Halifax Online Saver

chocolatebear

Hi,

So today I had my interest from my guaranteed savers account with the Halifax. I was meant to get 2% but ended up getting 1.5%. Looking at the account now today it says interest of 0.5%!

So I've looked at other accounts offered, one being the online saver.
The account advertises "2.80% gross/AER variable including 12 month fixed bonus of 2.70%".

What does fixed bonus mean?

If I open up the account today, and by this time next year I have 10,000 in there. How much interest will I have?

Thanks

HoneyAndLemon

chocolatebear wrote: »

Hi,

So today I had my interest from my guaranteed savers account with the Halifax. I was meant to get 2% but ended up getting 1.5%. Looking at the account now today it says interest of 0.5%!

So I've looked at other accounts offered, one being the online saver.
The account advertises "2.80% gross/AER variable including 12 month fixed bonus of 2.70%".

What does fixed bonus mean?

If I open up the account today, and by this time next year I have 10,000 in there. How much interest will I have?

Thanks

It means;

'Interest rate currently payable is 2.80% gross/AER which includes a fixed introductory bonus of 2.70% for 12 months from the date of account opening. At the end of the bonus period, variable rates without bonus will apply, currently this is 0.10% gross/AER.'

The interest rate will drop after 12 months (to 0.1%), just as it did with your other savings account.

chocolatebear

Wow! interest of 0.1% .....

Thanks for the explanation.

TheSenSibleOne

chocolatebear wrote: »

Wow! interest of 0.1% .....

Thanks for the explanation.

Once thae term expires you can simply close the account and open another one to get 2.8% again

Gromitt

Just set a calendar event and when 11 months is up, transfer to a new account to always ensure to get 2.8%.

I do it a bit earlier, just in case they close the account.

Hartson_2

I have the 2.8% account. The interest is paid on the anniversary. What happens if I transfer the money out and close the account before the anniversary? Will they give me the interest? And when - when I close, or on the anniversary date?

Gromitt

If you close, you'll get the owed interest upto then.