Halifax Reward has just matured - wrong interest!?

alared

I also have one maturing on the 30th and showing 5%.
major prob now is where to put it.
Halifax does have a one year fix for 3.5% but the rest of their accounts are crap.

YorkshireBoy

alared wrote: »

I also have one maturing on the 30th and showing 5%.
major prob now is where to put it.

£21K of mine is going to 3 x LTSB Vantage current accounts for 4%. The rest will probably go to Tesco to make 3% (inc. bonus) for the next 11 months or so.

alared

Opening 3 accounts and churning £1000 a month into each for 4% on £7k is just too much hassle for me.

YorkshireBoy

alared wrote: »

Opening 3 accounts and churning £1000 a month into each for 4% on £7k is just too much hassle for me.

According to reports on the current account board you can 'self churn', ie set up 3 circulating internal standing orders twixt the Vantage accounts, and still get the 4%.

D1zzy

bristol_pilot wrote: »

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.

WEB SAVER REWARD - Definitely were fixed rate -tiered up from 5%. Mine matures in a week and is still showing 5.2% . I think they auto change to a standard web saver on the day of maturity - I will check the interest received then.

D1zzy

alared wrote: »

I also have one maturing on the 30th and showing 5%.
major prob now is where to put it.
Halifax does have a one year fix for 3.5% but the rest of their accounts are crap.

Same problem - was heading for NSI growth bond, but too late. Thinking we will put 30K into 3 yr index linked certificates and probably the rest to Julian Hodge 1 year @ 3.7% if its still around

alared

What amazes me is Halifax sits back and watches loads of money leave it`s coffers because it wont offer better rates.

Only a month ago I moved my cash ISA elsewhere because of their rubbish rates.
When they rang me up to ask why I wanted to transfer and I gave them the reason, all I got was "we`re sorry to lose you".

I will say this about the Coventry,when they brought out another over 50`s at 3.25% (you`re only supposed to have one in a lifetime) and they were inundated with complaints from existing customers who were unable to open one,they did listen and relented by letting them have another one.

alared

D1zzy wrote: »

Same problem - was heading for NSI growth bond, but too late. Thinking we will put 30K into 3 yr index linked certificates and probably the rest to Julian Hodge 1 year @ 3.7% if its still around

What I posted about JH on the other thread:
http://forums.moneysavingexpert.com/showthread.html?t=2035469&page=4

I think the JH has to be opened with a cheque which all takes time and loss of interest while they are setting it all up.

A lot depends where the money is coming from, for instance I`ve got a Halifax 1 yr about to mature so on the day of maturity I could instantly put the money into the Halifax`s 1 yr fixed paying 3.5%,no loss of interest and see my money online straight away with no a*sing about.

opinions4u

alared wrote: »

What amazes me is Halifax sits back and watches loads of money leave it`s coffers because it wont offer better rates.

Yet between July and September Lloyds Banking Group as a whole saw savings balances rise by more the £3bn. So I doubt they're thinking about increasing rates to drive additional flows that cost them huge chunks of profit.

While their interim update to the City didn't clarify which brands are attracting funds, it could well be that Halifax is raking the money in to their 2 year Guaranteed Reserve (which was at the top of the market just a couple of weeks back and is still out there at 4%) and their 3% Guaranteed Saver Reward (easy access) is possibly hanging on to a fair chunk of customers with funds maturing on the back of high rates paid at a time of crisis last year. I even stuck £1 in to the Web Saver Extra just in case 2.8% with access allowed becomes a decent rate in future!

Only a month ago I moved my cash ISA elsewhere because of their rubbish rates.

Your call. But their 3.75% fixed rate ISA for 2 years was best buy.

When they rang me up to ask why I wanted to transfer and I gave them the reason, all I got was "we`re sorry to lose you".

What did you expect? A "Oh, here's an extra 1% just for you"?

D1zzy

alared wrote: »

What I posted about JH on the other thread:
http://forums.moneysavingexpert.com/showthread.html?t=2035469&page=4

I think the JH has to be opened with a cheque which all takes time and loss of interest while they are setting it all up.

A lot depends where the money is coming from, for instance I`ve got a Halifax 1 yr about to mature so on the day of maturity I could instantly put the money into the Halifax`s 1 yr fixed paying 3.5%,no loss of interest and see my money online straight away with no a*sing about.

From what I remember of the last one interest is paid from the day they receive the cheque. But the BACS payout was a bit of a "b****r" - the extra 2 days meant missing the NSI 3.95% which was in the plan -otherwise I could've just rolled it over with JH:D
Also I'm maxed out with HBOS 'cos with a Saga Bond
Update - JH
"In the case of a deposit made by cheque, interest is calculated from the third banking day following the day on which the cheque is credited to the account".