Halifax (HBOS) Web Saver

superstar_2

I was just browsing their site and came across this.

Currently offering a great rate of 5.38% AER/6.00% gross (with cash card). Includes 1.25% gross bonus until 18 July 2008.

It used to be that, you get roughly 0.5% less if you decide to get a cashcard. So, it is beneficial NOT to have a card option. Im sure many of you are familiar with this.

Suddenly, i came across this now. Why? Anyone care to explain?

Mikeyorks

That seems to be a new increase announced today. Very similar (but better deal) on the Websaver Extra.

Yes - the cardcash rate has traditionally been lower. Can only assume they are experimenting with trying to suck more funds in. And think a websaver with ATM access + an enhanced rate might = success.

Their fixed rate Web appears to have been hugely successful - so they have recently dropped the best rate from 3 months ... to 6 months. Presumably in the belief the money is out there and proven ... so just tease the timeframe out and keep the funds a little longer?

superstar_2

Mikeyorks wrote: »

That seems to be a new increase announced today. Very similar (but better deal) on the Websaver Extra.

Yes - the cardcash rate has traditionally been lower. Can only assume they are experimenting with trying to suck more funds in. And think a websaver with ATM access + an enhanced rate might = success.

Their fixed rate Web appears to have been hugely successful - so they have recently dropped the best rate from 3 months ... to 6 months. Presumably in the belief the money is out there and proven ... so just tease the timeframe out and keep the funds a little longer?

As usual, mikey's the first one to reply! :T

I was quite surprised as well. Yes, i agree with the fixed rate, i managed to jump for a 6.87% :beer:

Mikeyorks

My problem is I've just had a 3 month fix mature. So I'm sitting with an excess of money in a variable Web.

The reason I need that money is a bit in the air at the moment .. so I can't do a further 3 / 6 month fix as Sod's Law says I'll then need at least some of the cash in the interim. So I've just opened a variable Web (with card .. which will be cut up when it arrives) to, at least, get the close to 1% (net) extra it offers until certain decisions evolve over the next few weeks.

So ..... helpful thanks. I wouldn't have spotted it ... and Halifax wouldn't have told me about it!

Speculator

I've named my account "18 July 2008" to remind me of the date to transfer my money to the websaver (without card) a/c.

CannyJock

Mikeyorks wrote: »

My problem is I've just had a 3 month fix mature. So I'm sitting with an excess of money in a variable Web.

Had the same situation till last week. The variable web was only doing 5.1% so I've bounced it into a 6.4% B&B Internet Saver (issue 2) with monthly interest.

superstar_2

Mikeyorks wrote: »

My problem is I've just had a 3 month fix mature. So I'm sitting with an excess of money in a variable Web.

The reason I need that money is a bit in the air at the moment .. so I can't do a further 3 / 6 month fix as Sod's Law says I'll then need at least some of the cash in the interim. So I've just opened a variable Web (with card .. which will be cut up when it arrives) to, at least, get the close to 1% (net) extra it offers until certain decisions evolve over the next few weeks.

So ..... helpful thanks. I wouldn't have spotted it ... and Halifax wouldn't have told me about it!

i think i am going to do the same as well. Open up the new one for that extra 1% interest and then cut up those cards and bin them. Is there any consequences of not using the card at all, just curious?

Also, how do i close one of my web saver accounts cos they only allow five. I was told that i need to do them online, but i can't seem to be able to do them. Can you help me? Do i transfer all the money first or can just close by transfering the lump sum somewhere?

Thanks!:beer:

superstar_2

Speculator wrote: »

I've named my account "18 July 2008" to remind me of the date to transfer my money to the websaver (without card) a/c.

i thought that when you open the fixed rate account, you get a chance to select an option on what you want to do with the money when it matures i.e. if it wants to go back where it came from etc?

Mikeyorks

superstar wrote: »

Is there any consequences of not using the card at all, just curious?

Also, how do i close one of my web saver accounts cos they only allow five. I was told that i need to do them online, but i can't seem to be able to do them. Can you help me? Do i transfer all the money first or can just close by transfering the lump sum somewhere?

No consequences of not using the card.

To close a Websaver. Open it in online. Go to Tax info etc on the left hand bar. At the very bottom of that is the facility to 'Close option' (i.e close the Websaver) Bit unsure if going through that allows you to then determine where any funds go .....whoops rewind that bit! As you close it .. that will trigger any interest due - therefore the closure process must allow you to stipulate where the funds + interest go to!!

Mikeyorks

superstar wrote: »

i thought that when you open the fixed rate account, you get a chance to select an option on what you want to do with the money when it matures

No - you're thinking of fixed rate / fixed period .. where an endpoint is determined at the opening point? The 'with card' .. is just an open ended variable Web .... no 'maturity' until you decide to close it. Then (previous post) you'll have the option of routeing the balance + interest .. as you close it (immediately after 18th July?? unless they extend the bonus etc?)

superstar_2

Mikeyorks wrote: »

No consequences of not using the card.

To close a Websaver. Open it in online. Go to Tax info etc on the left hand bar. At the very bottom of that is the facility to 'Close option' (i.e close the Websaver) Bit unsure if going through that allows you to then determine where any funds go .....whoops rewind that bit! As you close it .. that will trigger any interest due - therefore the closure process must allow you to stipulate where the funds + interest go to!!

I did that before and wasnt successful. I clicked the tax and closure and selected the closure option. Typed in the account details of where i want it to be transferred and then clicked ok. That's it nothing happended, it just went back to the original page! lol

I will probably have another go later when i have some spare time to kill. I have one web saver (which i want to transfer to the other web sdaver) account with a tenner in. Don't ask me why, i don't know the reason myself! :rotfl: