Halifax bank WebSaver withOUT card now 5.05%

ED

5.05% interest rate starting June 1 for WebSaver balances under £5,000 seems uncompetitive. It is also the first rate rise since 5% applied December 1st.

Halifax bank's site states on its Rates page :

''New tiers introduced on 1st June 2007 on Variable option without cash card''

5.05% on £1+
5.15% on £5,000+
5.25% on £25,000+

In comparison, Principality Building Society offer 5.85% gross interest on £1+ in their e-SAVER account. In my experience, transfers to (registered) external accounts occur in the standard 3-day period (eg leave Monday, arrive Wednesday as cleared funds).

alared

Just closed mine after this miserly, pathetic increase of just .05%

Market Harborough B/S on-the-dot internet account pays 5.65% from £1 up

kbarty

ugh - last of the big spenders eh? That is really dissapointing. I'll keep mine as they're handy for a couple of things, but I won't be keeping any big lump sums in there anymore. I need to find another place for some money so thanks for the heads up about those B/s rates. Shall have a look into them.

thumshie

And yet they give the full 0.25% rise to the option WITH cashcard...weird!!

airwalk

Also an 0.25% increase on the direct ISA

chriss1979

:mad: What a waste of time waiting for that!

ED

chriss1979, how I wish the rate rise was ''0.5%''! Alas, it's not half a percent, it's only 0.05% - perhaps your fingers slipped on the keyboard, missing a zero (you were in shock, probably, at Halifax's meanness!)

thumshie is right, very strange that the WebSaver WITH cash card has received a 0.25% rise. Wonder if the Halifax web editor accidentally mixed-up which account gets only 0.05%? Certainly the whole interest page is listed confusingly - not immediately obvious which text is associated with above or below data. Leeds Bdg Soc present their site better than Halifax bank.

ashm1

ED wrote: »

chriss1979, how I wish the rate rise was ''0.5%''! Alas, it's not half a percent, it's only 0.05% - perhaps your fingers slipped on the keyboard, missing a zero (you were in shock, probably, at Halifax's meanness!)

thumshie is right, very strange that the WebSaver WITH cash card has received a 0.25% rise. Wonder if the Halifax web editor accidentally mixed-up which account gets only 0.05%? Certainly the whole interest page is listed confusingly - not immediately obvious which text is associated with above or below data. Leeds Bdg Soc present their site better than Halifax bank.

The restructuring of their websaver is disappointing.

5.25% on balances over 25K!

I understand food inflation is about 5-6%.

MiserlyMartin

0.05%! Wow Halifax you are really spoiling us! (an old ad)

I was going to email my disgust at this pathetic increase but they don't seem to have any email addresses on their website. It looks like this accounts low rate is subsidising their headline grabbing current account rate.

After tax this is an increase of 0.04%. What can we do? The only reason I have this account is so I have somewhere to easily stick money when the balance in my current account rises above £2,500 (Above £2500 they pay only 0.1%)

airwalk

Just noticed this on the bank of scotland website

http://www.bankofscotlandhalifax.co.uk/savings/directsavingsIASA.asp

I can't see the difference between it and the halifax websaver.

And that just had a 0.25% rise!!

thumshie

And the BoS one has a guarantee:

BOS wrote:

A guarantee that our rate will never be lower than 0.50% below Bank of England base rate. And that's a promise until 1 Jan 2012

Ok, not at current level, but Halifax don't even have that. Now to find out if transfers Halifax->BoS->Halifax are same day.....