# Halifax Flexi Saver - 5.15% for one year



## Jethro Tull

just saw this on boards.ie.

[broken link removed]

pays 5.15% on the first 10k for the first year the account is open.

EDIT: Spelled 'Halifax' incorrectly in the title!!


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## Jethro Tull

*Re: Halifaz Flexi Saver - 5.15% for one year*

Ts & Cs say:

Bonus Rate of interest is paid on first €10,000 in year one, all other balances receive standard interest rate. Interest rates are variable and are subject to DIRT. Information correct as at 07/01/2008. Terms & Conditions apply. 

does this imply a tiered rate system like Rabo used to have or a first active type rate? Must ring them tomorrow.


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## Godfather

Wow! Looks great!


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## Jethro Tull

Btw how long does Rabo money mover take to transfer funds to my current account? Think this is a home for my rabo €10k.

God bless their saturday opening hours, I can drop in some saturday to open the account.


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## Jethro Tull

Just rang them to enquire, its a tiered structure similar to the way Rabo used to operate.


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## Godfather

What a great start of 2008! I'm sure Rabo will review their rate v. soon if it keeps going like this!


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## Jethro Tull

they should as all the 'rate tarts' are surely moving their cash away. 

Between AIB, FA and now halifax you can have 35k on deposit earning 5%+ and thats before you look at fixed term and regular savers.


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## Gautama

Jethro Tull said:


> Think this is a home for my rabo €10k.


 
And no gimmick-gadget DodgyPass I hope

I can't find mine at present


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## cork

I have 8k with rabo - I was going to open an Anglo Irish regular savers but the Halifax looks like a possibility.

Any advice?


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## ClubMan

Why not _FA eSavings _at 5.22% on up to €15K? Of course you could also drip feed the money into one or more c. 7% regular saver account for as long as those rates are on offer. There are innumerable threads on this sort of topic. Ultimately it's not that difficult - choose the demand/term lump sum and/or regular saver accounts whose rates and terms & conditions match your specific needs and then open them. Opening/managing multiple accounts is a bit of hassle but necessary if you want to be a good "rate tart".


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## MysticX

Mmm this could get a bit klunky if you want to manage it online, as they state you must have a Halifax current account to use their online banking service....

Still if the current account is free... having no min amount or requiring X amount of online payments... then it could be manageable.


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## Godfather

Guys, I'm going at my local branch tomorrow to open it. Anyone who opened it already? I was wondering if they'll ask me again for all the proofs of address now that this is going to be my 3rd account with them...

I'll update you if I have more news.


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## messyleo

From my reading of it, the rate isn't fixed though - so they could change it in a couple of months time after getting in lots of deposits. Then if savers withdrew they would forfeit the bonus rate


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## ClubMan

gravitygirl said:


> From my reading of it, the rate isn't fixed though - so they could change it in a couple of months time after getting in lots of deposits. Then if savers withdrew they would forfeit the bonus rate


That is the case with a lot of lump sum and regular saver accounts at the moment. If you are chasing the best deposit interest returns then you have to accept that you may need to open multiple accounts at different times and try to choose accounts that have the most flexible terms and conditions (e.g. in terms of lock-ins, restrictions including interest penalties on cashing in etc.) that suit your specific needs.


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## Godfather

Exactly, total flexibility is needed to get the most of this game. No total loyalty is allowed...


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## Godfather

Hi everyone, account opened in 10 mins. They even gave me one of their 2008 calendars (I needed one).

The coordinates to check on the account via the internet will be sent in the next days!

P.S.: you can also nominate your current account so you give them the possibility to withdraw money on your behalf and put them into the flexisaver


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## ClubMan

Godfather said:


> The coordinates to check on the account via the internet will be sent in the next days!


What? Like a [broken link removed]? 

[broken link removed]


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## Jethro Tull

Godfather said:


> Hi everyone, account opened in 10 mins. They even gave me one of their 2008 calendars (I needed one).
> 
> The coordinates to check on the account via the internet will be sent in the next days!
> 
> P.S.: you can also nominate your current account so you give them the possibility to withdraw money on your behalf and put them into the flexisaver


 
are there any problems if one doesn't have a halifax current account (I don't!) like there is with some AIB accounts? i.e. will I have to open one that I'll end up not using to fund the account?


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## Godfather

Hi Jethro Tull, no problem. I nominated my PTSB c/a to do withdrawals and don't have any c/a with halifax.

Hi clubman, you are reading my mind... Yes I'm an explorer of life and my vocabulary reflects this!


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## Jethro Tull

Godfather said:


> Hi Jethro Tull, no problem. I nominated my PTSB c/a to do withdrawals and don't have any c/a with halifax.


 
Good stuff (I have a CA with PTSB also). A cheque will be winging their way next time I'm home to pick up the relevant stuff for the ID checks. Adios Rabo


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## Godfather

Hi guys, fyi once you created the account with the branch you need to wait for the letter of confirmation of account opening because the branch will pass the details on the Headquarter (+initial payment) for opening...

So the amount I transmitted this morning will probably bounce back...

Thank God it was only 5 Euro!


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## ClubMan

Yeah - always good to test new transfer setups with a small amount! Since this incident  I always just do a €1 transfer to test first.


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## Godfather

Good idea, next time I'll opt for the 1 Euro transfer as well


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## MysticX

Godfather said:
			
		

> The coordinates to check on the account via the internet will be sent in the next days!


 
Does that mean there is a way of managing the account online without having a Halifax current account? My understanding of it is that you must have a Halifax current account(as a prerequisite) to use their online banking service?


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## DublinTexas

gravitygirl said:


> From my reading of it, the rate isn't fixed though - so they could change it in a couple of months time after getting in lots of deposits. Then if savers withdrew they would forfeit the bonus rate


 
Sorry but where in the offer do you read such restriction. 

This offers seems to be totaly flexible. I read it as withdraw as much as you want, you will always get the 5.15% AER for amounts up to €10,000 in your account, even if you only have 1€ in there after several withdraws. And the interest is calculated daily.

Or am I missing something here?


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## messyleo

sorry you're right in that, i assumed they wouldn't pay the bonus rate part until the end of the first year, but it doesn't say that. however i still believe my reading that the 5.15% rate is not guaranteed is correct???

*Bonus Rate of interest is paid on first €10,000 in year one, all other balances receive standard interest rate. Interest rates are variable and are subject to DIRT. Information correct as at 07/01/2008. Terms & Conditions apply.


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## skrooge

MysticX said:


> Does that mean there is a way of managing the account online without having a Halifax current account? My understanding of it is that you must have a Halifax current account(as a prerequisite) to use their online banking service?


 
I'm not sure if you can use internet banking with Halifax without one of there current accounts (I had a current account already). but regardless its a no brainer.  Their current account offers 10% interest on balances up to €2K once €1.5k passes throught the account each month.  I get €13 each month after tax for leaving €1.5K in account for one night a month and then I jsut move it on.

in summary:

10% on €2K, and
5.15% on €9,999 

...has made me a happy bunny and its not even easter!!


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## Godfather

Guys, I have the halifax flexisaver but no C/a with halifax. Despite of this they are going to give me internet banking access to check my flexisaver. I hope this helps


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## camlin90

> Their current account offers 10% interest on balances up to €2K once €1.5k passes throught the account each month.


 
Does the €1500 have to be salary, or could you just EFT the amount from your existing current account (mine is with Ulster Bank) and then reverse the transaction the following day?
I couldn't be bothered redirecting my salary


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## ClubMan

From my reading of their _T&Cs_ it can be any lodgement of €1.5K+. It does not have to be salary. I presume that you could reverse the transaction immediately too. Bear in mind that transferring in and out may take a few days each way.


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## skrooge

Initially I didn’t pay my salary into the Halifax current account.   However, I had two regular savings account (the original Halifax/BOSI regular savings account now paying 5.5% and their second regular savings account paying interest of 7 per cent) which amounted to €1.5K.   I changed the direct debit to the Halifax current account and just made sure I had enough money to cover the outgoings in the account.   This was enough to cover the T&C’s.

Having a Halifax Flexi saver account would make this even easier…. besides the current account is free…so what if you don’t use it won’t cost you a penny (unless you se the ATM card…but that’s the Government not the Bank)


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## MysticX

skrooge said:
			
		

> I'm not sure if you can use internet banking with Halifax without one of there current accounts (I had a current account already). but regardless its a no brainer. Their current account offers 10% interest on balances up to €2K once €1.5k passes throught the account each month. I get €13 each month after tax for leaving €1.5K in account for one night a month and then I jsut move it on.


 
Yes, I've been thinkering around with the idea of eventually switching to a Halifax current account. Apart from the interest, the online banking looks to be better than either BOI or AIB. Opened on Saturdays as well is also good. I'm just not in the right mindset to stomach the potential stress that switching a current account might entail.



			
				Godfather said:
			
		

> Guys, I have the halifax flexisaver but no C/a with halifax. Despite of this they are going to give me internet banking access to check my flexisaver. I hope this helps


From the Halifax website:


> You must have a Halifax Current Account to use our online banking service.


 
Can you let us know how this works out?
I hope you prove the website wrong.


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## Godfather

I don't know... Maybe as soon as they learned I was the Godfather they agreed to my request...

Btw I just got the ID by post. I'm just waiting for the PIN so that I'll be able to see which functionalities they'll allow on their internet visibility of the flexisaver.


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## Godfather

Just double-checked with their lovely customer service: flexisaver entitles the applicant to internet banking (doesn't matter if you haven't a c/a with halifax).


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## maura

Godfather said:


> Just double-checked with their lovely customer service: flexisaver entitles the applicant to internet banking (doesn't matter if you haven't a c/a with halifax).


 

ditto Godfather, I made the same call myself and got the same response.


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## Jethro Tull

good stuff, plan to open this account when I go home for the weekend on saturday (god bless their opening hours!). I don't really want to switch current accounts but wanted to be able to view my account online.


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## MysticX

Thanks for the info Godfather and maura.



			
				Jethro Tull said:
			
		

> good stuff, plan to open this account when I go home for the weekend on saturday (god bless their opening hours!). I don't really want to switch current accounts but wanted to be able to view my account online.


Same here, might opt for the current account eventually but not right now.

Out of interest do you specifically have to request forms for online banking, or do they do it implicitly for new customers?

I presumed the number you called to confirm the online banking was 1890 81 82 83?(just in case I'm so lucky to visit the only branch that won't give me online banking with just the flexisaver)


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## Godfather

When I went to the branch to open my frexi-account I asked for the internet banking... If there was one more form they must have filled it up for me...


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## maura

Yes I phoned that number you mentioned and I free posted everything to the address in Dundalk so I will wait to see how I get on and post back.  Glad to be of help.


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## MysticX

Happy days! All setup here.

Whole process only took 5-10 mins(including Q&A).

Can confirm also without a doubt that online banking is a packaged deal with the Flexisaver.
Also that there are no fees or charges(bar normal banking exceptions e.g. duplicate statements etc..) if your operating with just the Flexisaver + Online Banking setup.


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## Jethro Tull

took me about 20 mnutes from parking the car to driving off to get it sorted yesterday. Was also told i could get online banking eventhough I didn't have a halifax current account.


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## Godfather

Hi guys, I got all the log in details via post but I still don't know if I can create a "payee" for electronic transfers from my flexisaver. I am checking with the customer service and they are investigating.


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## MysticX

Mmmm always figured there had to be another reason why they prompted for a nominated account apart from convenience....

I'll see about giving this a shot as well once I'm up and running too.


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## Godfather

Hi guys, quick update: I called the customer service support and I created 1 nominated account with them. I just did a test-payment from my flexisaver.

P.S.: you can nominate only 1 account as I could learn


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## DublinTexas

Funny enough if you are already a halifax current account customer, all your payees from that account are also payees on the flexi saver account.

They automaticly also added the flexisaver account as a payee to the current account and visa versa.

And transfers from halifax current account to flexisaver and back are in real time, so you can leave the money in there as long as possible and only pull it over shortly before you need it.

Now if they would link that account to the Visa card so that you can use it for withdrawing cash, that would be nice. THis works fine with USA banks for example, one card for multiple accounts, the ATM asks if you want checking or savings when you try to withdraw.


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## MysticX

Godfather said:
			
		

> Hi guys, fyi once you created the account with the branch you need to wait for the letter of confirmation of account opening because the branch will pass the details on the Headquarter (+initial payment) for opening...


Hey Godfather would you mind answering a few questions before I wonder whether AnPost has messed up...?
-How many articles of mail does one expect? I presume one is a welcome letter with account details, the other one a PIN for online banking.
-Is all the mail coming from Dublin?
-What was the total time for you in getting all the stuff in the mail?


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## Gautama

MysticX said:


> -How many articles of mail does one expect? I presume one is a welcome letter with account details, the other one a PIN for online banking.


I've received two so far, am expecting one more.




MysticX said:


> -Is all the mail coming from Dublin?


No, two counties up, Co Louth.




MysticX said:


> -What was the total time for you in getting all the stuff in the mail?


Haven't got it all yet, about a week or so, so far.


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## MysticX

Gautama said:


> Quote:
> Originally Posted by *MysticX* http://www.askaboutmoney.com/showthread.php?p=563530#post563530
> _-How many articles of mail does one expect? I presume one is a welcome letter with account details, the other one a PIN for online banking._
> 
> I've received two so far, am expecting one more.
> 
> 
> 
> Quote:
> Originally Posted by *MysticX* http://www.askaboutmoney.com/showthread.php?p=563530#post563530
> _-Is all the mail coming from Dublin?_
> 
> No, two counties up, Co Louth.
> 
> 
> 
> Quote:
> Originally Posted by *MysticX* http://www.askaboutmoney.com/showthread.php?p=563530#post563530
> _-What was the total time for you in getting all the stuff in the mail?_
> 
> Haven't got it all yet, about a week or so, so far.


 
Ah... gah I get stuff faster from the UK than from eastern counties. Got to love AnPost.


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## Gautama

Update on that. I mailed in my application on Monday or Tuesday 14/15th January.
On Thursday 24th January I received two letters: one containing A/C No, Sort Code, IBAN, etc; the other containing my Customer ID.
On Friday 25th January I received two further letters: one containing my Access Code; the other returning my verification documents.

So, all-in-all, it took less than 10 working days to send in the application, have it processed and the account set up, and the details returned to me.

Not bad!

I've tried logging in, very straight-forward.
The title of this post is mis-leading, but I seem to recall something about people having trouble with their applications?
I haven't experienced anything, but I must deposit some moolah soon.


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## Kingdomkerry

Could someone tell me why anyone would open an accout here when First Active offer a higher AER (5.15% vs 5.22%)?


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## Jethro Tull

Kingdomkerry said:


> Could someone tell me why anyone would open an accout here when First Active offer a higher AER (5.15% vs 5.22%)?


 
They might have more than 15k


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## irishpancake

Jethro Tull said:


> They might have more than 15k



_JT_, if you mean they already have €15k with FA, correct. (or just under €15k to make sure they still get the top rate ).

But just to warn ppl, with Halifax flexi-saver, you are limited to amounts up to €10k to get the "bonus rate". Go over that and you are on 4%.


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## Godfather

MysticX said:


> Hey Godfather would you mind answering a few questions before I wonder whether AnPost has messed up...?
> -How many articles of mail does one expect? I presume one is a welcome letter with account details, the other one a PIN for online banking.
> -Is all the mail coming from Dublin?
> -What was the total time for you in getting all the stuff in the mail?


 
Hi guys, sorry if I log on less than usual to aam... It's a bit of busy period of my life. Here are my answers to the questions above:
1) 2 letters: ID and PIN
2) I think they are coming from Dundalk
3) within 7 working days from applying I got the 2 letters


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## Gautama

irishpancake said:


> _JT_, if you mean they already have €15k with FA, correct. (or just under €15k to make sure they still get the top rate ).
> 
> But just to warn ppl, with Halifax flexi-saver, you are limited to amounts up to €10k to get the "bonus rate". Go over that and you are on 4%.


 
Yep. So if you have, say, 30k to put on deposit, your best option would be almost 15k in FA, almost 10k in Halifax, then 5k and a bit elsewhere.
Making sure not to breach 15k in the FA a/c or 10k in the Halifax a/c.


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## Kingdomkerry

I have just over €9K.(Poor Student) Dont trust property or shares at the moment. I had it in Rabo Direct but they cut their rate so i moved it to AIB deposit 7 (as i have a current accout i was able to set it up in 5 mins online without the hassle of getting docs together for opening a/cs in new bank accounts). 

Obviously my deposit should be going in to esavings at First active (hightest rate), rather than the Halifax one being discussed on this thread

Right???


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## ClubMan

5.22% for up to €15K is the best demand deposit rate on offer at the moment as far as I know (other than for c. 7% regular saver accounts with monthly contribution limits and, in some cases, other terms & conditions/restrictions). See the _Financial Best Buys_ forum for lists of the best demand and term lump sum and regular saver accounts/rates on offer.


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## eileen alana

There isn't much of a difference between the rates, its basically only a few euros and it was easier for you to set up the AIB a/c.


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## ClubMan

I don't think that people should be discouraged from wringing every last cent of deposit interest from financial institutions. If we all just settled for the "nearly" best rates then this would erode competition and probably cause the best rates to be dropped. Customer inertia is one enemy of competition!

Also .... I found opening an _AIB _account slightly more difficult than opening one with most other institutions since I was forced to drop into an _AIB _branch to do so while with the others I did it all by post.


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## eileen alana

I agree with you clubman, I am a proper rate tart myself!! however, as the  OP already had an AIB current a/c, it only took him/her a few minutes to open the savings a/c online.


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## Kingdomkerry

eileen alana said:


> I agree with you clubman, I am a proper rate tart myself!! however, as the OP already had an AIB current a/c, it only took him/her a few minutes to open the savings a/c online.


 

Yeah I threw it in to AIB just to get it out of Rabo (got revenge on them for cutting rate). But I am in the process of getting my FA esavings set up. When it is i'll just transfer it there. Was just looking for conformation im doing the right thing even if it is only a few euros difference?​


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## Gautama

ClubMan said:


> I don't think that people should be discouraged from wringing every last cent of deposit interest from financial institutions.


 
Exactly. The concept of loyalty to a particular financial institution is out-moded. Back in Ireland of the 80ies you were either AIB, BOI or CU for life. It was like a political allegiance to FF or FG or Labour.



ClubMan said:


> If we all just settled for the "nearly" best rates then this would erode competition and probably cause the best rates to be dropped. Customer inertia is one enemy of competition!


Another political analogy: The "floating voter" (i.e. rate tart) has the power and holds the key.




ClubMan said:


> Also .... I found opening an _AIB _account slightly more difficult than opening one with most other institutions since I was forced to drop into an _AIB _branch to do so while with the others I did it all by post.


Once you open one of these new "higher interest" lump sum deposit accounts, you can open more in your sleep, just about.
It may seem like hassle for the first one, but then you get the documentation back and re-use for the next.
Incidentally, I opened an FA eSaving account and an Ulster Bank eSavings account simultaneously. They are almost identical.  Even the account number differ by less than 20!
Being a rate-tart is simple once you've the first account opened.

Especially for anyone with more than 20k to put on deposit, it's worth having no more than about 20k with a single financial institution. Should they go wallop, you are protected by the IFSRA up to a max of about 20k.
If you've got, say 40k, at least split it two ways, and into two institutions.


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## ClubMan

Jethro Tull said:


> Just rang them to enquire, its a tiered structure similar to the way Rabo used to operate.


Are we sure about this? The [broken link removed] seem to suggest that it's more like _FA eSavings_ - a penny over €10K and you get the lower standard rate on the lot!


> *3.2 *For the *bonus period*, *you* will earn a *bonus* *interest  rate* on balances up to €10,000 in your *account*. *You*  will earn the *standard interest rate* on-
> (a) any balances in your *account* of €10,000 or more during the *bonus  period*; and
> (b) any balances in your *account* after the first anniversary of  the opening of your *account*.


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## ClubMan

I also called _Halifax _and they seemed unsure on this point. They checked and then said that it was 5.15% on €10K and the lower rate on just the excess balance over €10K. But still sounded a bit unsure...


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## Godfather

I'll keep a balance of 9.8K and then every quarter move the interests away (just to make sure I "hit" the high rate)


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## ClubMan

Yeah - I'm doing that too since I was not convinced by what _Halifax _told me verbally especially when set against the _T&Cs_.


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## Jethro Tull

ClubMan said:


> I also called _Halifax _and they seemed unsure on this point. They checked and then said that it was 5.15% on €10K and the lower rate on just the excess balance over €10K. But still sounded a bit unsure...


 
exactly what I was told, the woman I spoke to seemed pretty adamant. I have €9.5k in it anyhow (took out my Rabo €10k and interest but the car needed taxing and insuring!)


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## Alonso

Good point. I'll be keeping my balance just below 10k just in case.


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## kellysayers

Also rang them and was told by a guy called Alan that they have received a mountin of calls on this and that the 5.15% is paid on balances up to 10k and then 4% after that. Put it to him that what happens when the interest is added every quarter. He said again 5.15% on your 10k, 4% on the rest. The wife and I put 10k each on the strength of that, we will see how it pans out.


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## ClubMan

I always prefer to get these things in writing. Since I can't I'll stick to just below €10K and move the interest when paid.


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## Alonso

I actually rang the branch in Limerick and they said 5.15% on the first 10k and 4% on everything from 10k up. But as you said Clubman, it's not in writing.


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## alpha

MysticX said:


> Mmm this could get a bit klunky if you want to manage it online, as they state you must have a Halifax current account to use their online banking service....
> 
> Still if the current account is free... having no min amount or requiring X amount of online payments... then it could be manageable.


 
you can use online banking if you have only a flexi saver. have a look at their website again. it is mentioned.


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## MysticX

alpha said:
			
		

> you can use online banking if you have only a flexi saver. have a look at their website again. it is mentioned.


 
That was an old post from mid January... if you scroll further down to post #40 you'll find that I said...



			
				MysticX said:
			
		

> Can confirm also without a doubt that online banking is a packaged deal with the Flexisaver.


 
Anyways in regards to their website look here:
[broken link removed]



> You must have a Halifax Current Account to use our online banking service


 
Hence the initial confusion..


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## Sailor

Why bother with a bank where the staff do not know what they are offering.
Better to put the lot in a well run outfit like NR, where you get a good rate on a decent amount. and every penny is guaranteed by her Majesty.


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## z101

" Deposit Protection: Irish Deposit Protection Scheme "

The above is from the best buys on the halifax flexisaver account.. Is this correct as I thought the brits would guarantee Halifax??


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