What interest rate are you getting?

YorkshireBoy

rb10 wrote: »

I'm not sure about that ... http://www.halifax.co.uk/savings/interest-rates/personal-rates/#Halifax_ISA_Direct_Reward says 'UK annual rates for accounts opened after 1st August 2011'.

Looks like existing customers hold the old rates, but probably worth checking on online banking tomorrow.

Thanks for that.

Just spoken with them and they're saying the 2.6%/2.8% rate quoted on their website is for a new "ISA Direct Reward 5" product (although I can't find any mention of '5' on their website).

Existing customers will retain the 3%/3.2% rate (for the time being!)

hermante

k9oky wrote: »

hey, I see in the post above you also have the Santander Zero Current account which pays 5% interest on up to a maximum balance of £2500 in the first year.

I signed up for this by switching my current current account literally 2 months ago.

I actually had a balance on average for the first month up to their limit to get the 5% interest and correctly received the £5 interest that month for doing so, however this month I just received my interest 2 days ago and accidently I had an average balance this month of around £4000-£6000 and do you know what I received over £10 and that includes their reduction in tax. SO what this means is although they say there is a limit of £2500 to get the 5% and any more balance you get no interest is complete rhubarb, anyone else noticed this cos it's definately working like this for me and will be trying to work out what the real limit is to maximise my returns. I've been searching online for the answer to this but found no one talking about it. I'm sorry but Santander for me rock, their customer service is not the best but they obviously want money and are being nice to me in many ways and therefore that makes me like them cos usually banks are exactly the opposite to me.

Sounds odd. If you have £2500 earning 5% for one year you will receive £125, which is about £10 per month. After tax this would be about £8. If you are really getting £10 after tax, then you are earning £12.50 in gross interest which means they are paying 5% on £3000.

Santander may have crap customer service but their interest calculations are generally solid. I can't see why they would be paying interest on more than the 2500, but few people would deliberately overfund the account just to test it...


BTW to answer the OPs question: 3 Santander current accounts earning 5% on £5500 - none of their staff in different branches see a problem with this so far. Esaver 3%. As I don't trust Santander with everything I also have an HSBC bond at 2.7% (effectively higher since some of the deposit comes from an interest free overdraft, which they have never complained about me using)

StevieJ

ISA Fixed accounts (2yr - 5yr)
Halifax 3.5% - 6.2%
Coventry 5%
NS&I RPI +1%

Biggles

hermante wrote: »

If you are really getting £10 after tax, then you are earning £12.50 in gross interest which means they are paying 5% on £3000.

Or possibly 5% on the first £2,500 and 1% on the rest of the £5,000?

10_66

Biggles wrote: »

Or possibly 5% on the first £2,500 and 1% on the rest of the £5,000?

It's very odd, because they clearly state that no interest is paid on balances over £2,500, as in the link in my post #6.

talexuser

Halifax cash isa - 3.2%
Halifax web saver reward - 3%
Halifax current - £60/year
Santander esaver3 - 3%
Northern Rock esaver5 - 3.01%
Northern Rock 5 year fix - 4.3% (notice given)
Coventry poppy saver - 3.15%
Derbyshire netsaver1 - 3.11%
NS&I - inflation+0.5%
SS Peps and Isas since they started - down this weekend due to stupid tea party!

jennifernil

Halifax ISA 3.2%
Halifax Reward savings 3%
Lloyds Vantage 3% on 10k
Lloyds Incentive Saver 3%
Lloyds Regular Saver 5%
M&S 3.5%
NS&I RPI + 0.5%
Current accounts £262 per annum

All gross as non-taxpayer.

Reaper

ISA: Almost all in Newcastle 5 year fix 5%
Savings: Mostly in AA 2 year fix 4.65%

Biggles

10_66 wrote: »

It's very odd, because they clearly state that no interest is paid on balances over £2,500, as in the link in my post #6.

I agree with you, I'm just trying to make sense of £10 interest for a £5,000 balance.

Even if true, it would still not be worth having more than £2,500 in the account.

bigfreddiel

RobLondon1984 wrote: »

I like to know what bank and interest rate people are getting

For me

You can list the amount you have in each account if you want.

CASH ISA - NW - 4.4% / S&S 5% - £100k
Savings - , Santander E-saver Iss3/LTSB Vantage 3% £50k
ILSCs RPI + 1.25% £120k
S&S ISA £80k % varies say 5%
PBs 2.75% £60k

fj