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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

The Halifax Websaver's Excellent Short-Term Fixed Interest Rates

Personal_Finance / Savings Accounts Jul 16, 2007 - 10:38 PM GMT

By: Shahla_Walayat

Personal_Finance Halifax's flagship online savings account, the 'WebSaver' on face value offers a relatively poor interest of just 5.05%, but dig a little deeper and you would be surprised by the short-term fixed rates currently available. starting at 6.15% and rising to 6.57%


The instant access Halifax WebSaver account serves its purpose in day to day activity as stop gap for short-term deposits, with the longstanding key benefit of instant transfers between accounts such as the current account as well as including standing order facilities. Though at 5.05% the instant access rate does not represent a great rate for anything other than ultra-short-term holdings, especially given what's lurking under the Halifax hood barely a few clicks away are :

The Halifax Fixed Rate Websaver accounts with rates that knock the competition for six !

Term  

AER

Gross pa

Net pa

3 months

6.29%

6.15%

4.92%

6 months

6.40%

6.30%

5.04%

9 months

6.50%

6.45%

5.16%

1 year

6.53%

6.53%

5.22%

 

So there is now NO excuse to keep excess cash sat in the instant websaver account, when you can open a short-term fixed rate at a much better rate, whilst we wait and watch to see what happens to UK interest rates over the coming months.

Key Notes are -

* The Accounts are fixed term and therefore not suitable if you want your money earlier than the term of the fixed rate.

* Minimum Deposit is £500

* A Maximum of 5 websaver's can be held by customers

By Shahla Walayat
http://www.moneyforums.co.uk

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Disclaimer - Moneyforums.co.uk does not guarantee the accuracy of the information provided, and does not accept any liability for its accuracy, which is for general information purposes only as a starting point for your own research.


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