Halifax offering extra interest on 14 accounts

opinions4u

glider3560 wrote: »

Does anyone know how the interest is added? Is it to the savings account or into my current account?

It's extra interest on the savings account.

So savings.

Also, what happens if I close the savings account in the meantime?

I would assume that you earn the additional interest up to the date of closure (although assumptions are dangerous!).

So keep the account open for 3 months and you'd get an extra 0.04% after tax!

Yay!

(EDIT: The post below suggest closure is a bad idea if you want to go mad with the extra interest!).

Mikeyorks

glider3560 wrote: »

Does anyone know how the interest is added? Is it to the savings account or into my current account? Also, what happens if I close the savings account in the meantime?

The interest is added to the savings account ... but separately to the standard interest. In other words it's not aggregated.

I didn't keep my letter. But I'm sure it was fairly specific that if you close the relevant account you only get the basic interest. It's an extra 0.2% fixed for 12 months .... so you lose the 'bonus' if you don't stay the course. This from their Home page covers the lack of aggregation .... but not the detail in the letter re early closure :-

For new savings accounts, the additional 0.20% AER will apply for 12 months from the date of account opening. For existing qualifying savings accounts, the higher rate will apply for 12 months from the date you sign up for this offer.
The additional interest will be calculated and paid shortly after the end of the 12 month period. As this additional interest is calculated after 12 months, you will see the standard variable interest rate that applies to your savings account when viewing online

anamenottaken

The letter (which they suggested you "should keep hold of") includes:

Keep your qualifying savings account(s) open during the 12 month period. Should you close your savings account before the end of this period, you will receive the standard variable rate applicable to your account".

curlygirl1971

Mikeyorks wrote: »

But - for example - the Reward current account is my main account. Under the new Reward structure I run it with minimum balance (as opposed to the £2500 I had in it when it's predecessor paid 6%). Most of my non-tied cash is in an easy access account with a good (3.2%) rate - but it doesn't support FP. So in order to service well spread DDs I need to keep some funds adjacent .... otherwise they'd spend half the month in transit. The best Halifax offer for this support is a meagre 0.25% ..... this offer pushes it to a marginally less meagre 0.45%.

I do exactly the same but my non-tied non-ISA cash in easy access is only earning 2.75 gross. Is the 3.2% still open to new customers and if so where is it......please. But I agree with you Mikeyorks - extra interest is extra interest and yes the Websaver is otherwise pathetic but it is handy if your main banking is with Halifax

glider3560 wrote: »

I received a letter a few days ago confirming I had been registered for this.

Can you remember when you sent off your form. I do so around 2 weeks ago so am wondering how long it will take. Am clearly desperate for that additional 0.2%

curlygirl1971

Mikeyorks wrote: »

I didn't keep my letter. But I'm sure it was fairly specific that if you close the relevant account you only get the basic interest. It's an extra 0.2% fixed for 12 months .... so you lose the 'bonus' if you don't stay the course. This from their Home page covers the lack of aggregation .... but not the detail in the letter re early closure :-

PS. Am sure that I also read that you also have to ensure you keep paying in £1000 per month to your current account to qualify

anamenottaken

curlygirl1971 wrote: »

PS. Am sure that I also read that you also have to ensure you keep paying in £1000 per month to your current account to qualify

Again from the letter "you should keep hold of":

"For any month you don't pay in at least £1,000 to your current account with us (or hold an Ultimate Reward Current Account), the interest on your qualifying savings account will be paid at the standard variable rate applicable to that account for that month."

Mikeyorks

curlygirl1971 wrote: »

Is the 3.2% still open to new customers and if so where is it......please.

It's with ING .... but they're only offering 2.5% now. And no Faster Payment ... which makes it a bit too 'crystal ball' for backing up a Halifax Reward account? Courtesy of some insistence from someone on here ... the backup cash is now mainly with Lloyds TSB (Classic Vantage - 4% for balances £5k / £7k and FP thrown in .... I think 3% for balances above £3k - but check that)

Can you remember when you sent off your form. I do so around 2 weeks ago so am wondering how long it will take.

Took close to a month between form + confirmation

Am sure that I also read that you also have to ensure you keep paying in £1000 per month to your current account to qualify

Yes that is the case. Also on the Home page bit I copied the previous extract from.

curlygirl1971

Thanks - that's where it is anyway only I opened when they were offering 2.75%, Need to review soon as the bonus % ends in May. I was hoping I'd be offered friend referral but n such luck yet..........

The Classic Vantage is the Lloyds Current Account? Just had a quick look but my Instant Access pot isn't usually much above £2k (so only 2%) and I already have 3 current accounts to keep my eye on so don't think that one is for me but maybe in May it looks more tempting.

Thanks for info