New Halifax High Interest Current Account

iamchrisli

buses7675 wrote:

Hi All,

So then, supposing they'd let you open two accounts (one a high interest account, one a moneyback account), you could keep the £1000 in the high interest account most of the time (just transfering it to and fro once a month), you could earn 5.12% AER on your money (as this is a higher rate than their online saver account), yet still be able to get 1% cashback on any odd debit card purchases you made!

I called up the application line (08457 20 30 40), explained that I already have money back a/c, can I open a high interest one. She said yes, and then we went through the normal cresit score.... faily easy. But my application had been referred, so it needs their underwriter to manual approve/decline it.

If everything ok, this high interest a/c will be my "saving a/c", and i still get 1% cashback .....

bristol_pilot

Does anyone know what happens when the balance on the new Halifax High Interest Current Account goes over £2500 ? Do you get 5.12% on the first £2500 and 0.1% on everything over that, or do you get 0.1% on the whole balance if it is over £2500. The info on the Halifax Website is not quite clear on this question.

Bernard_Coleslaw

I think it's 0.1% on anything over £2500.

So in real terms, the maximum interest you can get is about £128 in a year (before tax, equivalent to £102 after basic rate), even if you kept exactly £2500 untouched for a year - anything over this amount would only earn pence. If you're in the habit of keeping larger balances in your account, I would recommend sweeping excess amounts to a savings account, or going for something that pays a higher rate on the whole balance.

iamchrisli

Bernard_Coleslaw wrote:

I think it's 0.1% on anything over £2500.

So in real terms, the maximum interest you can get is about £128 in a year (before tax, equivalent to £102 after basic rate), even if you kept exactly £2500 untouched for a year - anything over this amount would only earn pence.

It looks better the most of the current account even some of the saving account. I have moneyback a/c as well, so will earn the 1% moneyback as well.

bristol_pilot

bristol_pilot wrote:

Does anyone know what happens when the balance on the new Halifax High Interest Current Account goes over £2500 ? Do you get 5.12% on the first £2500 and 0.1% on everything over that, or do you get 0.1% on the whole balance if it is over £2500. The info on the Halifax Website is not quite clear on this question.

To answer my own post - yes, on balances over £2500 they pay 5.12% on the first £2500 then 0.1% on anything over that.

Not worth switching banks to get this IMO, but I bank with Halifax anyway and I switched to the High Interest Account this morning.

regularsaver1

so what i was saying was true

i have been in Egypt for just over 2 weeks so have just seen this

kenshaz

This could be the start of a revolution in current accounts,as Halifax steal customers,but the problem with them is ,when will they pull the plug.

kenshaz

Bernard_Coleslaw wrote:

I think it's 0.1% on anything over £2500.

So in real terms, the maximum interest you can get is about £128 in a year (before tax, equivalent to £102 after basic rate), even if you kept exactly £2500 untouched for a year - anything over this amount would only earn pence. If you're in the habit of keeping larger balances in your account, I would recommend sweeping excess amounts to a savings account, or going for something that pays a higher rate on the whole balance.

Not bad Bernard as part of your portfolio,with an ISA,and regular saver

Lorian

The form to convert my existing account didn't turn up, so I strolled into the branch today.

The person that served me was the same one that sold me an endowment 17 years ago. I politely chose not to mention the fact.

Me "Can I change my current account to the new high interest one"

Her "Yes"

Me "Do any other T&C's change apart from the interest rate"

Her "I Hope not I just switched my own account over"

Me "Oh"

Here "click, click, there you go it's done"

I do hope they arn't going to reposses my chequebook and free overdraft.

regularsaver1

think i'm going to stick with money back though so i earn the 1% on my purchases