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Tedc
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Berkshire, UK
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07-12-2019, 12:18 PM
1

Halifax Cut the Interest rate in half.

I just had a letter, from the Halifax, saying that my earned interest of savings, was being halved (1% going down to 1/2 %).

Hard times, for the poor old Banks.

Anyone recommend better Bank returns on savings?

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shropshiregirl
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07-12-2019, 12:47 PM
2

Re: Halifax Cut the Interest rate in half.

Just moved our savings from West Bromwich to the Principality Building Society to a 60 day notice account (issue 2) interest 1.20 (variable) minimum £500 balance. It seems to be the best I can find locally.
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Tedc
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07-12-2019, 12:52 PM
3

Re: Halifax Cut the Interest rate in half.

Originally Posted by shropshiregirl ->
Just moved our savings from West Bromwich to the Principality Building Society to a 60 day notice account (issue 2) interest 1.20 (variable) minimum £500 balance. It seems to be the best I can find locally.
Thanks for that. SG, I will take a look.

Santander seems very promising, as you get money back for paying various bills, etc.
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07-12-2019, 02:10 PM
4

Re: Halifax Cut the Interest rate in half.

Santander pay 1.5% on balances up to £20,000. It's a current account though so you'll probably have to have x amount of direct debits going out.

Yes, just had a look, you need to have at least £500 a month going in it and 2 active direct debits. Also you have to pay a £5 monthly account fee.

In return you get 1.5% interest up to 20k and cash back on some direct debits like council tax, gas & electric, water, phone etc.

I've had one of these accounts ever since the 123 account started and admittedly I keep it topped up to as near 20k as I can but I earn between £25 to £30 per month in interest and cash back.

£29.19 I earned in November from interest and cashback and I only pay a fiver a month for the account fee.

Account details here...
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07-12-2019, 02:22 PM
5

Re: Halifax Cut the Interest rate in half.

better off with premium bonds. we have done ok this year again with the small amount we have in it. So far this year £250 which is tax free and better interest than any bank or building society
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07-12-2019, 06:01 PM
6

Re: Halifax Cut the Interest rate in half.

I have had an account with Santander for many years and found them to be very good. First it was a Business Account which gave free banking, at a time when other banks were charging 64p for every cheque, even when withdrawing my own money!

Then when I retired this was changed to the 1 | 2 | 3 account as described by Nicol in post #4. That is now my main account so enough goes in by way of state pension and a personal pension and Direct Debits make the £5 account fee very much less. Their online banking website is also very good, there's never been a problem, 'touch wood'. Their telephone service for any queries is equally good, no messing around with waiting ages and ages to speak to someone.

Interest rates generally, as most know, are very low and Santander's 1.5% on £20,000 is reckoned to be one of the higher ones if not the highest. Interest rates on their other accounts are not that much higher than other banks / building societies though.
 

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