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

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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