websaver account

moneysaving_2

I have a current account with the Halifax and also a websaver account with the same bank, I currently have an overdraft of £1200 with my current account and I was wondering if it is possible (and legal) to transfer my remaining funds plus my overdraft from the current account to my websaver account. Any help on this matter would be appreciated.
thanks
David.

ReportInvestor

I don't see why not.

Do you have an interest free overdraft?

Mikeyorks

Yes it is possible and .... yes it is legal. But is it wise? Only, surely, if the o/d is interest free?

And bear in mind the best variable rate on the Websaver is 4.75% - whereas the Halifax best current account pays 5.12% ..... for your 'remaining' balance.

moneysaving_2

thanks for replying, no it is not an intrest free overdraft i was only thinking of keeping the money in the account till it matures then put it back
thanks david

anniecave

well if you don't have an interest free overdraft then always make sure your curent account is in credit. I think the Halifax is only 5.12% up to a certain value, but that is probably a better rate than the websaver, so I wouldn't be rushing to move money out of your current account into the websaver, unless you have lots in the current account. There are better savings accounts around than the websaver anyway, if you have lots of savings.

tom188

thanks for replying, no it is not an intrest free overdraft i was only thinking of keeping the money in the account till it matures then put it back

Not quite sure what you mean here as the interest on the account is calculated on a daily basis.

It will cost more in debit interest on the overdraft than you will gain in credit interest in the websaver.

regularsaver1

do you have a fixed rate websaver rather than a variable websaver? as i am not sure what you mean by maturity

if you have a fixed rate, then you can not add any funds to this anyhow

if variable then again - overdraft rate woulds be higher than you would gain in the websaver