Halifax Web Saver Extra multiple accounts loophole?

thebiscuit_2

Halifax Web Saver Extra

Enjoy a great interest rate of 2.60% AER variable with this easy access savings account. Start saving from just £1 and manage your savings conveniently online 24/7 when it suits you.

• Start saving from £1 and get 2.60% AER variable
• No maximum balance
• Unlimited withdrawals - 1 withdrawal a year with no loss of interest. Make any further withdrawals and you'll lose the equivalent of 30 days interest (just on the amount you withdraw)
• Unlimited deposits into your online savings account
• Manage your savings - online only. Transfer your savings to other accounts online quickly and easily 24/7
• Applying is easy - it takes just 5 minutes to apply online now

Balance
Variable interest rates (AER) effective from 0.00am on 30th April 2010

£100,000+
2.60%
£1+
2.60%
Please note: Rates of interest are subject to change, to check effective dates for all our Savings products please see our Interest Rates section.
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If you are a main current account customer just apply for one of our variable rate savings accounts and we will apply the extra 0.20% AER.

>Unlimited withdrawals - 1 withdrawal a year with no loss of interest. Make any further withdrawals and you'll lose the equivalent of 30 days interest (just on the amount you withdraw)


This seems to imply that you can open the account and close without losing interest providing you have not withdrawn any money.


I also can't find anything in the terms about opening multiple accounts.


So, what's to stop you closing the account when you want to make a withdrawal, then immediately opening a new one with the left over money to be saved?

Or open multiple accounts with small sums and just close the neccessary ones.
Thoughts, anyone?

HappyMJ

Just tried it and this is what I got...

Unfortunately you cannot continue with this variable Web Saver Extra application for one or more of the following reasons:

• You do not meet our age requirements
• You already hold the maximum number of Web Saver accounts we allow

I'm clearly old enough so it must be the second point.

noh

HappyMJ wrote: »

Just tried it and this is what I got...

Unfortunately you cannot continue with this variable Web Saver Extra application for one or more of the following reasons:

• You do not meet our age requirements
• You already hold the maximum number of Web Saver accounts we allow

I'm clearly old enough so it must be the second point.

5 is the maximum total number of websaver accounts of any type that HBOS allow.

HappyMJ

noh wrote: »

5 is the maximum total number of websaver accounts of any type that HBOS allow.

I've only got 1. It's the Extra account. I can't be bothered applying for the normal websaver's as they only pay 0.2% interest.

noh

HappyMJ wrote: »

I've only got 1. It's the Extra account. I can't be bothered applying for the normal websaver's as they only pay 0.2% interest.

Yes you are right the T+Cs only allow one sole and one joint Web Saver Extra.

http://www.halifax.co.uk/savings/ImportantInfo/ImpInfo_WebSaverExtra.asp

"Number of accounts - a maximum of 1 sole account and 1 joint account but not 2 of either"

opinions4u

noh wrote: »

5 is the maximum total number of websaver accounts of any type that HBOS allow.

While I've no idea if they have updated the T&Cs (and can't be bothered looking) they do allow:

- 5 Web Saver variable with/without card
- 1 Web Saver Extra
- As many Web Saver Fixed as you like!

As for the OP, who asked about closing and reopening Web Saver Extra accounts, this would work. The only drawback is that I don't think you can close the account online anymore and I think new online openings will still recognise the old closed account as being active for about 7 days after closure, hence preventing the reopening until after that period.