# 5.6% interest with Halifax savings account



## olivia (21 Aug 2008)

I am looking to lock-up 50K for 1 year - is the Halifax product being advertised on the radio at the moment my best option?


----------



## GeneralZod (21 Aug 2008)

Probably yes.

EBS and Irish Nationwide are also offering 5.6% AER over twelve months but they've got higher minimums of €20k. The Halifax minimum is €2.5k and you can make one withdrawal. Irish Nationwide lets you withdraw 25% of it during the term.

PTSB have a 20 month account with a 5.89% AER if you can lock it up for longer to get their better rate.


----------



## ClubMan (21 Aug 2008)

See the _Financial Best Buys_ forum and www.itsyourmoney.ie lists of accounts.


----------



## groom (25 Aug 2008)

It might be sensible to devide your lumpsum into 3 accounts so that no more than 20k is in one account and therefore you'll get maximum protection should any of the banks go under.


----------



## Conshine (25 Aug 2008)

groom said:


> It might be sensible to devide your lumpsum into 3 accounts so that no more than 20k is in one account and therefore you'll get maximum protection should any of the banks go under.


 
I believe this protection applies to all accounts an individual has with one bank - If you have three accounts with 20K in at teh same bank, and the bank goes under, you are only guaranteed 20K.
Not sure how joint account or an account in the wifes name etc works.


----------



## ClubMan (25 Aug 2008)

Actually it's 90% of €20K where the _Irish Central Bank _deposit protection scheme applies. If you are nervous about this sort of thing then some other banks regulated by other authorities have better/higher gurarantees (e.g. Rabo are regulated by the _Dutch Central Bank _who offer a better guarantee). And of course thanks to _HMG Northern Rock _guarantee 100% of deposits and interest.


----------



## Macattack (26 Aug 2008)

Conshine said:


> Not sure how joint account or an account in the wifes name etc works.


 
The money wuold be split 50:50 with each applicant. Then your funds are protected 90% up to a maximum of €20,000 for each applicant.

Eg 100,000 in joint account

you get €40,000 (max of 20k for each applicant)


----------



## RaboDirect (26 Aug 2008)

*Deposit Protection Scheme Examples*

The link below on the RaboDirect website might be of some help regarding how the Deposit Guarantee  would work in our case. 

[broken link removed]

For a single customer with a total balance of €20,000, that customer would be reimbursed the full €20,000 under the Deposit Guarantee System.
For a single customer with a total balance of €50,000, that customer would be reimbursed the full amount of the first €20,000 under the Deposit Guarantee System, and 90% of the next €20,000 i.e. €18,000, so that customer will get back a total of €38,000 under the Deposit Guarantee System.

For two people with a joint account with a balance of €20,000, 50% of that balance would be attributed to each person (i.e. €10,000) and each would be reimbursed €10,000 under the Deposit Guarantee System.

If a customer has a single account and a joint account, the customer will only get paid out once.  So if the customer has a single account with a €20,000 balance, and a joint account with a €50,000 balance, that customer will receive back €20,000 guaranteed.  That customer would have a right to 50% of the joint account (i.e. €25,000) and would have a 90% guarantee of up to €20,000 of that, receiving €18,000 back from the joint account.  The other joint account holder would be assessed separately on the balance of the €25,000 in the joint account. 

If you hold an account in the name of a child, the child's account is afforded the same protection under the scheme and is assessed in its own right, separate from any accounts held in the name of the adult who manages the accounts on behalf of the child.

RaboDirect


----------



## DELLBOY 08 (3 Dec 2008)

Is this an online account?


----------



## oldtimer (3 Dec 2008)

No, see the Halifax website.


----------



## Lightning (3 Dec 2008)

olivia said:


> I am looking to lock-up 50K for 1 year - is the Halifax product being advertised on the radio at the moment my best option?



Best option is Investec at 6.5% , the second best option is First Active at 6.25%, third best option is Anglo at 6%. 

You can do better than Halifax for fixed term deposits.


----------



## DELLBOY 08 (3 Dec 2008)

fungus said:


> Best option is Investec at 6.5% , the second best option is First Active at 6.25%, third best option is Anglo at 6%.
> 
> You can do better than Halifax for fixed term deposits.



I need a fixed term account with online banking (will be moving abroad) which neither Investec or Anglo offer. FA money market is only a 6 month term account & I require a 12 month term. 

Thats why I asked about this account


----------

