Halifax Chops Websaver Rates AGAIN

2010

Halifax
Selected WEB SAVER FIXED rates reduced by between 0.25% and 0.45% w.e.f. 10.3.10.
6 Month: 1.20% (-0.29%).
2 Year: 3.55% (-0.45%).
3 Year: 4.00% (-0.25%).
4 Year: 4.25% (-0.25%).
5 Year: 4.55% (-0.45%).


Don`t these people want our money?

SimbaSimon

2010 wrote: »

Halifax
Selected WEB SAVER FIXED rates reduced by between 0.25% and 0.45% w.e.f. 10.3.10.
6 Month: 1.20% (-0.29%).
2 Year: 3.55% (-0.45%).
3 Year: 4.00% (-0.25%).
4 Year: 4.25% (-0.25%).
5 Year: 4.55% (-0.45%).


Don`t these people want our money?

Or perhaps they're predicting low rates for several years to come? The 5 year fix especially seems to make it seem that way.

Mickygg

Cuts are now happening all over. I wonder If simbak is right.... really doesn't look an end is in sight for savers.

opinions4u

2010 wrote: »

Don`t these people want our money?

I'm sure they do want our money, but not by paying a price that means running their business at a loss.

The reality is that their fixed rates for savers have been higher than swap rates for some time and that effectively means that they have been propping up part of their balance sheet with loss making retail deposits.

The savings market is dramatically different to where it was two years ago. Back then, a 2 year fix paid around BofE base rate. Now it pays 3% above that level.

I think the rate change reflects a slight easing in the wholesale funding markets in recent weeks and suggests that the wider LBG is achieving more than enough deposits from customers across LTSB, BM, AA, Saga, Halifax, BOS, IF, Scottish Widows, C&G etc. As a result, some of the rates offered have fallen.

It could well suggest that now is the time to buy something like the AA 3% easy access account - get that 2.5% guaranteed underlying bonus before somebody reduces it!

ed123_2

....Progressive bs have just reduced their 5 year rate from 5-4.5% so there is a definite trend

evenasus

Coventry BS are still offering their 4.25% bond - maturing August 2012.

2010

evenasus wrote: »

Coventry BS are still offering their 4.25% bond - maturing August 2012.

Yes, and I finally took action last night by appyling online after seeing the latest Halifax cuts.

Since the start of the year the trend for saving rates has been downwards.

Coventry`s 4.25% won`t last much longer!

2010

Apart from a current the only other account I have with the Halifax now is a Websaver with just £1 in it.(used to have at least six accounts)
I went online earlier to close it but that option is now missing so now I`ll have to phone them.
Also, as mentioned on other threads,they`ve taken away the interest rate that used to be displayed at the top of each account.

This bank has really gone down big time

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IMO.

evenasus

I have a Halifax Websaver with a fiver in it. And a 1 year 3.50% fixed rate bond taken out last November. Not logged in there for a few months, so not seen the changes.

I topped up to the limit, the Coventry 4.25% bond a couple of days ago. I did ponder over doing that for the last couple of weeks. Glad I did it now.

And to think I nearly didn't go for the Newcastle 5 year 5% with the 90 days no penalty get out. Really glad I did now.

Next problem - ISAs maturing next month.

2010

2010 wrote: »

Coventry`s 4.25% won`t last much longer!

Looks like I was right and just got in by the skin of my teeth although the new bond is also a "good buy".
4.0% for a 2 year fix.

Coventry BS

FIXED BOND (118) 31.8.2012 withdrawn and CALLSAVE 2 YR FIXED BOND (33) 30.4.2012 launched paying 0.25% less w.e.f. 12.3.10:
a fixed term account maturing 30.4.12 with a minimum investment of £1 paying 4.00% yearly (3.93% monthly).
No earlier access permitted. Additions permitted whilst the issue remain open or for 7 days after the initial investment, whichever is the longer.

Halifax are now offering a THREE year fix at 4%

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no contest.

evenasus

I had a Northern Rock one year fixed rate bond mature last month.
They wrote to me a couple of weeks before maturity and offered me 2.75% to fix for another year.
I opted for them to transfer the funds to the E Saver I had with them, as that was paying 2.50%.

I see now that they have a one year 3.15% fixed rate bond on offer.
So NR seem to be bucking the trend.

Northern Rock one year 3.15% fixed rate bond.