Halifax 10%

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DAVEW

Registered User
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13
Anyone had any dealings with Halifax and how did you find them?

Does anyone think there is some catch with the 10% interest on the current account?
 
DAVEW said:
Anyone had any dealings with Halifax and how did you find them?
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My wife went into them a week or so ago, to open a savings account. She had full ID etc with her. She did not think much of the customer service/interest shown in her (has worked in a bank herself), so left and went else ware.

Towger.
 
It's not a 'catch', but the 10% interest rate only applies to balances up to €2,000. Thereafter it seems to be their standard 0.01% (see [broken link removed]).

In other words, you'll earn up to a maximum of €200 in interest over the year if you keep a €2,000+ balance in your account at all times. Sounds like a fair bit of juggling, but if you like to check your balance and move funds back and forth every day I suppose it's better than a poke in the eye with a sharp stick.

Looks more to me like a relatively cheap way for Halifax to run advertisements that say
10% INTEREST!!!
 

I think the point is you use the account as your primary current account. Until recently nobody earned significant interest on their current account...now someone offers 10% on balances up to 2 grand yet it's still not enough for some people. 2 grand would seem like a good average amount for most people to me.
There is only juggling involved if you're trying to piggy back the deal as some kind of de facto saving device which isn't what it's for.
 
'Interest' advertising always annoys me. It is what goes into your pocket that matters. With the 10% rate the max you can get is €200 per annum, but then deduct €40 DIRT and your into the hand amount is €160. I know it is better than nothing but the point I am making is divide the headline rate by 5 before planning to spend the interest.
 
in the terms and condts it says

If you choose to fund your account with €1500 per month
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now forgive my ignorance but I hope this means that you must keep
a min balance of €1,500 in your account, it doesn't mean you have
to lodge that amount every mionth does it?
 
now forgive my ignorance but I hope this means that you must keep
a min balance of €1,500 in your account, it doesn't mean you have
to lodge that amount every mionth does it?
Click to expand...


No, you dont you only have a monthly amount requirement on the monthly savers account 50E - 750E at 7%
 
kiwijbob said:
now forgive my ignorance but I hope this means that you must keep a min balance of €1,500 in your account, it doesn't mean you have to lodge that amount every mionth does it?
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Yes it does. Read through the other post on this account.
http://www.askaboutmoney.com/showthread.php?t=52670

The easiest thing is to get your salary paid in there, you can take it out again straight away if you want.

You need a payment of minimum Eur 1500 per month into the account. 10% interest paid on a/c balance up to Eur 2000.
 

jrewing,

Your correct, my mistake, I assume they want people to switch banks and get there salarys paid in to Halifax.

Jaid
 
Bacchus - didn't explain properly. I am saying is you do not get 10%. Divide by 5 to get 2% and what is left is what goes into your pocket (8%). Sarcasm?
 
I downloaded the application form for this. Wow! Talk about the Spanish Inquistion! I got fed up with the nosey questions and packed it on after a while.

Slim
 
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