halifax savings account.....

[happylarry]

hi, we need to spread some of our savings, halifax is offering a 6 month fixed 7% web saver which sounds good, however is it safe to invest with halifax? i think they were in the news recently in a negative sense??

thanks

its been talked about for a while that they will be taken over by Lloyds TSB and today it is on sky news (right now!) that there will be an announcement shortly about it becoming nationalised.
still think money will be safe though. I hope so as I have several accounts with Halifax including an ISA and my kids have savings accounts with around £5,000 in.
I did have two web saver accounts but found the only problem with them was when they matured. I wanted to have them mature and roll over into a savings account and apparently hadn't completed the correct info when I opened the account so be careful what you put about instructions for maturity. Also, I think that if you want to get your money out before the 1 year period(or six months if that is what they are offering now) has expired, you will lose all interest so double check this.

halifax have been taken over by Lloyds TSB so are now part of the biggest bank

i think they are one of the safes bets and if you hve less than

Halifax has now been nationalised so your savings should be safe.
Can you have the web saver in joint name? Up to a £100k will be protected

thanks! i've opened a joint account online this morning!

Has it? (Been nationalized???)

Dont think they have been nationalised

they have been taken over by Lloyds TSB

BBC news
Not strictly nationalised but the govt now have sizable stake in the banks and so their financial security is safer

Looks like the Lloyds takeover of HBOS will fall through. IMO that is a good move other wise Lloyds would have had too much influence in the banking sector.

BBC are saying the bailout is condiitonal on the merger going ahead?

"HBOS will raise £11.5bn from taxpayers, made up of £8.5bn in ordinary shares and £3bn in preference shares, while Lloyds TSB is to get £5.5bn. The money is conditional on the merger of the banks going through."

I missed that Jan, I read something in another paper yesterday saying that they did not think it would go through. Maybe this will secure it then.

that is odd as sky news is saying that have merged and have been nationalised!

I have just herd that too

(that Hbos / Lloyds TSB, and another have been partly nationalised )

i guess being nationalised makes them even safer though?

LTSB is likely to buy HBOS. The deal is not yet final as there is negotiation on price. HBOS is worth less than LTSB offered a few weeks ago hence the speculation the deal might fall through. HBOS will take up the government's offer of additional funding. You do not need to move money around as Government as practically guaranteed no UK saver will lose money.

"You do not need to move money around as Government as practically guaranteed no UK saver will lose money."* Unless of course you have debts with the same institution or banking group, in which case your savings will be used to pay off the debts before they calculate how much you get...