| |
Major Site Upgrade in Progress |
 |
|
 |
|
Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
|
|
|
 |
|
 |
|
 Posted: Sun Jan 13, 2008 9:45 am Post subject: Credit Crunch Continues as Short-term Savings Interest Rates |
 |
|
|
 |
|
 |
|
|
|
|
By: Shahla_Walayat
The worlds central banks announced in December 07 that they would take concerted action to help ease the liquidity crises that has been gripping the financial sector since August 07. Whilst this has had a big impact on the interbank market, this article looks at its impact on the personal savings market.
Whilst borrowers have been the losers, the winners have been savers, however the long fixed rates have been failing of late, but liquidity remains ultra tight at the short-end of the market. This is evidenced in the fixed rate products offered by the Halifax which has actually seen the 3 months fixed rate rise to 6.78% from 6.71% on the last update of 20th Oct 07.
The instant access Halifax Web Saver account serves its purpose in day to day activity as stop gap for short-term deposits, with the longstanding key benefit of instant transfers between accounts such as the current account as well as including standing order facilities. Though at 5.3% the instant access rate does not represent a great rate for anything other than ultra-short-term holdings, especially given what's lurking under the Halifax hood barely a few clicks away are :
I last highlighted the benefits of Halifax web saver on 20th October 2007, and warned that the longer term interest rate fixes may not last, which is now transpiring as the 2 year fix continues to drop to 6.35% from 6.75%.
6th Jan 2008 20th October 2007 21st September 2007 16th July 2007
Term AER Gross pa Net pa
3 months 6.95% 6.78% 5.42%
6 months 6.35% 6.25% 5.00%
9 months 6.35% 6.30% 5.04%
1 year 6.35% 6.35% 5.08%
2 years 6.35% 6.35% 5.08%
Term AER Gross pa Net pa
3 months 6.88% 6.71% 5.37%
6 months 6.40% 6.30% 5.04%
9 months 6.45% 6.40% 5.12%
1 year 6.50% 6.50% 5.20%
2 years 6.50% 6.50% 5.20%
Term AER Gross pa Net pa
3 months 6.27 6.13% 4.90%
6 months 6.71 6.60% 5.28%
9 months 6.45% 6.40% 5.12%
1 year 6.30% 6.30% 5.04%
2 year 6.75% 6.75% 5.40%
Term AER Gross pa Net pa
3 months 6.29% 6.15% 4.92%
6 months 6.40% 6.30% 5.04%
9 months 6.50% 6.45% 5.16%
1 year 6.53% 6.53% 5.22%
The short-term 6.78% fix represents an excellent 3 months rate.
Key Notes are -
* The Accounts are fixed term and therefore not suitable if you want your money earlier than the term of the fixed rate.
* Minimum Deposit is £500
* A Maximum of 5 websaver's can be held by customers
By Shahla Walayat
http://www.moneyforums.co.uk
Copyright © http://www.moneyforums.co.uk 2007 - All Rights Reserved
http://www.marketoracle.co.uk/Article3278.html |
|
|
|
|
|
|
 |
Online Finance Tools & Calculators |
 |
| Credit Score Calculator |
Easy to use online Credit Scoring tool - Calculate your credit score now online for FREE ! using the Moneyforums.co.uk credit scoring tool. Also TEN Tips on improving and mainting a good credit rating ! |
|
| Quick Health Calculator |
Easy to use quick health calculator to help you get started on the path to fitness. Calculates your body mass index (BMI). |
|
| "When will I die ?" Calculator |
Calculate when will you die based on your current life style and then more importantly what you can do about extending your lifespan ! |
|
| Mortgage Calculator |
Easy to use online Mortgage calculator tool - Calculate how long it will take to pay off your mortgage and what your monthly repayments will be as well as interest charged per month per each year. |
|
| Savings Calculator |
Use the flexible savings calculator to estimate the amount of interest you would earn given a level of monthly savings, with many optional settings. |
|
| UK Tax Calculator |
Check your tax and NI liability using this easy to use online tool. Outputs, Tax, Ni, Net pay and gross pay on an annual, monthly and weekly basis, also estimates your tax burden and the number of days a year you work for the tax man ! Plus lots of tax saving tips. |
|
|
 |
|
 |
|
Money
Forums Guides |
|
| Credit
Card Stoozing |
The
following guide explains the basics of credit
card stoozing in a step by step basis. |
|
| Discount
Vouchers |
Online
discount vouchers giving upto
50% off in stores such as Dixons,
Tesco, Avon, Currys, Boden and more. Many
of the vouchers are time limited - So check
back regularly |
|
| Money
Saving Guide |
Guide
to saving money on household bills & personal
finances - Start saving thousands of £'s
every year TODAY ! |
|
| Savings
Tree |
A
guide to Savings Accounts, from Cash ISA's to
Regular Savers to Premium Bonds, all explained
in an easy to understand manner. |
|
|
Users
Groups | Profile
| Messages
| FAQ | Sponsers
& Links | Member
list | Recommend this site | Top Money Saving Sitee
© 2004 - 2007 Moneyforums.co.uk / Market Oracle Ltd - Asserts copyright on all topics & posts made on this site. Moneyforums are open forums, and thus posts are NOT endorsed by Moneyforums.co.uk / Market Oracle Ltd . Any and all information provided within the Website is for general information purposes only and nor is or shall be deemed to constitute, financial or other advice. We recommend that independent professional advice is obtained before you purchase any product and/or service. All tools and guides are provided as is for general information purposes only.
|
|
|
