Halifax Online Saver, how is interest calculated?

torridonscot

It's 2.8% gross with a fixed bonus of 2.7% for 12 months.

Interest paid - annually on anniversary of account opening

But it doesn't say how the interest is calculated. Is it on monthly/daily balances or....?

I have about £40k in there already which I need easy access to (currently buying a flat so will need it for deposit but it may take 2-3 months before I need access to it)

Anyone know?

exel1966

Interest is calculated daily on closing balance and paid annually.

See http://www.halifax.co.uk/savings/pdf/savings-account-conditions.pdf

7.2 We will calculate any interest we pay or
charge on a daily basis (unless we have told
you otherwise).

Retro_Bunny

Sorry for dragging up on an old thread, but help!

I opened this account in October 2012 under the bonus rate to 2.8%.
I've got a note written in my Money notes that this was subject to one withdrawal without interest - can anyone recall the bonus rate terms and conditions at the time?

Thanks!

derrick

Retro_Bunny wrote: »

Sorry for dragging up on an old thread, but help!

I opened this account in October 2012 under the bonus rate to 2.8%.
I've got a note written in my Money notes that this was subject to one withdrawal without interest - can anyone recall the bonus rate terms and conditions at the time?

Thanks!

I don't remember any such conditions attached to this account, and I opened mine in May 2012.

The latest T&C's state unlimited withdrawals, ("Unlimited withdrawals (subject to a minimum balance of £1)."), as I have been doing since starting it.

HTH

Link does not appear to be working, although it did before I posted it on the preview

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gwyn1_2

derrick wrote: »

I don't remember any such conditions attached to this account, and I opened mine in May 2012.



HTH
.

I also am not aware of the withdrawal limitations. I transfer funds in and out of the account frequently, using it as a 'holding' account to transfer funds into higher paying accounts when they need topping up.

opinions4u

The old Web Saver Extra was one withdrawal a year.

Online Saver is unlimited.

gwyn1_2

On my account page it shows interest at 2.8%, on there 'information' pages it shows from 1.55%. I was a bit concerned that I was only getting the lower rate despite the 2.8% showing.

Have just spoken to them and they confirm the 2.8% is correct and the lower rates apply to new new accounts. I can sleep easy now.

derrick

gwyn1 wrote: »

I also am not aware of the withdrawal limitations. I transfer funds in and out of the account frequently, using it as a 'holding' account to transfer funds into higher paying accounts when they need topping up.

gwyn1, please check your PM.

.

Retro_Bunny

opinions4u wrote: »

The old Web Saver Extra was one withdrawal a year.

Online Saver is unlimited.

That explains it nicely.

It was an old Web Saver Extra that was converted to the bonus rate 2.8% online saver. I must've forgotten to delete the note about 1 withdrawal a year.

Many Thanks to all responses