# Halifax reducing deposit rate



## qreus1 (15 Jan 2009)

Was informed in my Halifax branch today that the 5.6% fixed interest deposit rate is being reduced from close of business on Saturday.


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## Lightning (15 Jan 2009)

Very Interesting. Did they tell you to what?


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## gipimann (15 Jan 2009)

So I'd better get in quickly if I want to open an account!


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## adox (15 Jan 2009)

Only opened mine on Monday so just got in on time.

I presume the rest will follow suit.


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## MysticX (15 Jan 2009)

qreus1 said:
			
		

> Was informed in my Halifax branch today that the 5.6% fixed interest deposit rate is being reduced


Likewise. Seemed like a logical move to make with the ECB meeting happening this week. 

Also was once again very impressed by how efficent, friendly and fast the staff was. Opening accounts is so painless and easy.


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## messyleo (15 Jan 2009)

Can you call into the branch and open one and then transfer the money in a few days later, or do you have to deposit it there and then??


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## qreus1 (15 Jan 2009)

I filled in the application form including how much I wished to deposit and the girl said that I could then deposit the money within 30 days and that would entitle me to the 5.6% rate.


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## Pauliwalnuts (15 Jan 2009)

qreus1 said:


> I filled in the application form including how much I wished to deposit and the girl said that I could then deposit the money within 30 days and that would entitle me to the 5.6% rate.


 
I did much the same today. Rang them up. I already have a number of accounts with Halifax so didn't need any of the ID forms etc. Lady is sending me out the form all filled out except for my signature & confirmed that because I have signalled that I want to open the account before Sat that the rate is held for me provided I get the form sent back within 30 days. 

In fairness I cannot say enough good things about Halifax ( No Connection ). I find them to be great to deal with. So for all you rate tarts, provided you get in before Sat you can avail of the 5.6% fixed rate.


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## bacon (16 Jan 2009)

What are the documents required to open an account (new applicant) in person? 

On the website I can only find the docs required for applications by post... they seem to ask for a lot, including a tax document with PPS number.


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## MysticX (16 Jan 2009)

In person the verification isn't so heavy since they can confirm your ID visually.

I'm not sure if it's standardised across branches but you shouldn't need more than:
-Passport or a Driver's license
-Certificate of Tax Credits and Standard Rate Cut-Off Point 
-Bank statement for e.g. current account

I always bring along a back up e.g. a utility bill though never needed to use it.


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## messyleo (16 Jan 2009)

Thanks for the info guys  Much appreciated


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## adox (16 Jan 2009)

I brought loads of forms of ID with me when opening an account in branch. All they required was my driving license and a utility bill and finally my signature. It literally took ten minutes to set up.

I went in again 3 days later to set up the fixed account(again armed with all my paperwork) but I didnt need any ID as they had my details on file. This account took five minutes to set up.

Both times I was asked if I wanted tea or coffee and was generally treated very well. My limited experience with them,so far, has been top notch.


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## redstar (16 Jan 2009)

Interesting to read about Halifax customer service.

Mrs redstar went into the local branch last week to withdraw Euro20 from her deposit a/c.
a. She had to produce id.
b. She had to wait 20mins before they gave her the 20.
No reasons, no apologies given.


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## JamesGG (16 Jan 2009)

So if one got in tomorrow (saturday) they'd still have the 5.6%???


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## crabbybear (16 Jan 2009)

Yes. Called them today.


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## Artois (16 Jan 2009)

I was told today that you can attend in the branch and sign up tomorrow(Saturday). Failing this, their customer care line is open on Sunday and I was told they will accept applications over the phone. 

Sweet deal!


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## pudds (16 Jan 2009)

I got in when it was 5.9%


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## Lightning (16 Jan 2009)

redstar said:


> Interesting to read about Halifax customer service.
> 
> Mrs redstar went into the local branch last week to withdraw Euro20 from her deposit a/c.
> a. She had to produce id.
> ...



That's really poor. I have had nothing but good experiences of Halifax customer service. 



> I got in when it was 5.9%


I'm part locked at 6.5% until December 
(Old Investec rate)


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## Darando (16 Jan 2009)

Any idea if they plan on reducing their Flexi-Saver account rate (currently 5.15% variable for the 1st year). It hasn't changed with any of the ECB cuts.....


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## Lightning (16 Jan 2009)

The ECB have cut rates by 275 BPS but most market leading rates and loss-leader market rates (like the Halifax 10.00% current account rate) have not being cut. 

To answer your question nobody knows - It might all depend on what their close competitors NR & Anglo do.


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## OPTIMUM (16 Jan 2009)

Anglo are changing fixed rates effective Tuesday - probably missed with all the news   see [broken link removed]


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## Lightning (16 Jan 2009)

OPTIMUM said:


> Anglo are changing fixed rates effective Tuesday - probably missed with all the news   see [broken link removed]



*This is big news for savers.*

So everyone has one last day - Monday to lock at 6.00% before the rate finishes. 

I hope people notice this.


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## messyleo (17 Jan 2009)

Although in fairness, the new rate is not that much lower, so for most people it won't affect things hugely, I mean for every €10,000 I think it works out at less han €60 extra in interest over the year. I know it's still money at the end of teh day, but not a disaster for anyone if they miss it really. 5.25% is a decent rate still and you are locking away your money for a year so you want to be sure / think about it fully first.


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## Estelle (18 Jan 2009)

When I started my Halifax 5.6% account 2 weeks ago 2 seperate staff members told me that I had 30 days in which I could add more funds to the account. I'm not sure if that still stands now rates have dropped but I'm going to try it. If anyone else has recently opened this account they may wish to give it a go too.


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## trebor (18 Jan 2009)

Estelle said:


> When I started my Halifax 5.6% account 2 weeks ago 2 seperate staff members told me that I had 30 days in which I could add more funds to the account. I'm not sure if that still stands now rates have dropped but I'm going to try it. If anyone else has recently opened this account they may wish to give it a go too.



You could be right but my understanding of that would be that you have 30 days from the date of opening the account to lodge your once-off lump sum into the account as opposed to having 30 days to make as many lodgements as you like.


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## crabbybear (18 Jan 2009)

I was told one couldn't add to the account and couldn't open a second in my own name, but could have a joint account.


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## Crunchie (18 Jan 2009)

crabbybear said:


> I was told one couldn't add to the account and couldn't open a second in my own name, but could have a joint account.



From the T&Cs on the Halifax website:

*You are not permitted to have more than 3 accounts of the same term at any one time (at least one of which must be a joint account)*

and

*No further lodgements may be made to your account once the account opening deposit has been made. *

I opened one yesterday and was told I could definitely deposit additional funds and avail of the 5.6% rate for up to 28 days. Yet when I opened one in December I was told no further deposit could be made.


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## oldtimer (18 Jan 2009)

I opened a joint account in early December and was told then I could add to the account anytime within 30 days of opening. The 30 days elapsed last week. Yesterday I opened a single account on the phone - the very helpful customer services girl filled out the form, told me just to sign it and return with cheque during the week. By the way is the 5.60% still available? Still on the website and the customer services lady gave me the impression it didn't end yesterday.


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## messyleo (18 Jan 2009)

Do you just make the cheque payable to yourself for lodging the money?


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## adox (18 Jan 2009)

gravitygirl said:


> Do you just make the cheque payable to yourself for lodging the money?



You can do, or make it payable to Halifax, which is what I did.


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## markpb (18 Jan 2009)

I can also vouch for their excellent customer service. Everytime I deal with them they're quick, polite and much friendlier than other banks. I opened a flexi-saver recently and all I had to do was sign and date the form - the cashier did the rest after I left. Opening Saturdays is great too!

That said, my cc is staying with AIB until Halifax get their cc online banking sorted out.


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## leex (19 Jan 2009)

What do you think of their (new?) Flexisaver product - 5.15%AER
[broken link removed][broken link removed]


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## adox (19 Jan 2009)

Their 12 month fixed saver is down to 4.5%??


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## Lightning (19 Jan 2009)

adox said:


> Their 12 month fixed saver is down to 4.5%??



Yeah, it is down to 4.50%. Big Drop. 

Anglo Irish are clear number one market leader.


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## TomOC (19 Jan 2009)

redstar said:


> Interesting to read about Halifax customer service.
> 
> Mrs redstar went into the local branch last week to withdraw Euro20 from her deposit a/c.
> a. She had to produce id.
> ...


 

I have had 2 regular savers and a flexi saver with Halifax.  Good quickly answered customer care. Was quite happy with bank.  However about 8 months ago when interest rates dropped and I tried to withdraw money from regular saver.  It took about 3 weeks to withdraw money by post.  Then I tried to withdraw money from other account at branch- computer systems were down so I had to withdraw by post - another 2 weeks delay.  I requested account statement on flexi saver account they didn't send it until requested again. 
These 3 problems happened within about 1 month.  Before this for 1 or 2 years no problem, since for about 1 year no problems.  Regular saver accounts are very restrictive.  Flexi saver account is good simple account, no dealing with products


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## leex (20 Jan 2009)

Do the provide internet access to the likes of their Flexisaver a/c so that once can move money from that a/c to say BOI without a branch visit?


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## markpb (20 Jan 2009)

All your accounts show up on the online banking so you can view the balance, see the transactions and, in the case of the flexi-saver account, transfer money in and out to other accounts and banks just like your current account.


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## yogi_bear (20 Jan 2009)

Pauliwalnuts said:


> I did much the same today. Rang them up. I already have a number of accounts with Halifax so didn't need any of the ID forms etc. Lady is sending me out the form all filled out except for my signature & confirmed that because I have signalled that I want to open the account before Sat that the rate is held for me provided I get the form sent back within 30 days.


 
After phoning on Saturday, I've received my forms today. There is no mention on the form you have to sign about the 5.6% rate. They sent a flyer with the form detailing the new lesser rates. So I get the feeling I was told porkies over the phone and will get the new lesser rates once I sign up.


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## oldtimer (20 Jan 2009)

Likw Yogi Bear, I got the forms this morning also - no mention of 5.60%, just a flyer with the new rates. I have sent cheque and signed form but enclosed a covering letter stating I was promised the 5.60% rate and if the new rates apply to tear up the form and return the cheque.


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## GeneralZod (20 Jan 2009)

I opened a 5.6% account recently by walking into the branch and was concerned about what would happen if the rate went down before my cheque had cleared. The official assured me I'd get that days rate and offered to post me out a statement showing the opening date and rate. It had the 5.6% rate and the start date was 3 days before the cheque cleared.


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## twofor1 (21 Jan 2009)

I opened a 1 year fixed @ 5.6% in a Halifax branch late on Saturday morning with a cheque.

I only realised later that the documentation they gave refers to the fixed rate account opened, but does not say 1 year or give a maturity date or the interest rate to be applied.

Called in on Monday and got a statement which states amongst other details, the maturity date of 19/01/2010 at an interest rate of 5.6%, so I’m happy.

Both the call centre staff and branch could not have been more helpful and polite.

Oldtimer it will be interesting to hear how you get on.


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## el diablo (22 Jan 2009)

OK, I've missed out on the 5.6% fixed term rate but I think I'll stick a few quid into their FlexiSaver account (5.15% AER).

any  opinions on the Flexisaver account?


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## Pauliwalnuts (22 Jan 2009)

Fair play if you get 51.5% 

Seriously though I think it's a really good account. Online access & a good rate. Shift money in & out as you please with such a good rate. Whats not to like. However who knows how long that rate will last.


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## el diablo (23 Jan 2009)

Pauliwalnuts said:


> Fair play if you get 51.5%
> 
> Seriously though I think it's a really good account. Online access & a good rate. Shift money in & out as you please with such a good rate. Whats not to like. However who knows how long that rate will last.



who said anything about 51.5%?     yeah I think I'll go for their Flexi saver account. already have a monthly saver and a current account with Halifax and I've no complaints so far.


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## minkydog (23 Jan 2009)

That flexi-saver has dropped from 5.15% to 4%


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## el diablo (23 Jan 2009)

minkydog said:


> That flexi-saver has dropped from 5.15% to 4%


ah ****e, that's no good.   I was planning to stick some funds in that Flexi Saver account.  It must've just changed to 4% this morning. Last night it was at 5.15%.


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## fmul9798 (23 Jan 2009)

Presumably this means that the <10k which I had sitting in my Flexi Saver account at 5.15% since late December now drops to the 4% rate? (I didn't fix it, as I need instant access). If so, seems my best course of action is to move it to my Northern Rock or Anglo Premium Demand account? 

I expect the same applies to my First Active eSaving account too - they are reportedly dropping their rate from 26th, and my existing deposit will drop to that rate, as it's not fixed?

Thanks,
-fm


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## adox (23 Jan 2009)

Wow 4% as their bonus rate up to 10,000. 2.1% after that!! 

I wont be transferring as much as initially planned to the flexisaver account now. I`ll top it up to 10K and leave the balance in Rabo until I decided where to move it.


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## OPTIMUM (24 Jan 2009)

Certainly sends a signal about their commitment to the savers in Ireland. With all the uncertainty in the banking world, seems odd to slash rates so aggressively - new owners of HBOS, Lloyds, influence (who dont have an Irish prescence) starting to take effect...whats bet the mortgage rates start to increase an Paddy customers may up all round? Buy Irish, thats what I say.


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## messyleo (24 Jan 2009)

Guys I take it you all know how low the ECB rate is these days?? Most of the rates on offer are still in excess of it.


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## Lightning (24 Jan 2009)

adox said:


> I wont be transferring as much as initially planned to the flexisaver account now. I`ll top it up to 10K and leave the balance in Rabo until I decided where to move it.



Why transfer anything into this account now? and why leave anything in a low interest rate Rabo account? When you can get 5.50% for on demand with Anglo or 5.50% fixed with Investec.



> Certainly sends a signal about their commitment to the savers in Ireland.



Yeah Halifax have slipped from previously being 2nd/3rd most competitive in their savings products. Shame. Still the rates are not as low as Rabo/AIB/BOI. 


A bloodbath has started with deposit rates but there are sill some excellent rates out there for those that shop around.


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## Merti (24 Jan 2009)

Apologies if this question is addressed elsewhere - what actually is the guarantee on Halifax?  As per one UK site it's 50,000 sterling. Is this correct or is there an irish guarantee that increases this amount?


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## Lightning (25 Jan 2009)

100,000 EUR is protected. 

See http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=100&nID=153&aID=620


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## Merti (25 Jan 2009)

Thanks Fungus. On reading their page - just a little concern with their statement -quote ' _*we understand*_ the levels of protection in place are as set out below ' unquote. 
With the Fin Regs understanding and application of stress testing of banks last year, etc, etc, -is my concern justified!?


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## Lightning (25 Jan 2009)

In my opinion there is nothing to be concerned about with a deposit with Halifax rate (except the low interest rate).


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