Decent (hidden) fixed rate savers from the Halifax app - early closure permitted (with penalty)

GalacticaActual

Frequentlyhere, good find! 

I've just opened and deposited funds from my Halifax current account, which was straightforward. I have opted to receive monthly interest, hence a slightly lower gross interest rate of 4.12%.

Should you wish to have the interest paid to another (external) account, you can do so by clicking/tapping the appropriate option out of the 3 available and whether you want annual or monthly interest:






The interest rate of 4.12% is showing in the Halifax app/online banking with a maturity date of 6th February 2024.

BooJewels

Thank you for the confirmation @GalacticaActual - much appreciated. I'm torn between shifting some funds into here for a year - or the new NS&I Guaranteed Income Bond.  The latter has slightly lower interest and can't be closed early, but my money is already at NS&I and the bank I get those funds sent to isn't Halifax - so it'll take some hoop jumping to get it to Halifax.  So for ease, for the modest difference, I might just go for the easier option.

Band7

BooJewels said:

Thank you for the confirmation @GalacticaActual - much appreciated. I'm torn between shifting some funds into here for a year - or the new NS&I Guaranteed Income Bond.  The latter has slightly lower interest and can't be closed early, but my money is already at NS&I and the bank I get those funds sent to isn't Halifax - so it'll take some hoop jumping to get it to Halifax.  So for ease, for the modest difference, I might just go for the easier option.

You can have more than one linked account set up in NS&I, so it would be easy to add a Halifax current account. That's assuming you have one or several, like many MSEers do, for the monthly fivers.

BooJewels

Thanks for the tip @Band7 - I  hadn't realised you could have more than one linked account - I do elsewhere, but hadn't any reason to even look at NS&I.  I do have other current accounts, but purely for organisational reasons.  I shall look at that shortly.

BooJewels

Thanks @Band7 - I managed to add a further account and when I went to cash some PBs, a drop down menu allowed me to choose that account, without changing the allocated account for receiving PB wins - not that it gets troubled much - or that it would ultimately matter.

If anyone does open these Halifax fixes - just pay more attention than me, I ended up opening a 2 year fix instead of a 1 year.  I think because the accounts appear in the T&C and on the web page as 1 year, then 2 year - I was slightly blindsided into a 2 year fix as they appear in the opening screen as 2 year, then 1 year - I just didn't spot the order difference until they confirmed the account and gave me a maturity date.

ranciduk

Isn’t there a cool off period?

you could still cancel it if so

then open the 1 year

Band7

ranciduk said:

Isn’t there a cool off period?

Unbelievably, there doesn't seem to be one. I would ignore that I have seen the T&Cs and ask them anyway.....

BooJewels

Thanks for the information both.  I think if I'd not funded the account within the requisite 10 days, it would have been closed anyway - as I was able to open it without actually immediately funding it.  So there was nothing in it at the point that I realised. 

It's not a big deal for me, I'd already been contemplating 1 or 2 years - it was more of a warning to others to pay more attention than I had, if it matters more to them, as it caught me off guard.  I can always put less in it than I was intending, if I decide I'm not comfortable tying funds up that long.

If the economy improves during the next year or so, as expected, I might well be glad of my oversight this time next year.

daaave

These rates have just been pulled.

Now:

1yr 4.05%
2yr 3.9%

I managed to open a 2yr at 4.3%, yesterday.

Get in!

SirHugo

I opened the 1yr fixed account at 4.2% with them on the 23rd Jan. Didn't want to tie too much up thinking rates would be increasing after the latest BoE increase. I just put 10k in.
However although there's supposed to be a 10 day window to make further deposits, now 16 days later it looks like I am still able to transfer from my Reward current account into the Fixed account, both through online banking or the app.
Are other people also seeing this?
Thinking of topping up now the rates are dropping. What's the worst that could happen besides the Halifax reversing the transaction?