Halifax has announced today that it is reducing its core savings rates by up to 0.25%. Rachel Thrussell Head of Savings at Moneyfacts.co.uk the leading independent financial comparison site comments: “Whilst we have seen the launch of some competitively priced savings products this week, Halifax has bucked the trend by cutting rates on its core range. It is uncommon to see a provider reduce their rates in a period of base rate stability.

“But while the majority of existing savers will have received a letter in the post informing them of a cut in their rate, Halifax is at the same time out to attract new customers with the recent launch of the Web Saver Extra paying 6.25% and by adding a bonus of 0.50% onto the Guaranteed Saver.

HALIFAX ACCOUNT	MINIMUM DEPOSIT	GROSS %	NOTES
Liquid Gold	£1	1.25%	Instant Access.
Guaranteed Saver	£2,500	6.25%	Instant Access. Includes 0.50% bonus until 31.1.08.
Web Saver	£1	5.26%	Internet.
	£5k	5.30%
	£25k	5.35%
Web Saver Extra	£1	6.25%	Internet. 1 penalty free withdrawal per year, then further withdrawals on 30 day loss of interest.
	£100k	5.00%

SOURCE: Moneyfacts.co.uk – the money search engine 16/11/07

“When you compare the similar products offered by Halifax it appears that it may be looking to attract new business at the expense of existing savers.

“The message is clear, stay on your toes and keep an eye on your account to ensure you are getting the best rates available. Don’t be afraid to vote with your feet when it comes to getting the best deal for your savings.”

www.moneyfacts.co.uk - The Money Search Engine

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