Halifax web saver reward - check your rates

D1zzy

For accounts opened between 05/11/08 and 01/12/08 - there are tiered interest rates depending on the balance.
Just a warning - I transferred some funds into my Halifax web saver reward account which took the balance to the next tier for higher rates (5% to 5.2%.)
The on-line rate displayed remained at 5% so phoned Halifax.
Took 3 people/departments to find anyone who knew what one of these accounts was, and then a manager in the business dept said that the rate was determined by the intial deposit (not true).
Having agreed that thes Ts & Cs don't say that, and having explained that another family member has the same account and the rates have increased automatically with the balance - they have now passed it to their technical team. I wait to hear back.

So if you have one of these it might be worth checking that you account displays online the expected rate.

rb10

I don't remember there being a different rate for higher balances ... do you have a link for that?? What is the minimum balance to get 5.2%?

According to the T&Cs,

the fixed reward interest rate applies for a year following receipt of the opening deposit

which implies that the rate is determined by the initial deposit.

D1zzy

60,000+ = 5.2%
120,000+ = 5.5%

Not sure where it is on-line (i'll try and find) - but its in the interest rate booklet, that they have just sent out on Page 11.

D1zzy

which implies that the rate is determined by the initial deposit.

Don't believe that to be the case, and if it was, if I'd put £120,000+ in on day 1, I would have 5.5% even if I then withdrew £70,001 to get below the 50K compensation limit!

Aunt for whom I opened an account on the same day has had rates go up automatically as her balance increased. She now receives 5.5% having opened with a balance of 5K at 5% !

D1zzy

Further discussion with Halifax - Confirmed rates should adjust with the balance - but it is an overnight process. (In my case over 2 nights as transfer in was by FP last night outside office hours.)
Ts and Cs and Rates are not available on line.

sabretoothtigger

Is this account still available?

D1zzy

Like anything that was worth having, unfortunately no
Only between 5th November and 1st December 2008

Mikeyorks

Both as you transfer in to that account ..... and transfer out - if it crosses the tier boundary it only adjusts the interest rate overnight, as it goes through their Batch processes.

That's true of all their tiered or multiple rate accounts. Where a 'decision' has to be made as it crosses tiers / dates ...... it only does that in Batch mode and you only see the result the following day.