£25 HL Active Savings offer - expires 17/06/2020

burner01

Is it possible to make a deposit with a Halifax debit card at all? Asking for a fiend...

masonic

Usa2019 said:

Guess it's either 6 months or 1 year. 
My maths say 1 year is better. Am I right with below?
6 months = £5k*1.1%/2+£25 = £52.50  
Other 6 months in lowest rate account (BOS ca) £5k*1.2%/2 =£30
Total £82.50
1 year = £5k *1.35%+£25 =£92.50

Also is the £25 taxable?

There are a few variables at play here.

First, the bonus gives a bigger rate boost the shorter the fix: a 1% boost over 6 months, 0.5% boost over 1 year or 0.25% boost over 2 years.

Second, HL Active Savings offers poorer rates than going direct to the best providers:

6 months: 1.1% vs 1.45%

1 year: 1.35% vs 1.5%

2 years: 1.45% vs 1.6%

Third, rates are currently heading downward, so fixing for 6 months, you won't know what will be available when the first account matures, but it is unlikely to be as good as rates available today. What nobody knows is what will happen to inflation (and hence rates) later this year.

So, I don't think there is a simple answer. If you would have otherwise put this £5k into a 1 or 2 year fix, it makes sense to do so through HL now as the bonus more than makes up for the poorer interest rate. Whereas if this is money you want to be available before then, the 6 month fix offers a return over 6 months that's currently only rivalled by the best high interest current accounts.

A one-off incentive like this would not normally be treated as taxable income.

Bobblehat

saver776 said:

I've just applied for this, and tried logging in with the username I chose in the sign up process, but it says "Your details were not recognised. Please try again."?

That's what I got too, yesterday. I've got to wait for the post now  
The other oddness was entering your DOB as 8 digits in the application process but having to log in (unsuccessfully) with just 6 digits!

Malkytheheed

Not worth it for me to move from Marcus. Not even close to worth it in terms of my time. 

colsten

Malkytheheed said:

Not worth it for me to move from Marcus. Not even close to worth it in terms of my time. 

As an example, on £5,000, after 6 months:
Marcus: £26.25 (instant access)
HL Active: £27.50 + £25 = £52.50 (no access for 6 months)

Nice to be in a position to turn down free money. 


EDIT: The 6 month deal which was worthwhile has now vanished. Well done those who filled their boots before it did.

Bobblehat

Saver776 …. I got two emails today saying I had 2 secure messages from HL, so I had a go at signing in using the details I had entered on application, which had failed up to yesterday. I got logged in after a couple of extra security questions! So not needing anything in the post.

I think I have successfully funded the Close Brothers 1.35% (the Charter one seems to have disappeared before the 28th?). All a bit new to me but will see what transpires!

Bobblehat

Anyone who is experienced with the HL Active Savings..... do offers often disappear before the "apply by" date?

Also, I notice that once you have allocated funds to an "offer", HL gave me a date for the allocation that is after (03/06) the "apply by" date (01/06), even though the application was made before the apply by date (today). Is this normal, and could it affect the allocation or the rate of interest? I'm all a bit new to HL Active Saver. Any other comments or tips gratefully received.

ColdIron

Popular products are frequently pulled before the apply by date
Your money will be allocated to the account but be pending until a date a few days after the apply by date, this is quite normal

Bobblehat

ColdIron said:

Popular products are frequently pulled before the apply by date
Your money will be allocated to the account but be pending until a date a few days after the apply by date, this is quite normal

Thanks ColdIron … so just to be sure, as it's my 1st go with HL, will I get the advertised rate of 1.35% (Close Bros) as the application was made before the apply by date (that being the relevant factor)?

ColdIron

That's right. From memory, if you click on your pending account it should show the rate