StratosWRC

I see these bank adverts all the time but rarely take any notice especially as theyre usually pretty annoying, for some reason this Halifax ad grabbed my attention tonight. 6% interest on your current account!?

So....who has one? Who else offers this rate?

Looking for some feedback guys before I switch.

TopBanana

If you can afford to leave your savings along for at least a year, check out NS & I index linked savings accounts. You get a good rate of interest, and most importantly, there's NO TAX TO PAY ON THE INTEREST! Limit of £15k per issue, but you can get two per person (3yr and 5yr), and also take them out in kids' names etc.

Gordo

Halifax annoy me with these ads. Two reasons:

1. if you read the small print at the bottom you can put very little cash in them (250 a month over 12 months or something)

2. they are shockers for downgrading the account to a much worse interest rate as soon as they can - and won't bother telling you. much better to put the money in one of the bank high interest accounts that have much stricter commitments and notify you in writing every time the interest changes.

rgv_stu

alliance and leicester do 6.1% or something similar

v8voodoo

Just bunged a goodly bit into one of these. Seems a good deal to me.

paulr

I've got one. The limit is 2k and over that the rate drops quite heavily. All i do is put anything over 2k in the Halifax websaver. As someone said the Halifax are poor at creating a headline rate then downgrading,switching,uprating accounts etc. If you keep an eye on rates and monitor your account then go for it. I wouldn't change bank for it,but i did upgrade to it online.
My final point is dont get too worried. I have constantly 4 figures in my current accounts yet last years interest was £8.31.
If you have spare savings its more important to check you use your cash ISA allowance,then a high interest savings account,then a monthly saver.

Lydia72

Cheap loans | mortgages | credit cards | home & car insurance - moneysupermarket UK is an easy way of checking interest rates etc

paulr

But he never asked for a link to a site that is full of money mumbo-jumbo. He asked for people with experiences.

boomer

Well that is because it is a Regular Saver account, rather than a Current Account that the OP stated. 7% ain't bad for a savings account!

If you walk around with your fingers in your ears - maybe? However, i find that the staff in my local branch are eager to tell me about "better" accounts. And you could always check the interweb Oh, and YET AGAIN you are confusing current and savings accounts

mb

Lydia72

Ah my mistake, I thought "Who else offers this rate?" meant he wanted to compare other savings schemes.
Before I post anything in future I will run it by you first if that's okay?

3times

I use ING Direct.

5% gross no limits and instant access via a nominated bank account.

StratosWRC

Thanks for the input people. Shame about the max limit but it still seems like a good account to have your salary paid into does it not? certainly better than anything Barclays are offering.

paulr

Sure, but i wouldn't change banks for it. Most catch up anyway.
Alternatively go and see your current bank and let them know you might change. They may offer you some sweetners to stay.

Petem95

This is one of the worst around! Bradford and Bingley's esaver has the same terms but pays 5.85%, Icesave 5.95% and ICICI 6.15%!

But as has been said the NS&I Index Linked Bonds are the best thing about at the moment - as you dont pay tax on the interest you are in effect getting almost 10% AER (assuming you are a higher rate tax payer)

richardg

I have an A&L a/c as well. not had it a full year yet (interest is paid annually in sept IIRC on the savings a/c), but the current account is paying - on 4 figures, but only just 4 figures - £6/7 a month. wipes the floor with the annual £4/5 i used to get from natwest!