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Halifax cutting rate of Help to buy ISA

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johnnyvalentine
johnnyvalentine Posts: 1 Newbie
in ISAs & tax-free savings
Rang our local Halifax branch today to make appt for daughter and was warned that rate for their Help to buy ISA was being cut from 4% to 2.25% wef next Tuesday 3/5/16.
Needs confirmation as their website still says 4% and I cannot find any news elsewhere on decrease.Assume tactical if true, in response to Santander matching their 4% rate?

Comments

  • Super_Whiskey
    Super_Whiskey Posts: 246 Forumite
    Eighth Anniversary 100 Posts Combo Breaker
    It's a variable rate but I'd like to think if they were cutting the interest they would inform their product holders before hand.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    johnnyvalentine wrote: »
    Assume tactical if true, in response to Santander matching their 4% rate?
    The reason will be that they have reached the limit of HTB ISAs at which they were prepared to pay 4%. Nothing to do with Santander.
  • liamcov
    liamcov Posts: 644 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    So will existing customers retain 4% until the end of the tax year?
  • jimjames
    jimjames Posts: 18,665 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    liamcov wrote: »
    So will existing customers retain 4% until the end of the tax year?

    So far the only source is the OP who has just joined. I'd wait until Halifax actually announce something first
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Westie983
    Westie983 Posts: 5,215 Forumite
    Tenth Anniversary 1,000 Posts I've been Money Tipped! Name Dropper
    liamcov wrote: »
    So will existing customers retain 4% until the end of the tax year?

    Yes those customers that have the ISA already will retain the rate of 4%,

    New applications from Tuesday will be at the rate of 2.25%.

    Website will update soon (overnight Monday), as at the moment you can still open online at the rate of 4%.
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
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