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Halifax's new Flexi Saver deposit account pays 5.15% on up to €10,000.

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  • 07-01-2008 10:50pm
    #1
    Oracle
    Registered Users Posts: 3,630 ✭✭✭


    Halifax have launched a new variable rate deposit account. The Flexi Saver account's main features are:

    * 5.15% for amounts up to €10,000 and 4% on all other amounts.
    * The 5.15% rate of interest is paid on first €10,000 in year one, all other balances receive the standard interest rate, currently 4%.
    * The interest on the account is calculated each day and interest paid four times each year.
    * Instant access through phone, internet and branch, including cash withdrawal from branch.
    * No restrictions on withdrawals or deposits and no minimum deposit amount.

    It looks like this account will be near the top of the best deposit rate table, at least for amounts up to €10,000. The only catch being it's for the first year only. It's good to have a new competitor in the deposit market, because RaboDirect have just cut their leading deposit rate from 5% to 4.3%, for all amounts up to €1m.


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Oracle wrote: »
    The only catch being it's for the first year only. It's good to have a new competitor in the deposit market, because RaboDirect have just cut their leading deposit rate from 5% to 4.3%, for all amounts up to €1m.

    I've pointed this out on other threads, and in the interest of fairness I'll point it out again. Rabo only offered 5% on the first 10k, so their rates haven't been cut for all amounts up to one million. The new interest rate is greater than the old one they offered for amounts greater than 10k previously. God I wish I was on commission.

    Still, this is a relatively good deal if you have 10k you may not need for a year.


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    #3
    Oracle
    Registered Users Posts: 3,630 ✭✭✭Oracle


    Thanks for the clarification BuffyBot, RaboDirect have cut their rates for amounts up to €10,000 from 5% to 4.3%. They are now offering 4.3% on all amounts up to €1m. So for anyone with €10,000 or less to save, they'd be .85% (or almost 1%) better off with the Halifax Flexi Saver account, than with RaboDirect.


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    #4
    pan
    Registered Users Posts: 190 ✭✭pan


    First Active eSaving a/c is offering 5.22% APR at the moment, but it's nice to see some competition with this halifax offer
    Oh this is on amount upto €15k


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    #5
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    To be honest, they're just reacting to AIB's 5% Deposit account. The 5% is on the first 10K indefinitely (but, I'd imagine as soon as all the other banks reduce their rate, AIB will do likewise)


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    #6
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


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    #7
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    daveirl wrote: »
    This post has been deleted.

    Oh I understand all that. I'm just saying that these rates are unsustainable and will only be available as long as necessary (or ECB rates increase!).

    Similar to credit card deals (banks have cut back on them as they realised that it was the same customers moving from bank to bank to avail of the introductory offer). Also same as Mortgage rates are increasing, not just due to the credit crunch, but (because of to the intense competition) the margins were too low to maintain (and offered no buffer to the current rise in lending costs).

    On an international scale, the Irish banks are well funded. Not even Anglo has an exposure anything like Northern Rock did.


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