Halifax Reward has just matured - wrong interest!?

dllive

Seems like my post has stirred a lot of activity. Ive just read through all the responses and can confrim that:
- It was definatley fixed at 5% for the year and matured 18th November.
- Ive been keeping an eye on the percentage rate on my online account page, and it was always 5%
- Ive certainly not broken their T&Cs (not making more than 4 withdrawels, always having above £500 balance etc...)

It seems like a few others on this forum have the same account which has either just matured - or is about to mature. Ill try phoning Halifax tomorrow and will post my findings.

dllive

Ive just been looking round the net and seen this article: http://www.timesonline.co.uk/tol/money/savings/article6916938.ece
Its more about banks being difficult about people transferring lump sums of money, but it does mention Halifax and reads "If you feel your bank is delaying the transfer, or it owes you lost interest, first complain to the bank itself.". Like other people on this thread, Im also worried about missing out on the 3.95% deal at NS&I.

opinions4u

Can you give us dates and numbers please?

1) When was it opened?
2) What was the opening balance?
3) Dates and amounts of other transactions?
4) Amount of interest paid?

Would help to see if you've met the conditions.

Rollinghome

opinions4u wrote: »

I even stuck £1 in to the Web Saver Extra just in case 2.8% with access allowed becomes a decent rate in future!

Am I missing something? Isn't that a variable rate they're offering? Quote: "Web Saver Extra 2.80% Variable Unlimited withdrawals (with loss of interest)".

If you wanted a long-stop, the offer under their AA banner of an instant access account, not limited to 4 withdrawals, currently at 3.15%-3.30%, but including a bonus of 2.65%-2.85% - which means you'd get a fixed rate of at least that even if the underlying rate dropped to zero. HBOS are masters of confusion marketing.

10_66

dllive wrote: »

...Like other people on this thread, Im also worried about missing out on the 3.95% deal at NS&I.

Sorry if you already realise this, but did you know the 1 year 3.95% NS&I product has already been withdrawn?

opinions4u

Rollinghome wrote: »

Am I missing something? Isn't that a variable rate they're offering? Quote: "Web Saver Extra 2.80% Variable Unlimited withdrawals (with loss of interest)".

(1) There is a convenience of using the Halifax Online platform for me.

(2) It took about 30 seconds to open the account.

(3) I doubt I will actually use it, but as a temporary home for funds I'm comfortable with it.

(4) I would close the account if I ever needed to withdraw funds and, if the rate remained worthwhile, re-open a new one afterwards . That way it can give unlimited withdrawals without a penalty.

If you wanted a long-stop, the offer under their AA banner of an instant access account, not limited to 4 withdrawals, currently at 3.15%-3.30%, but including a bonus of 2.65%-2.85% - which means you'd get a fixed rate of at least that even if the underlying rate dropped to zero.

I agree that this is a far better account. My main reason for bothering with a Web Saver Extra is simply one of personal convenience and "on the off chance" that it may hold out at 2.8% as other easy access deals drop back in price.

Without that mix I really wouldn't have bothered.

alared

opinions4u wrote: »

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

http://www.halifax.co.uk/savings/fixed-rate-isa.asp

At the time the 3.75% was for a THREE year cash ISA,so I moved to Principality for 4.2%.

They later moved it up to 4% but have put it back again to 3.75% for THREE years.

Principality is still giving 4.2% since 1st July for their 3 year fixed.

opinions4u

alared wrote: »

http://www.halifax.co.uk/savings/fixed-rate-isa.asp

At the time the 3.75% was for a THREE year cash ISA,so I moved to Principality for 4.2%.

You stated it was a month ago. "Only a month ago I moved my cash ISA elsewhere" being the quote that I was responding to!

The 2 year fixed was 3.75% a month ago as I stated. It reduced to 3.5% on 4th November. Your "month ago" takes you back in to September when the rate was lower (and probably the 3.5% figure you quote).

Fair call to go elsewhere if you were in the market for a 3 year fix. Takes guts to fix for 3 years!

alared

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!?

When this account matures it is moved to a variable websaver account paying only 0.2% and will show as thus online.
When it matures it is up to you to take action to get it somewhere better.

Have you roughly worked out your interest and are saying it`s not correct or are you just going by the 0.2% you now see on your account?

alared

opinions4u wrote: »

Fair call to go elsewhere if you were in the market for a 3 year fix. Takes guts to fix for 3 years!

I have never fixed beyond a year before but the 4.2% free of tax seemed like a good risk for three years given the current climate with the BoE sticking at .5% for the forseeable future and the banks kicking savers in the teeth with low rates while bending over backward to keep interest low for people who are up to their eyeballs in debt.

Not really guts but a bit of calculation.
I know how much interest I will get for 3 years at 4.2%.
You now have to work out how much you will get fixing for 1 year at current rates and with whom (not everyone will accept transfers).
From there you need to work out the rate you would need to attain for year 2 and year 3 to match 4.2% for 3years.
(hope you can follow)