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Is There More To The Halifax 10% Interest Rate Account?

Next week will see the launch of a new Halifax account which we are told will pay 10% interest on savings, rising to a possible 12% if the funds remain untouched for at least 12 months. The headline grabbing deal has created much interest in the markets but it seems as though all may not be as it seems!

While the maximum amount which you can retain in the account is £6,000, together with at least £5,000 to be held in a standard Halifax account, consumers are only able to drip feed a maximum of £500 a month into the new high interest accounts. So anyone expecting to receive at least £600 interest on their savings will be disappointed with the figure near the £325 mark because of the delay in getting the balance up to the maximum.

If any funds need to be taken from the account prior to the 12 month minimum retention period then the rate of interest will fall to 4.36%. All in all while the figures are correct, strictly speaking, they are maybe not as clear to the everyday customer on the street who will see the 10% rate of interest and possibly signup without asking too many questions.

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