Halifax vs Sainsburys vs The AA savings accounts (Halifax rate dropped yet?!)

blizeH

Need a new savings account asap now since my Icesave is at the £35k limit and I'm being overly cautious in not wanting to put any more into there, in case the worst happens.

I was looking at the AA, but noticed that the rate includes a 0.2% bonus, and the rate hasn't dropped yet so it probably drags it down below the others. Sainsburys is 6%, has already dropped and has no catches seemingly making it a good choice, but I already have a Halifax Variable Web Saver (5.01%) and a Halifax ISA saver (5.50%) so I'm considering just opening the Halifax Web Saver Extra @ 6%. You can only make one withdrawal a year but that isn't really a problem at all, but I'm just wondering if anyone knows whether the rate has already dropped?

Thanks

Calchas

I am as sure as I can be without being absolutely positive that the Halifax account you are referring to was recently 6.25%, as was Sainsbury's for that matter. I know nothing of the AA account: I am naturally adverse to bonuses.

paulboy83

I just read martins blog about the AA account a day or 2 back..... I think they have dropped the rate (in one way or another)

http://blog.moneysavingexpert.com/2008/01/04/the-aa-savings-account-pure-hypocrisy/

blizeH

Nice one, cheers guys - guess I'll go with Sainsburys or Halifax then for sure (probably Halifax for the ease factor, even though the Sainsburys account is a bit better!)

jem16

blizeH wrote: »

Nice one, cheers guys - guess I'll go with Sainsburys or Halifax then for sure (probably Halifax for the ease factor, even though the Sainsburys account is a bit better!)

Transferring between Sainsbury's and Halifax coudn't be easier. Halifax to sainsbury's is instantaneous, Sainsbury's to Halifax is over night.

Mikeyorks

Consider the Halifax fixed rate web (6.95% AER for 3 month tie in) by moving a chunk of money from Icesave. Then continue to use Icesave for your normal saving?

Halifax rates here :-

http://www.halifax.co.uk/savings/fixedwebsaver.asp

blizeH

Thanks, might go for that three month thing with Halifax, especially if it's easy to open alongside my other accounts. Only problem is, I've already got £15k in an Icesave fixed rate thing, and the rest in a cash isa, meaning that I've only got around £30k or so elsewhere to invest - I think this means I'd get around an extra £80 over the three months, but not sure whether it's worth the hassle of transferring from my other accounts if that makes sense.

Thanks for the info on money transferring times between Sainsburys and Halifax, the transfer times isn't so much the problem that I've already got quite a few accounts and remembering the login details for them is already a bit of a headache

blizeH

Just wanting to confirm since I'm useless at thoroughly reading T&Cs, I know the Halifax limits you to one withdrawal a year, but you can have as many deposits as you like? I've checked and can't see it mentioned anywhere... Cheers

Perhaps more importantly, and slightly off the original topic, but am I right to limit my investment in Icesave to £35k?

Mikeyorks

blizeH wrote: »

Thanks, might go for that three month thing with Halifax, especially if it's easy to open alongside my other accounts.

Extremely easy to open from your variable Websaver - and runs alongside on your Portfolio.

blizeH wrote: »

whether it's worth the hassle of transferring from my other accounts if that makes sense.

Yes it makes sense - it's always the criteria I use. Unfortunately the fixed rate Web has suddenly opened a fairly sizeable gap from the 3 month rate .. down to the longer period rates.

jdmchugh

Hi Folks --I am thinking of opening a Halifax Fixed Rate Web account which I am told is 6.9% for three months. Has anybody had any problem with it. It seems very good.

Mikeyorks

jdmchugh wrote: »

Has anybody had any problem with it.

I trust not - I have a 3 month one maturing in 10 days!

No - I've used several and there's no problem .. provided you read the relatively simple T&Cs.

http://www.halifax.co.uk/savings/fixedwebsaver.asp

.... make sure you read the final para on the initial page this link gives (need of existing Halifax Websaver / current account)