transfer between accounts, Halifax delay?

johnatho

But you can always open a 'Websaver with Cashcard' account (with minimal money in it), and if you need access to WS Reward money via an ATM, do an instant transfer of 'enough' over to the WS cashcard account, and Bob's your uncle ...

But then things start to get complicated again for my technophobic OH:eek:

jambosans

johnatho wrote: »

I just opened one of these accounts in joint names, haven't told the OH yet, I wonder why it wasn't mentioned when I opened the new joint accounts. Possibly because it is an online one.

Bingo. The clue is in the name, Web Saver Reward. These are online only accounts, and by extension, not marketed in branch or via Telephone Banking. The Guaranteed Saver Reward would have been the "best" instant access (non-ISA) savings account the branch staff could have offered.

johnatho wrote: »

Did the teller? is that still what they are still called, make any commission on opening a reward current account and a reward savings account for us?

Almost definitely, although, bare in mind, they sell on the restrictions of being branch based. Incidentally, the Guaranteed Saver Reward is the best instant access, non-ISA, with ATM functionality - that can be operated via all channels (i.e. branch, Online and Telephone Banking) - that Halifax offer.

I'd suggest keeping the Guaranteed Saver Reward for ATM access, as the Web Saver with ATM card carries the variable rate of 0.25% AER, not the 2.8%/ 3% AER offered by the Web Saver Reward - selecting the ATM card during application automatically defaults the account to the Web Saver Variable Rate. Halifax warn you before applying:-

Halifax wrote:

Please note to apply for a Web Saver Reward ensure that you select the no card option within the application form.

Old_Wrinkly

jambosans wrote: »

I'd suggest keeping the Guaranteed Saver Reward for ATM access, as the Web Saver with ATM card carries the variable rate of 0.25% AER, not the 2.8%/ 3% AER offered by the Web Saver Reward

I was really suggesting WS with card (with WSR as main account) as an alternative to GSR (with card).

Agreed only 0.25%/0.45% as opposed to 2.0%/2.2%, but that was why you should only keep the minimum in the account. With most of the money in a 2.8%/3.0% WSR account rather than than a 2.0%/2.2% GSR.

Still, I can see some merits of WSR (max) / GSR (min) as opposed to WSR (max) / WScard (min).

johnatho

I was really suggesting WS with card (with WSR as main account) as an alternative to GSR (with card).
Agreed only 0.25%/0.45%

Why on earth would I open an account with that interest rate?

That is one of the reasons I am moving my banking from RBS, their low interest rates.

The only good thing about RBS online accounts is instant transfer between account, something that does not happen with the Halifax.

I used to have an interest paying current account with RBS until they stopped paying interest. I have a quicken file of that account and when I checked to see how much interest I had received in 15 years of my wages going in and DDs coming out I got £3 odd in interest.

I got £5 from the Halifax after 2 weeks.

rb10

johnatho wrote: »

The only good thing about RBS online accounts is instant transfer between account, something that does not happen with the Halifax.

You can make instant transfers between any Halifax accounts, except (until July) out of a Guaranteed Saver account.

Everything else is instant.

johnatho

You can make instant transfers between any Halifax accounts, except (until July) out of a Guaranteed Saver account.

But I only discovered that when I tried to transfer my £1000 into then out of my Reward current account for the £5.

So it is only until July then? I must have missed that, or I wasn't informed.

Old_Wrinkly

johnatho wrote: »

Why on earth would I open an account with that interest rate?

Because, as the sentence you chopped off midway through goes on to say ...
"but that was why you should only keep the minimum in the account. With most of the money in a 2.8%/3.0% WSR account rather than than a 2.0%/2.2% GSR."

The 'Websaver with card' account is only there for the card access (which the Websaver Reward account doesn't have).
You keep £1 in it normally. (You need £10 to open it, but not thereafter.)
Then if you want £300 in cash from an ATM, you instantly transfer £300 from the WS Rewards say (in fact most Halifax accounts but not the Guaranteed Saver) to the WS with card account, and draw it out - leaving just the £1 again as the balance.

Of course this is all redundant if you also hold a Halifax current account, since you get an ATM card with that. Still, having both accounts gives you double the amount you can access in a hurry.