Halifax 6.17%

altin_2

hi
not sure if i'm right.
i Switch my current account to Halifax for the £100 offer they have.
they also give an incredible 6.17% AER (6% gross) for balances up to £2,500.
does this mean thet you get another £150?

thumshie

It means if you keep a balance constantly of £2500 you'll earn £150 before tax in interest yes.

Mikeyorks

altin wrote:

they also give an incredible 6.17% AER (6% gross) for balances up to £2,500.
does this mean thet you get another £150?

6% gross means that you get £6 (gross) in interest for every £100 you keep in the account for a full year. So .. £2500 (average) kept in for a full year at 6% .. does give £150 in gross interest

But the way you're phrasing the question sounds as though you think it's instant - rather than kept in for a year. If that were the case .. we'd all be at it? Easier money than working for it?;)

altin_2

thank you mike.
that clear the things.

realaledrinker

Mikeyorks wrote:

£2500 (average) kept in for a full year at 6% .. does give £150 in gross interest

Not true because any balance over £2500 only gets 0.1%

mr_fishbulb

realaledrinker wrote:

Not true because any balance over £2500 only gets 0.1%

Does that mean you get 0.1% on the whole balance or just the amount over £2500?

If I have £2501 in there, will I get:

a) 6% on £2500 and 0.1% on £1

or b) 0.1% on £2501

?

thumshie

a)
From the web site:

web wrote:

An incredible 6.17% AER (6% gross) for balances up to £2,500 and 0.1% AER/gross p.a. for anything over this amount*

Better explain what the * is

web_site wrote:

*If you don't make payments of at least £1,000 for two or more consecutive months, you will earn 0.1% AER/gross p.a. on any balance until you start funding with £1,000 or more for three consecutive months.