Halifax interest rate change

trademark

what did it say when you looked at your online account on the opening night, i opened mine just a few days ago at 6.78% , it still says 6.78% on the account?

i asked the halifax why the 3 month term paid higher interest than the 6 9 or 12 , he didnt know ? neither do i ...

i notice now you can get more if you sign up to 6 months but less for 9 and less again for 12

frugalfreda

I think the same thing has happened to me. I opened the web saver Thursday early morning in case the BOE changed the base rate...

I just can't be 100% positive that the website showed 6.95 gross though on Thursday morning but I am pretty sure it did. I wish I had taken a screenshot now :mad:

MarkyMarkD

trademark wrote: »

i asked the halifax why the 3 month term paid higher interest than the 6 9 or 12 , he didnt know ? neither do i ...

i notice now you can get more if you sign up to 6 months but less for 9 and less again for 12

Why on earth does this surprise you?

Every commentator is expecting interest rates to fall. So obviously fixed rates for 3 months should be higher than for 6, 9 or 12.

debbie42

MarkyMarkD wrote: »

So obviously fixed rates for 3 months should be higher than for 6, 9 or 12.

Not at the Halifax, it isn't:
3 months : 6.10%
6 months: 6.8%
9 months: 6.35%
12 months: 6.2%

frugalfreda

debbie42 wrote: »

Not at the Halifax, it isn't:
3 months : 6.10%
6 months: 6.8%
9 months: 6.35%
12 months: 6.2%

Perhaps the Halifax know something we don't... :rolleyes:

Dan29

Liz_the_Whizz wrote: »

But if you look at another thread posted here yesterday (I know cos I contributed), the new lower Fixed Websaver rates were clearly displayed on the Halifax website yesterday morning:

http://forums.moneysavingexpert.com/showthread.html?t=676815

So I doubt you would have a case if you applied yesterday evening.

The OP applied on the evening of the 10th. The new rates were only displayed from the morning of the 11th.

Dan29

PBA wrote: »

Remember that there will be a cooling off period, so you're not locked in to the lower rate. Just let them know within the time (probably 14 days) that you don't want the account after all.

They claim it takes two days to close the account and transfer your money back though, so you'd lose two days' interest.

Dan29

frugalfreda wrote: »

I think the same thing has happened to me. I opened the web saver Thursday early morning in case the BOE changed the base rate...

I just can't be 100% positive that the website showed 6.95 gross though on Thursday morning but I am pretty sure it did. I wish I had taken a screenshot now :mad:

It definitely still said that at 6:05am on the 11th as I took a screenshot. I can't be sure what time they changed it as I went to bed then According to the thread Liz the Whizz has linked to above, it had changed by 11:33am so I guess it was one person's job to change the back-end systems, which they did at the end of their shift on the 10th, but the person whose job it is to update the website didn't do so until they got into work on the 11th..!

They're certainly aware now that there was a problem, after I spoke to them yesterday, so I think you've got cause to complain.

frugalfreda

I opened mine at about 09.00am on the 11th. I remember looking at the rates and thinking to myself 'wow, that 3 month interest rate is rather good'. My mum will get me in an assertive mood tomorrow once I have told her so I will phone them up. I only put in a small amount but it is the principle...

Compound_2

The incompetence of Halifax is not failing to update their website, but having an application process which doesn't display a live rate as part of the declaration. When making a payment at an online store you're told exactly how much your card will be charged in your case. You don't have to rely on researching the company's website to calculate the cost of your order.