Halifax Guaranteed Saver rate

butterfly72

Can I just confirm that the rate on this account is still 6% if you don't make more than 4 withdraweals in a year? Its showing 1% in my account at present.

And am I right in saying that the 6% is applied to the years balance if terms and conditions are met after one year?

I have £3,600 in a 7% Halifax fixed rate saver which is due to mature in a week or two. It was meant to be used for next years cash ISA, but I'm wondering if I'd be better off putting into this account until rates pick up. (I'm basic tax rate payer)

Many thanks

rb10

Check the previous Guaranteed Saver Reward interest rates here. The rate you have depends on when you first paid money into your account.

Also make sure that you are meeting the T&Cs, which start on page 17 here.

If all that fits (i.e. opening deposit between 1st and 26th November 2008, balance always at least £2500, no more than four withdrawals made so far, and always £1000 per month into a Halifax/BOS current account), then yes, you will still be getting 6%.

As for the £3600, it would be nice to get it into an ISA at some stage during the 2009/10 year, as otherwise it's lost for ever, but as the taxed Guaranteed Saver rate is higher than any ISA rate, you might as well keep it in the Guaranteed Saver until November, then find an ISA.

Nick_C

Note from the Halifax web site:

http://www.halifax.co.uk/savings/guaranteedsaverrewardpastrates.asp

"If you have an existing Halifax Guaranteed Saver Reward the interest rate is applied at the end of the 12 month reward period, if the conditions of the account are met. Until that time, if you view your account through online banking the account will show as Halifax Guaranteed Saver (standard) with the current variable interest rate. This interest rate may change throughout the reward period but will not affect the Reward interest rate you will receive at the end of the 12 months."

ray123

Put the 3600 into the fixed rate 6% account (4.80 net) as you are unlikely to find a better ISA rate. When it matures in Nov, you can place it in an ISA.

ctdctd

My GSR shows the interest rate at 6.25% in online banking. Opened june 08, always above 2K5 and no withdrawals.

OP might like to check his account has met conditions if it's showing another rate

apt

The November 6% GSR rate which the OP referred to does not show as 6% on the Halifax internet banking. The 6.25% GSR is a different scheme with different conditions.

soulsaver

apt wrote: »

The November 6% GSR rate which the OP referred to does not show as 6% on the Halifax internet banking. The 6.25% GSR is a different scheme with different conditions.

Correct; and can confirm the 1% is showing on my 6% GSR too..

ffacoffipawb

soulsaver wrote: »

Correct; and can confirm the 1% is showing on my 6% GSR too..

I have 5.80% showing on the one I opened at the end of Nov 2008.