Halifax Saver Prize Draw - is it worth it?

innovate

WRabbit wrote: »

And to throw another variable into the equation, it's worth it if that's where your current account is. Even in these days of faster payments and internet banking.

I was caught out a couple of weekends ago, my car had a catastrophic MOT fail on the Saturday, and as I'd intended on replacing it come February plans were brought forward. I had the money but it was in the Post Office or YBS. My current account is B of S. Due to when my MOT expired the changeover of cars had to happen on the Monday.

Monday also happened to be an English bank holiday. So despite doing the transfer online on Saturday night, the money didn't reach my current account till late on the Wednesday. Of course this is within the faster payments limits but was a bit inconvenient. Fortunately I had money I could use, but its taught me the lesson if losing a little interest versus having enough cash immediately available for an emergency.

For such requirements, it is worth having a credit card.

2010

innovate wrote: »

For such requirements, it is worth having a credit card.

If you had a card with a £2k limit and the car was £3k it wouldn`t be a lot of use.

Cash is king.

namecheck

I realise the odds on winning anything are low. However, I have wondered from time to time whether ANYONE has won more than a nominal sum in this prize draw.

Envelopes arrive from the Halifax fairly regularly here as we have a number of different accounts between us, so there is an occasional mini heart stopping moment.

innovate

2010 wrote: »

Without getting too bogged down in details and not knowing the OP circumstances, the online saver 2.8% (at the moment) is a "clean rate" with no buts or maybes and if he/she is already with the Halifax it can be done instantly.

For O4U and myself it was easy and instant to open, we did it whilst at the same time posting on here.

To get an extra .15 or .2% on the grand sum of £5k with a provider you may not already be with is all too much hassle and time consuming.

I think you will find there is no evidence that the Halifax 2.8% is a "clean rate" - - it is actually "2.80% gross/AER variable including 12 month fixed bonus of 2.70%" atm. http://www.halifax.co.uk/savings/accounts/online-saver/

So the general construct is just the same as that from other banks / BSs, except Halifax pay less interest than some others on an instant access savings account. Not exactly "you won`t find a better", as you said they are

MoneySaverLog

namecheck wrote: »

I realise the odds on winning anything are low. However, I have wondered from time to time whether ANYONE has won more than a nominal sum in this prize draw.

Envelopes arrive from the Halifax fairly regularly here as we have a number of different accounts between us, so there is an occasional mini heart stopping moment.

I've heard of someone who won a prize on here before now. They had a letter from Halifax by recorded delivery. They had to go into the branch with ID. No doubt they were thinking they've hit the jackpot, I can only imagine the disappointment when told it was £100

namecheck

MoneySaverLog wrote: »

I've heard of someone who won a prize on here before now. They had a letter from Halifax by recorded delivery. They had to go into the branch with ID. No doubt they were thinking they've hit the jackpot, I can only imagine the disappointment when told it was £100

Yes, I've seen one or two £100 winners on here, but where are the big prize winners?!!

innovate

2010 wrote: »

If you had a card with a £2k limit and the car was £3k it wouldn`t be a lot of use.

Cash is king.

Oh give it a break.

If your limit on your credit cards (note the plural) is £2K, and you have loads more than £2K in instant access accounts, the management of your financial affairs is somewhat lacking.

Not least because you would forego the cashback you can get from using credit cards.

The smart person keeps a reasonable amount of cash in the best (not second best, lol) interest paying accounts, and gets cashback whilst paying their bills.

But granted, not everyone has to be, or wants to be, smart.

WRabbit

innovate wrote: »

For such requirements, it is worth having a credit card.

Of course, except the changeover value was £11,500 and the garage surcharged credit cards by 2.5%. It was my option of last resort, but would have involved using 2 cards due to their limits.

innovate

namecheck wrote: »

Yes, I've seen one or two £100 winners on here, but where are the big prize winners?!!

We never see any big lottery or Premium Bond winners here....may be those people don't want to brag, or are afraid of being shot down in flames and getting accused of making it up, afraid of other people knowing they came into some money, or simply don't frequent MSE.

Who knows.

If you can't hold the suspense:

Can I see a list of winners?
A list of winners for the previous 6 months, by name and county, will be available on request from our branches. The list will be mailed direct to you by the Prize Draw Team.

innovate

WRabbit wrote: »

Of course, except the changeover value was £11,500 and the garage surcharged credit cards by 2.5%. It was my option of last resort, but would have involved using 2 cards due to their limits.

I don't want to hack this one to death but any car dealer that charged me 2.5% for paying by credit card wouldn't get my business. It's not exactly as if people are queuing up to buy cars these days, is it.

Equally, I wouldn't give anyone £11.5K cash for a car. Regardless of the fact that I might have several new cars worth of money in savings accounts.

But your mileage may vary.