Halifax Web Saver Reward 2.8%-3.0%

opinions4u

Consumerist wrote: »

Shouldn't that be for each month that you fund the current account with £1,000 (to get the fiver reward).

Oops. Amendment made! If it was an URCA the fiver would be more than enough .

td_007

gozaimasu wrote: »

Is that the same with the ISA? Although there isn't a 12 month minimum period with the ISA, just that the qualifying customers will get an extra 0.2% - will it show?

Yes, on your online account you will see that the ISA shows 3% while the Websaver shows 2.8%.

deutsch

opinions4u wrote: »

A marvellous way to bank a fiver - yes you can.

Less than a minute should sort it!

if i set up a standing order each month, for example
reward saver > reward current £1000
reward current > reward saver £1000
would you recommend these be on the same day? (i was thinking 18th of each month) or a few days apart?

what happens if the standing order falls on a weekend? i just won't want to dip into the overdraft as i leave the reward current with a nil balance.

Consumerist

deutsch wrote: »

what happens if the standing order falls on a weekend? i just won't want to dip into the overdraft as i leave the reward current with a nil balance.

It would be sensible to set up the standing order from your Web Saver Reward a few days before the standing order from the current account. i.e. be sure the £1,000 is in the current account before transferring it back to the Web Saver Reward. The £5 Reward payment will more than compensate for the few days loss of interest (about 8p per day gross). To allow for all eventualities (e.g. long bank-holiday week-ends) you might consider a lead time of up to a week.

Edit
If you have at least £1,000 unused overdraft available then you could get away with standing orders on the same day without running the risk of it being unpaid or of being charged a "paid-item fee".

TheMatrix_2

If I do a online transfer of £1,000 from Lloyds TSB to Halifax it goes by Faster Payments, i.e. it is there online within a matter of minutes in the Halifax, and likewise paying this back into Lloyds TSB.

If I was to set up a Standing Order from Lloyds TSB to Halifax, do you know if this would be the same quick payment in, or would it be slower.

I basically just set up payment to go across from Lloyds TSB to halifax by Standing Order, I want to then use the money that is in the Halifax to set up 3 Standing orders - 2 to regular saver accounts and one to a Cash ISA, can that all be done on the same day or should I allow 4 days for the standing order to reach the Halifax?

Consumerist

TheMatrix wrote: »

If I was to set up a Standing Order from Lloyds TSB to Halifax, do you know if this would be the same quick payment in, or would it be slower.

This one's a bit tricky.

My understanding is that an immediate payment from LloydsTSB usually goes FPS whether it's a "banking day" or not. Standing orders due for payment on a non-banking day, however, tend to go FPS on the next banking day.

TheMatrix_2

So Standing Orders on a a normal banking day go FPS that day, and on the weekend or bank holiday the next working day again by FPS

anniecave

I was told a few months ago that Lloyds TSB standing orders still sometimes go by bacs (take 3 working days). Maybe they're improved their system?
I was told the system isn't totally reliable, so if money needs to be there for a particular day, to either set the SO for 3 working days in advance, or log in in and do a one-off payment everytime (one off payments do consistently go via FP)

I'm still paying my rent by one-off payment...

DragonQ

Seriously considering moving my current account to the Halifax (from Lloyds TSB) to take advantage of this 3% instant-access Web Saver. My current Lloyds TSB equivalent account is only 1.6% . I get paid quarterly but they said that I can just transfer £1000 from the Web Saver and back again the next day (each month) to qualify for the Reward status on my current account, Web Saver and ISA. I was also told that after 12 months I can just close the account and open a new one to keep the "introductory rate" (although of course it'll probably be different then).

Given the recent nightmare I had with getting my ISA upgraded, I'm hoping to wrangle a 2-year interest free overdraft out of them to match what Lloyds TSB gives me. If they can do that, It'll be win-win!

10_66

DragonQ wrote: »

...but they said that I can just transfer £1000 from the Web Saver and back again the next day (each month) to qualify for the Reward status on my current account, Web Saver and ISA....

If it's the Reward Current Account you're thinking of, you don't need to leave the £1k in until the next day, you can transfer in and out again immediately, and you'll still get the £5 reward for the Current Account, and still qualify for the extra 0.20% interest on the Web Saver Reward and the ISA Direct Reward.