The Halifax Websaver's Fixed Interest Rates Savings Accounts - Sept 07

Personal_Finance / Savings Accounts Sep 21, 2007 - 02:18 AM GMT

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 short-term fixed rates currently available. starting at 6.30% and rising to 6.75%

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 16th July 2007, the current rates represent mixed improvement, which seems to confirm that they may not last for much longer.

21st September 2007

16th July 2007

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%

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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