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Competitive ISA about to bomb the market?
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I wasn't aware of that! That could change things.0
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Don't listen to that "someone on another thread"! Pick up the product features booklet from a Halifax branch and read it! It states very clearly that you will not lose any interest at all during the transfer period. Everything is back-dated.alared wrote:What`s putting me off Halifax is on another thread someone said that when they get your cheque from your current provider it then takes seven days to clear it (maybe more with weekends involved) before they start paying interest.
This is the trouble with forums - nobody reads the T&C's anymore, choosing instead to ask "strangers" on an internet chat forum!
Edited to add...
From the "Savings, The simple guide to transferring your ISA" booklet (Halifax Ref: 1/336294-0(08/05)
Step 2, paragraph 2 states that "You won't lose any interest for the period your money is in transit because the funds are shown as credited to your account from the day after they left your existing provider".0 -
alared wrote:Beverley Minicash ISA
Balance: Gross Interest Rate/AER: Net Interest Rate:
£1+ 5.05% N/A
High interest, tax free savings for anyone aged 16 or over.
Accessible - one penalty free withdrawal allowed each tax year. Other withdrawals allowed subject to 30 days notice or 30 days loss of interest.
Note the 30 days notice or penalty
Yes but you don't use ISAs like savings accounts, one withdrawal would be enough when transferring the ISA to another provider when a better rate comes alongDon`t steal - the Government doesn`t like the competition0 -
YorkshireBoy wrote:Don't listen to that "someone on another thread"! Pick up the product features booklet from a Halifax branch and read it! It states very clearly that you will not lose any interest at all during the transfer period. Everything is back-dated.
This is the trouble with forums - nobody reads the T&C's anymore, choosing instead to ask "strangers" on an internet chat forum!
Edited to add...
From the "Savings, The simple guide to transferring your ISA" booklet (Halifax Ref: 1/336294-0(08/05)
Step 2, paragraph 2 states that "You won't lose any interest for the period your money is in transit because the funds are shown as credited to your account from the day after they left your existing provider".
That "someone on another thread" was me, and I posted what I was told verbally over the phone dsepite me arguing with them that what they where saying did not match other providers I had spoken to, but they where adamant that it took 7 days from receipt to clear the cheque and start paying interest.Don`t steal - the Government doesn`t like the competition0 -
Hi derrick (and no offence intended by my earlier posting!;)).derrick wrote:That "someone on another thread" was me, and I posted what I was told verbally over the phone dsepite me arguing with them that what they where saying did not match other providers I had spoken to, but they where adamant that it took 7 days from receipt to clear the cheque and start paying interest.
I know what you mean about the call centre staff. When I was looking into the Halifax ISA last weekend (after finding out Intelligent Finance were 'slashing' my interest rate) I couldn't obtain enough detail from the Halifax website. I requested a call-back from them (which, by the way was instant!) and they proceeded to tell me all about the account.
I phoned my wife , who was in town, and asked her to call in to a Halifax branch for the information packs. The CSA who gave her the packs then proceeded to tell my wife a whole host of things which directly conflicted with the account operation described to me on the phone from their call centre.
Only when she brought home the product information leaflet, and I had chance to see something in black and white, was I content to go ahead.
Moral? - the written word is always best.0 -
You're lucky. i didn't get an Information Leaflet. All I got was 2 application forms and 2 transfer forms and that was from a Halifax branch!0
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YorkshireBoy wrote:From the "Savings, The simple guide to transferring your ISA" booklet (Halifax Ref: 1/336294-0(08/05)
Step 2, paragraph 2 states that "You won't lose any interest for the period your money is in transit because the funds are shown as credited to your account from the day after they left your existing provider".
Absolutely spot on YorkshireBoy,
I was in my local branch today to arrange my transfer to them.
They do it all for you and there`s no interest lost.
5% is the tax free rate.0 -
Halifax really need to sort themselves out. For a start, why can't you apply for their ISA Saver Direct online? I want to transfer my IF ISA over to the Halifax one for the better rate, but they certainly don't make it easy. I went into my local Halifax branch through the week to ask for a transfer form and was told that I need to contact IF and get a form from them to arrange the transfer. I haven't got round to doing that yet, but based on the information here, it sounds like the information I was given is incorrect.0
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Forgive me for asking a silly question - but does your old ISA provider transfer the balance plus the interest you have earned up to that date? (I've chosen to be paid annually and am another IF refugee)The only computer error is a human one.0
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