Halifax to relaunch regular saver @10%+

rb10

The Guaranteed Saver Reward Account is 6.25%.

And that is a fixed rate, so it is guaranteed at that rate until you break the conditions, i.e. (i) you make your second withdrawal; (ii) the balance falls below £2500; or (iii) the one year anniversairy of opening the account, whichever comes sooner.

Sebby*

Wow, this is quite an old thread to be resurrected! Still, it's nice to confirm that my Halifax group of accounts that I opened in June 2008 (I think) are still earning me lots of interest durings these times of a low base rate!

efunc

The Guaranteed Saver Account is variable rate and currently at about 2% from the original 6.5% when I opened it. I'm not sure what the 'Guarantee' refers to exactly. The Guaranteed Saver Reward Account was not eligible for the combined offer with the Reg Saver account, because that's the one I originally wanted to open, but they wouldn't let me. Never mind, the extra 2% on the RS account offsets the disadvantage somewhat, and I still have my ICICI 1 year Fixed account at least.


**EDIT: THIS INFORMATION IS WRONG. GUARANTEED SAVER ACCOUNT IS FIXED RATE. SEE BELOW***

YorkshireBoy

efunc wrote: »

The Guaranteed Saver Reward Account was not eligible for the combined offer with the Reg Saver account...

It was eligible and was first mentioned in post #80 (and in numerous following posts) as being the best one to open for the extra 2% on the regular saver.

It was simply a Guaranteed Saver, but REWARDed you (with an additional 1% on the rate) if you complied with certain conditions.

efunc

sorry, I got the name of the account wrong. The Halifax Guaranteed Reserve was the one I wanted to open, because that was fixed at 6.5%. I had to open a The Guaranteed Saver Reward instead which is currently underperforming at about 2% or something. The similarity of the account names is no doubt deliberate to cause people to confuse the two.


**EDIT: THIS INFORMATION IS WRONG. GUARANTEED SAVER ACCOUNT IS FIXED RATE. SEE BELOW***

YorkshireBoy

efunc wrote: »

I had to open a The Guaranteed Saver Reward instead which is currently underperforming at about 2% or something. The similarity of the account names is no doubt deliberate to cause people to confuse the two.

You do seem confused I agree.

If you've complied with the GSR T&C's (min balance, no more than one withdrawal, etc) you should still be earning 6.25%...shouldn't you?

See http://forums.moneysavingexpert.com/showthread.html?t=1403525 (and others)

efunc

Actually, I appear to be the only here who isn't confused. Most people here, including yourself, are maintaining the account is paying out 6.25%!! You're welcome to this delusion but the tragic truth is the rate has dropped to 2% with a REWARD of 1% if you comply with the provisions. Sorry to break it to you...


**EDIT: THIS INFORMATION IS WRONG. GUARANTEED SAVER ACCOUNT IS FIXED RATE. SEE BELOW**

YorkshireBoy

efunc wrote: »

Actually, I appear to be the only here who isn't confused. Most people here, including yourself, are maintaining the account is paying out 6.25%!! You're welcome to this delusion but the tragic truth is the rate has dropped to 2% with a REWARD of 1% if you comply with the provisions. Sorry to break it to you...

So you're saying that YOUR Guaranteed Saver Reward, that you opened last June/July in order to gain the extra 2% on the 10% Regular Saver, is now only paying 3% (2% + 1% reward)?

jennifernil

For that reason, I withdrew my £5k from my linked account and put it in a fixed 6.5% account. The extra 2% on the monthly savings would be less than the interest I would lose by keeping the £5k in an account with a miserable rate of interest.

antispam246

I saw this thread and thought "oh great, it's being reoffered just as my old 10% ends", then I checked the dates of posting, doh.

So wait a second. Is someone saying the original offer, as posted by the OP in this thread is not guranteed at 10%?

The current Halifax Regular Saver states 5% AER on their site right now but surely the old offer of 10% stands for those who opened the account when it was offered no? I think I'm getting confused here, time to send Halifax a message.