Halifax Reward has just matured - wrong interest!?

dllive

Hi,
My year-long Halifax Web Saver Reward account has just matured. I was expecting it to pay the advertised 5% rate, but Ive just checked the balance and theyve only paid the .20% rate. I havnt broken any of their terms, so I dont know why theyve paid only a fraction of what it should have done. Has this happened to anyone else here!?

musehead

Mine matured yesterday and has changed from 6% to 0.5%. I've not had the interest credited yet though.

bristol_pilot

These accounts were not fixed rate, the interest rate fell to 0.2% some time ago. Those of us with online banking spotted it and moved all our money out.

YorkshireBoy

bristol_pilot wrote: »

These accounts were not fixed rate...

I have the same account as the OP, ie a WebSaver Reward fixed at 5% for a year providing you met the minimum funding (£50 from memory?) and made no more than 4 withdrawals.

Mine has consistently shown as paying 5% in my online area, and that's what I'm expecting next week when it matures.

noh

YorkshireBoy wrote: »

I have the same account as the OP, ie a WebSaver Reward fixed at 5% for a year providing you met the minimum funding (£50 from memory?) and made no more than 4 withdrawals.

Mine has consistently shown as paying 5% in my online area, and that's what I'm expecting next week when it matures.

Same here.
Mine has the contents of my Guaranteed Saver Reward, which was the 6% one which matured a couple of weeks ago, so has now got up above the next interest rate tier and is showing 5.2%

Here is a link to the interest rates and terms for this account. Opened between 5 November - 1 December 2008.
Showing a fixed rate for 12 months.
http://www.halifax.co.uk/savings/websaverrewardrates.asp

bristol_pilot

There were different accounts at different times, all styled 'Reward' (which seems to be Halifax's favourite word). Mine was definitely not fixed rate, but IIRC other accounts were. Halifax websavers used to be good but are now pants. Hope everyone's moving their money out.

Rollinghome

I've just had the interest paid on a BoS IASA Reward account which was very similar and paid 5.8% or 6% on £100k. The interest was paid a week earlier than I expected presumably because it's paid on the anniversary of the opening rather than of the first deposit.

There were 3 rules iirc:
+ The first deposit had to be at least £5k for the BoS and, I thought, it was £2500 for the Halifax version at that time. So if you put just a tenner in to open the account followed by the rest of the £5k/£2.5k a week later you wouldn't get the Reward rate.
+ The balance had to remain above that level throughout.
+ No more than 4 withdrawals.

And I've just noticed you said the websaver reward which may have been different one altogether. :rolleyes:

Old_Slaphead

YorkshireBoy wrote: »

I have the same account as the OP, ie a WebSaver Reward fixed at 5% for a year providing you met the minimum funding (£50 from memory?) and made no more than 4 withdrawals.

Mine has consistently shown as paying 5% in my online area, and that's what I'm expecting next week when it matures.

Same here - taken a couple of screen prints throughout the term just in case there's any dispute.

I opened account on 1/12 but didn't fund it with £50 for several days.

rb10

dllive wrote: »

Hi,
My year-long Halifax Web Saver Reward account has just matured. I was expecting it to pay the advertised 5% rate, but Ive just checked the balance and theyve only paid the .20% rate. I havnt broken any of their terms, so I dont know why theyve paid only a fraction of what it should have done. Has this happened to anyone else here!?

Mine matures next Saturday, so I'll keep my fingers crossed that I get the correct amount.

To get the 5% rate, you should have...

* Opened the account between 5th November and 1st December 2008.
* The first transaction on the account should have been a credit for at least £50.
* The balance should not have fallen below £50, or gone above £500,000, at any point during the year.
* You must not have made more than four withdrawals during the year (i.e. 4 is ok, 5 is too many).

If you fulfill all these criteria, then I think a phone call is in order.

opinions4u

dllive wrote: »

My year-long Halifax Web Saver Reward account has just matured. I was expecting it to pay the advertised 5% rate, but Ive just checked the balance and theyve only paid the .20% rate. I havnt broken any of their terms, so I dont know why theyve paid only a fraction of what it should have done. Has this happened to anyone else here!?

I echo the rb10 post above. If your first deposit was for less than £50 you didn't qualify for the reward.

Additionally, did you not actually check the rate being paid using the online banking? It's been sat there on screen all year waiting for you to check!

10_66

dllive wrote: »

Hi,
My year-long Halifax Web Saver Reward account has just matured. I was expecting it to pay the advertised 5% rate, but Ive just checked the balance and theyve only paid the .20% rate. I havnt broken any of their terms, so I dont know why theyve paid only a fraction of what it should have done. Has this happened to anyone else here!?

What rate did it show at the top of the screen when you were logged onto your account? If it shows 5% (mine does), then that's what they'll have to pay you if you haven't broken any of the account terms.