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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Credit Crunch Still Biting as Halifax Raises Short-term Fixed Savings Interest Rate - Oct 07

Personal_Finance / Savings Accounts Oct 20, 2007 - 11:03 AM GMT

By: Shahla_Walayat

Personal_Finance The Credit Crunch which has resulted in much higher interbank rates continues to benefit savers. The Halifax's flagship online savings account, the 'WebSaver' on face value offers a relatively low interest of just 5.3%, but dig a little deeper and you would be surprised by the ultra short-term fixed rates currently available with the 3 month rate surging to 6.88% AER


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 5.3% 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 :

I last highlighted the benefits of Halifax websaver on 21st September 2007, and warned that the longer term interest rate fixes may not last, which is now transpiring as the 2 year fix drops to 6.50% from 6.75%.

20th October 2007
21st September 2007
16th July 2007
Term AER

Gross pa

Net pa

3 months

6.88%

6.71%

5.37%

6 months

6.40%

6.30%

5.04%

9 months

6.45%

6.40%

5.12%

1 year

6.50%

6.50%

5.20%

2 years

6.50%

6.50%

5.20%

Term  

AER

Gross pa

Net pa

3 months

6.27

6.13%

4.90%

6 months

6.71

6.60%

5.28%

9 months

6.45%

6.40%

5.12%

1 year

6.30%

6.30%

5.04%

2 year

6.75%

6.75%

5.40%

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%

 

The short-term 6.88% fix represents an excellent 3 months rate, though there are now much better rates on offer from other institutions for the longer-term which may not be around for much longer.

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

Copyright © http://www.moneyforums.co.uk 2007 - All Rights Reserved

Moneyforums is a FREE site which provides UK Money Saving Guides, Tools and Forums including - Credit Score Calculator and the Savings Calculator . Mortgage and Tax Calculators. Money Saving Guides such as Credit Card Stoozing , Savings Tree , Money Saving Guide. Personal Finance Discussion Forums open to ALL, supported by experienced moderators, to discuss any personal finance topics from The best Savings & Deposit Accounts , Regular Savers and Cash ISA's and more.

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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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