Halifax at 7%?

[Digger]

Rang up customer service on Friday. They give no garuntee that this 7% for the regular saver account won't change tomorrow or next week .What they do garuntee is a rate of 1.5% above current ECB rate till 31/12/08. Now this strikes me as a bit strange as all other banks give you in crystal clear terms and cond. that there current 6.75% or 7 % incase of BOI till a specified date usuually end of this year.
So are Halifax just drawing as many customers in and then in a months time after SSIA's have been paid out going to revert to their 1.5% above
current ECB rate.???

 

[Nemesis]

Re: Halifax at 7% ????

I can't be certain what Halifax are going to do but I'd be very surprised if they keep the rate as high as 7% once all the SSIA savers have chosen their new regular savings accounts. It seems to me they've gone for the high eye-catching rate rather than the less exciting guarantee in the belief that most savers will be swayed by it. They're probably right: it's simple, easy to understand and doesn't require much thought to compare with the other products. Whether it actually turns out to be the best option remains to be seen.

Edit: I should add pretty much the same can be said for Anglo with a minimum of 4.5% guaranteed. They too are free to drop the rate any time they wish.