Why only 5 Halifax Web Savers ?

KeithEssex_2

Does anyone know why Halifax restrict the number of Web Saver accounts to just 5 ?

"You can open a maximum of 5 Web Saver accounts."

Given that one of these has to be a Variable Rate Web Saver to fund any Fixed Rate Web Savers this effectively only allows you to open 4 such accounts !

The limit seems very low and restrictive - don't they want our money ?

p.s. I know that once a Web Saver reaches maturity then you can then open a new one but the whole system does seem very limited.

Paul_Herring

The limit seems very low and restrictive - don't they want our money ?

Why would you want more than one?

Karl.H_2

Perhaps different saving funds – car, holiday, wedding, etc.
How much money can you save until they reach 'maturity'?

KAB_3

Probably a restriction in their computer system somewhere. Last time I tried to open my 6th I had 3 open (2 fixed + 1 variable) and 2 recently matured and was unable to complete the opening. Very annoying as it was 7.05% for 3mths at the time.

RayWolfe

Almost certainly a software restriction. Its totally online and There has to be a limit somewhere. They will have assumed that the restriction will not affect many people.

KeithEssex_2

Paul_Herring wrote: »

Why would you want more than one?

Tend to go for fixed rates with variable maturities as / when money becomes available from other Banks / Building Societies.

Won't be able to take out any more for a couple of months now which given the fact that the Banks are after our money is just plain silly !

KeithEssex_2

KAB wrote: »

Probably a restriction in their computer system somewhere. Last time I tried to open my 6th I had 3 open (2 fixed + 1 variable) and 2 recently matured and was unable to complete the opening. Very annoying as it was 7.05% for 3mths at the time.

Don't the matured ones fall off the system the next working day letting you have another go ?

KeithEssex_2

RayWolfe wrote: »

Almost certainly a software restriction. Its totally online and There has to be a limit somewhere. They will have assumed that the restriction will not affect many people.

5 does seem very low really - I could understand double digits

KeithEssex_2

Karl.H wrote: »

Perhaps different saving funds – car, holiday, wedding, etc.
How much money can you save until they reach 'maturity'?

It's really just when money becomes available through the year.

I appreciate they don't want to manage loads of accounts with relatively small value but I've reached the restriction within 6 months of becoming a customer ....

Paul_Herring

Ah - just realised this is one of their fixed-rate/fixed-term deposits. I see what the OP is getting at now...

I thought it was the regular web-saver account.

KeithEssex_2

Paul_Herring wrote: »

Ah - just realised this is one of their fixed-rate/fixed-term deposits. I see what the OP is getting at now...

I thought it was the regular web-saver account.

Maybe they could do the following:-

The first 5 WebSavers opened with the existing £500 minimum. Any additional WebSavers must be opened with a much larger amount (e.g. £5,000) ?

That should then please everyone !