Closing Halifax Web Saver Reward early

rb10

Rollinghome wrote: »

Haven't ploughed through the Halifax terms but have you noticed whether, if the balance falls below £2.5k, the reward earned prior to that is retained? Which would allow someone to pull out all but £1 earning 0.1%. Would still mean they couldn't close the account to get the interest to compound or to crystalise it for tax purposes.

Guaranteed_Saver_Reward_T&Cs wrote:

• To qualify for the Reward interest rate you must keep your Halifax Guaranteed Saver Reward open with at least £2,500 in it and make no more than 4 withdrawals during the year the Reward rate applies.

So it does seem that the account must be open and have a balance of at least £2500 for the whole year for the Reward rate to be paid at all.

Rollinghome

rb10 wrote: »

So it does seem that the account must be open and have a balance of at least £2500 for the whole year for the Reward rate to be paid at all.

Thanks, I saw that bit but found it a tad ambiguous. HBOS has got too much of my lolly already so I won't be partaking of that offer.

But I do think it has the potential to confuse. Savers with that account will have an on-line statement which in the heading currently tells them that the interest rate for their account is 2.5% (or 3%) but... in some circumstances it could later be taken away from them so they receive just 0.5% or less for the period that the statement specified the higher rate.


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