Be wary "HALIFAX BOS ULTIMATE REWARD ACCOUNT"

kittenpea

Hi I really don't know if I am right with this but I will run it by you all.

Went to the bank today to sort out 10% saver for my youngest son whilst I was there the assistant tried to flog me and ulitimate reward saver.

She kindly listed the benefits for me and stated an intrest rate of 6.17 aer which sounds good does it not arr but theres a catch the monthly fee for the account is £10 and the monthly balance needs to be £2500, so I have worked out that the fee would probably outstrip the intrest earned.

AM I RIGHT?

chappers

Not quite you would make a gain of £34 I could make an annual gain of £34 by scrabbling about the house for change down the back of the sofa !!!

redcar_2

You get other bits and pieces with the UR account which may or may not be worth it to you but if you just want the same interest rate no monthly fee go for the High Interest one instead.

Aegis

If the non-interest benefits are worth more to you than the fees you'll be paying, it's probably worth going for. In my case it really wasn't!

emma396

it's 6.17% AER credit interest on balances up to £2,500 and 0.1% above this!

you get the same rate with the high interest current account, just depends if the:

Key Benefits:

• Worldwide Multi-Trip Family Travel Insurance
• First £300 of any agreed overdraft limit interest-free. Subject to status.
• RAC Breakdown Cover
• Mobile Phone Insurance
• 1% extra interest on the Halifax Instant Saver account
• 6.17% AER credit interest on balances up to £2,500 and 0.1% above this
• One-off bonus payment on new home mover and first time buyer mortgages
• One-off bonus payment on new unsecured personal loans
• Discount on Halifax Home Insurance for new and existing customers
• Discount on Halifax Car Insurance for new customers
• Ultimate Reward Discount Card - discounts on attractions, motor services, home and lots more

are useful to you or not

Mikeyorks

kittenpea wrote: »

AM I RIGHT?

Not on most of it. The balance in the account can be anything you like. The £2.5k happens to be the optimum figure to earn interest. The 6% gross applies only up to that figure - thereafter it nosedives to 0.1%.

If you kept £2.5k in it all the time - you would make exactly the same in interest (net) as the fee .. a slight profit if you are entitled to be paid gross.

As the title of the account infers - the benefits from the fee are allegedly those listed in the previous post. You get exactly the same interest rates, without the fee, from their High Interest current account

Paul_Herring

This sounds similar to the 7% account A&L were flogging to the 50+ mentioned on Moneybox (Radio 4) today. £10/month for that aswell.