Investment & Bank Account Advice

nrsql

Yep have a look at their web site.
I would have thought
Variable rate web saver (not the web saver extra as that only allows one withdrawal per year)
High interest current account (not ultimate reward unless you will cover the £10 / month charde on the rewards).

Check out the t's & c's. but it looks like a bit of a no-brainer.

nrsql

TurnerUKTA wrote: »

If i am going for an Online Halifax Saver account, what would people recommend. Variable rate or a fixed rate account?

Variable rate - check but I suspect the fixed rate a/c's will restrict withdrawals and possibly payments.
You should have the variable rate one anyway - whether you also have some fixed rate is up to you but these are probably longer terrm and would come after the cah isa - you can probably also get better rates elsewhere.

For short term money I have
nat west current
nat west e - saver
above for daily expenses

icesave
icici
egg savings
above for funds I might need to get at with a weeks notice.
I have all three in case one isn't accessible and for other reasons (e.g. stoozing)

Longer term (i.e. expect never to need)
Cash isas
ns&i index linked certificates
fixed term deposits

In your situation looks like Halifax does reasonable rates ( I stick with nat west because my manager has proved invaluable) so you probably don't need as many accounts.

TurnerUKTA

Opened my Halifax Web Saver (Variable) Account.

I transferred £4000 into it for the time being.

Should the interest on this be paid into the account monthly?

Mikeyorks

No - it's paid annually (but calculated daily) on the anniversary of when you open the account.

Transfers between your Halifax current account and the websaver are instant .. both ways. I'd recommend you convert your current account to their High Interest account - paying 6.17% AER (monthly). But - don't keep above £2500 in it - otherwise the interest rate on anything over £2.5k drops to 0.1%. To convert your account - just go into a Branch and sign a letter they have. Your account will convert immediately and retain the same account number ... so that cheque book / Debit card / DDs etc are all unaffected. Don't complete the application form that's available - that's to open an account, you're only converting.

TurnerUKTA

So with the interest being paid annually, just say i have £4k in for the next 6month but need to withdraw it all for certain reasons, I take it i would receive no interest?

Aegis

In that situation your interest should be credited to you immediately if you close the account fully. If you just take the money out, your interest will be paid as normal, meaning that you will have a small amount of money appear in the empty account after a while.

Mikeyorks

TurnerUKTA wrote: »

I take it i would receive no interest?

As Aegis says - if you close the Websaver you get £4k + 6 months interest. If you leave the minimum of money in, after 6 months ...... the interest due will be added to that minimum in a years time.