it they use the Gross rate which is slightly lower. Maybe that caught you out.

V8A

Lorian wrote: »

Its just matured today (3 days early for some reason).

This happened to me. Beware!!!!!!!

I moved the money into another fixed rate web saver the day the money was showing in my account online.

Before I knew it I had a statement showing that the money had actually went into my account a day after I opened the new fixed account and halifax were charging me over £100 in interest for managing to go into the red???????

How do you open a fixed rate saver if the funds are not there??????

After it was sorted my branch advised not to touch the money online if its not the actual maturity date. Even if it does show as closed and in you current account. I was also made to feel I should have known this :rolleyes: