how variable is interest rate on halifax savings account?

This monthly saving account from Halifax looked enticing until I saw that it was a variable rate of 7%. How much could this vary? Is it dependent on the ECB interest rates (which will be raised again before end of year). Is it a safe option? Does anyone know of similar offers from banks?

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I don't think that there is any rate guarantee (certainly nothing about this in their terms & conditions) so it's as variable as they choose to make it. Some other regular saver accounts offer some form of rate guarantee. See the Financial Best Buys forum for more on this.

they guarantee it to be 1.5% above the ECB rate until Jan. 31st '08