Halifax Flexi Saver - 5.15% for one year

[Gautama]

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.

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.

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.

 

[ClubMan]

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.

 

[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...

 

[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)

 

[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.

 

[Jethro Tull]

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!)

 

[Alonso]

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

 

[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.

 

[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.

 

[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.

 

[alpha]

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.

 

[MysticX]

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...

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..

 

[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.

 

[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??