Halifax web saver reward

Mkay

I hope you might be able to advise as I'm in a panic.....I opened a halifax web saver reward in June 2011 at a rate of 2.8%. In June 2012, the interest was duly paid. Since that date, I check my accounts every month and on my account, the interest was set at 2.8% up until today when I was expecting my interest payment. Even last august when I had no internet access, i called to check and they confirmed the ongoing rate of 2.8%. Now it is set at 0.1% with no interest showing as yet.

Having had a run in with the halifax before regarding interest rates that resulted in them compensating me for their administration error, I'm a bit dubious that the interest will be paid at the rate set on my account until today ie 2.8% and not at the rate that they have switched it to. I tried calling though they can offer me no further information other than to wait until the interest is credited during today. They can't confirm the history of the account nor the rate to be paid.

I was expecting to use the interest this week and there would be a huge difference between a 4 figure sum as expected and the 2 figure sum I'm worried about.

Does anyone know what is likely to happen?

Thank you very much for any advice

rb10

When you opened the account, you will have done so through this web page. Clearly says, in big font:

An online savings account with a great variable rate of 2.80% AER/Gross for 12 months with unlimited withdrawals.

For 12 months. I.e. it will change after a year.

Read on, and it says that:

After the 12 month reward period, the standard variable rate Web Saver (without card) rate and conditions will apply.

Further, for the past 12 months, your internet banking will have been showing the interest rate of 0.1-0.2% (depending on your balance). This is what they will pay you.

I know this isn't what you want to hear, but it's a strong reminder that it's always worth making a diary note of when savings account bonuses expire. Otherwise it's all too easy to make a mistake, as you have seen.

Mkay

Thank you rb10.

Gaffy

rb10 is correct.

I had the very same account, when it ended a year ago I went into my local Halifax and they transfered it to a new web saver account @ 2.8%, which unfortunately ends in two weeks time.

opinions4u

They write to you a couple of months before the rate drops.

badger09

Mkay, is it possible that when your initial bonus period expired in June 2012, you transferred to another websaver @ 2.8% for another 12 months, like Gaffy?

In which case, your rate will only very recently have dropped, so may not be as bad as you thought?