The [broken link removed] (see section 3 in particular) refer to the rate of interest which includes the bonus rate of interest if certain terms & conditions are met. Does anybody know what the bonus rate of interest is on an account opened early 2007 and still paying 7% on monthly amounts of up to €750? i.e. what portion of the 7% is a bonus that is only paid if the relevant terms & conditions are met?
Halifax monthly saver - what is the "bonus" rate of interest?
- Thread starter ClubMan
- Start date
I'd say you can get a leaflet in their branches confirming the rate.
When I opened the account in Jan 2007 the standard rate was 2.25% and I just got my annual interest last month, which is broken down into standard and bonus on my statement.
The standard interest for the full year I got ties back to 2.25%... that's how I checked it... the rate can't have changed during the year.
When I opened the account in Jan 2007 the standard rate was 2.25% and I just got my annual interest last month, which is broken down into standard and bonus on my statement.
The standard interest for the full year I got ties back to 2.25%... that's how I checked it... the rate can't have changed during the year.
I got my statement last month and it just had the headline rate...
Good question, Clubman, and one I asked earlier this year. You have answered it with your opening comment ''is it paid only if the terms and conditions are met.'' I cannot find it written down anywhere in the terms and conditions but when I rang was told the interest is 2.25% and bonus is 4.75% as John J said. If you contravene 3.6 of the terms and conditions i.e. close the account or make more than two withdrawals you will only get the bonus rate, 2.25%. What also concerns me is 9.1 ''You may close your account at any time by giving us notice. You may lose the bonus rate of interest if you close your account (see condition 3.6).'' Halifax have the 7% guaranteed to 31st January 2008. Their website still advertises it at 7% so I will continue to leave it open. However, if the rate drops within the next year and I close it I may lose the bonus rate and drop to 2.25% for the year.
Online banking also tells me that it's still 7% for this account.
Ah - missed that!
I do indeed have two interest payments (and corresponding DIRT deductions/credits) alright. I guess that this reflects the base and bonus interest rates? The rate quoted is simply 7% though (was 6.85% (?) earlier in 2007).Hey Oldtimer,
why would you want to withdraw all and miss your bonus if you could simply withdraw twice this year and leave a small amount to keep the account open until the next bonus is paid, and withdraw all after that?
>> Their website still advertises it at 7% so I will continue to leave it open. However, if the rate drops within the next year and I close it I may lose the bonus rate and drop to 2.25% for the year.
I asked Halifax if they were planning to drop their interest rate, and they mentioned that they could at any stage, however the Halifax employee said they'd still meet ECB after that... can't find any evidence on that in their T&C though.
Fanny
why would you want to withdraw all and miss your bonus if you could simply withdraw twice this year and leave a small amount to keep the account open until the next bonus is paid, and withdraw all after that?
>> Their website still advertises it at 7% so I will continue to leave it open. However, if the rate drops within the next year and I close it I may lose the bonus rate and drop to 2.25% for the year.
I asked Halifax if they were planning to drop their interest rate, and they mentioned that they could at any stage, however the Halifax employee said they'd still meet ECB after that... can't find any evidence on that in their T&C though.
Fanny