Advice for Demand Account

O

OrlaM

Registered User
Messages
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Hi
I have roughly 8,000€ which I like to have at easy and ready access. I swap money in and out of the account so the total fluctuates

Up to now I had the money in the Halifax Flexisaver earning 3.75% interest in the 1st year. My problem is that the 1st year has ended and the rate is now 2% Also I'm concerned with the news that Halifax is set to close its Irish operation

I've looked at the Anglo Premium Demand option. It's rate is 3.6% but that seems to be variable and only guaranteed ECB + 0.5%

Also with this option Interest accrues daily but is only credited to the account annually on last working day of December each year whereas with Halifax it was added 4 times a year. Does this make a difference?

The Anglo account is "Available by post, telephone or branch" Does this mean that there is no interent access to the account as is with Halifax?

Is the Anglo option the best on the market at present or are there better alternatives available.

I suppose in summary I'm looking for an online, high interest, demand account
Any advice would be much appreciated
Regards,
Orla
 
You can open a new Flexi Saver at the rate of 3.75% by phoning Halifax. They may not pull out all accounts if they close.
 
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Halifax will not allow you to open another Flexisaver account ( unless they have changed this rule in the last two weeks), unless you are married and you can open two - one on your own, and another one as a joint account with your spouse.

Northern Rock offer 3% on their demand account which in online only. I find using NR very easy to withdraw and lodge money. You can only lodge money by posting them a cheque, no branch network.
 
OrlaM said:
Also with this option Interest accrues daily but is only credited to the account annually on last working day of December each year whereas with Halifax it was added 4 times a year. Does this make a difference?
Click to expand...

Not really, you just get the payment more frequently with Halifax.

OrlaM said:
The Anglo account is "Available by post, telephone or branch" Does this mean that there is no interent access to the account as is with Halifax?
Click to expand...

There is internet access through Anglo Connect.

OrlaM said:
Is the Anglo option the best on the market at present or are there better alternatives available.
Click to expand...

For under 100k for instant access, Anglo have the best rate.

OrlaM said:
I suppose in summary I'm looking for an online, high interest, demand account
Any advice would be much appreciated
Click to expand...

Anglo's your best bet.
 
Just to note, the internet access for Angloconnect is read-only, i.e. you cannot make any transactions yourself online. It just shows you your accounts, balances, accrued interest, etc.
 
Investec have 4% for 1 year fixed. PTSB have 3.5% for nine months (covered by govt guarantee)
 
huskerdu said:
Halifax will not allow you to open another Flexisaver account ( unless they have changed this rule in the last two weeks), unless you are married and you can open two - one on your own, and another one as a joint account with your spouse.
Click to expand...
Just clarify while you correct at saying that the only way you can have two accounts at the same time is by having an individual and a joint account there is nothing stopping you from closing one account after 12 months and opening another so as to avail of the high 1 year interest rate for anotehr year. As teh OP has indicated that his original Flexi Saver account is over 1 year old this is a good option... I did it just last week
 
Many thanks for all the advice and sugggestions. I like the idea of closing the Halifax and reopening it at thhe higher 1st year rate. I found the online transaction capability very handy and would be put off if anglo is just read only. The only problem is what will happen to Halifax after September??
 
OrlaM said:
Many thanks for all the advice and sugggestions. I like the idea of closing the Halifax and reopening it at thhe higher 1st year rate. I found the online transaction capability very handy and would be put off if anglo is just read only. The only problem is what will happen to Halifax after September??
Click to expand...

According to The Irish Independent, we should find out tomorrow.

Discussion thread here:
 
huskerdu said:
Halifax will not allow you to open another Flexisaver account ( unless they have changed this rule in the last two weeks), unless you are married and you can open two - one on your own, and another one as a joint account with your spouse.
Click to expand...

Correction - Halifax have changed their policy and will allow you to open another Flexi-saver account, to get the bonus interest in the first year,
 
This is correct - I was just onto Halifax, they confirmed that I could open a new Flexisaver account and transfer the balance of my old Flexisaver account to this.
 
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