Halifax 10%
- Thread starter DAVEW
- Start date
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.
Apart from min lodgement per month (1,500) - You know of any i should know about?
DrMoriarty
Moderator
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- 5,173
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!!!
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!!!
K
KalEl
Guest
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
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.
DrMoriarty
Moderator
- Messages
- 5,173
I'm not knocking it, just pointing out that the net gain, for most people, is not in itself as valuable as the headline '10% interest' might lead some to imagine. It's certainly an improvement on so-called 'free' banking with gotchas at every turn.
'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.
J
Jaid79
Guest
No, you dont you only have a monthly amount requirement on the monthly savers account 50E - 750E at 7%
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.
J
Jaid79
Guest
jrewing,
Your correct, my mistake, I assume they want people to switch banks and get there salarys paid in to Halifax.
Jaid
you lost me here, hopefully in your sarcism... 10% is 10%. (or 8% incl DIRT)