I have some money in a Barclays E Savings Reward which I've just realised is only paying 1.25%, so I'm thinking of putting it in a Halifax Web Saver Extra which is paying 2.60%, is this a good move?
I have one of these and opened a reward current account at the same time.
With the current account you get an extra 0.2%.
It is variable and my rate has already come down from 3% to 2.8% since I opened it in April.
Also, you only get one withdrawal per year without losing any interest.
The AA also do one at 2.8% that's worth a look and I don't think there are any withdrawal restrictions.
bertsilver Posts: 135 Forumite
I have around 40k to move out of the Barclays E account, should I put it all in the Halifax Web Saver or split it up in to other accounts?
Mikeyorks Posts: 10,377 Forumite
Depends on your timeframes - are you likely to need any of it over and above the one withdrawal? Consider buffering some of it into one or more (3 allowed) Lloyds TSB Classic + Vantage . which will pay you 4% for balances between £5k and £7k.
But - it does need £1k monthly into each account to achieve that rate. Simply done by just moving (do it online as Lloyds supports FP) £1k out of Account 1 >> Account 2 >> Account 3 >> back to Account 1. Can be done in just over 5 mins / month. And it's instant access if you need it. Interest paid monthly . but move it elsewhere if it would take any account over £7k, as the interest rate dips to 0.1% for values over that. That rate has been in place well over a year now . but it is variable.
If you want to test the depth of the water . don't use both feet ! savetilibleed Posts: 1,363 Forumite
I have some money in a Barclays E Savings Reward which I've just realised is only paying 1.25%, so I'm thinking of putting it in a Halifax Web Saver Extra which is paying 2.60%, is this a good move?
Is has been said there are the resctrictions. As another alternative, there is the Barnsley BS Online Saver at 2.5% for unrestricted access.
Or there's Birmingham Midshires Telephone Telephone Extra Issue 2 at 2.75% for unrestricted access. Or if you are over 50 there is the same with the Saga flag and an identical Internet version as well at the same rate as the telephone account.
bertsilver Posts: 135 Forumite
I've opened the Halifax web saver account, how do I deposit money into it, there doesn’t seem to be any way of doing it online
bertsilver Posts: 135 Forumite
Whats a roll number?
Do I just walk into a branch with a cheque or debit card or will they transfer it from my Barclays account?
Halifax roll number is your account reference number, or you can just use your sort code and account number.
Here are some other options, which allow instant unlimited access.
There are two identical accounts from Egg* and The AA* at 2.8% AER, each including a fixed 2.3% bonus for a year and you only need £1 to open each.
With The AA the £50,000 UK savings safety guarantee is shared across any accounts you have with the HBOS group - see the Safe Savings guide for full details.
The Internet Saver account from Tesco* is paying 2.75% AER with a smaller bonus of 1.5% for 12 months (though still not great when it ends). You can save between £1 and £100,000 at this rate and make an unlimited number of withdrawals (up to a max of £10,000/day).
bertsilver Posts: 135 Forumite
Here are some other options, which allow instant unlimited access.
There are two identical accounts from Egg* and The AA* at 2.8% AER, each including a fixed 2.3% bonus for a year and you only need £1 to open each.
With The AA the £50,000 UK savings safety guarantee is shared across any accounts you have with the HBOS group - see the Safe Savings guide for full details.
The Internet Saver account from Tesco* is paying 2.75% AER with a smaller bonus of 1.5% for 12 months (though still not great when it ends). You can save between £1 and £100,000 at this rate and make an unlimited number of withdrawals (up to a max of £10,000/day).
So its probably a better bet to stick it in the AA or Egg for a year then move it else where.
This is all new to me never thought about moving money around at all before I came on here.
Whats a roll number?
Do I just walk into a branch with a cheque or debit card or will they transfer it from my Barclays account?
A roll number is the internal Halifax reference number.
You need to do a transfer from your Barclays account. You quote the Sort Code and Account number from the Web saver. You put the Roll Number in the Reference field.
Either that or go into a Branch with a cheque . you can't use a (Barclays) debit card.
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