Halifax ISA Saver Direct 5% rate to be cut

Kazza242 · 23 March 2006 at 2:49PM

Just went onto the Halifax website to check out their mini cash isa page, when I noticed that they are reducing their ISA Saver Direct rate from 5% to 4.75% from April 6 2006:

"Halifax ISA Saver Direct
Not getting anywhere with your savings? From as little as a £1, with a high interest rate of 5.00% AER/gross p.a (4.75% AER/gross p.a. from 6th April 2006), and no tax to pay, its easy to transform your savings with Halifax ISA Saver Direct".

http://www.halifax.co.uk/savings/directisasaver.shtml

http://www.halifax.co.uk/savings/cashisa.shtml

Halifax are now offering a 5% fixed rate mini cash isa with a choice of terms from 1 to 4 years. The 5% rate applies to all terms.

Man-Alive · 23 March 2006 at 3:12PM

Looks like I will be shopping around for a better deal from another provider!

If I decide to transfer asap, will I get it done by April 5th?

sloughflint · 23 March 2006 at 3:19PM

Man-Alive wrote:

Looks like I will be shopping around for a better deal from another provider!

If I decide to transfer asap, will I get it done by April 5th?

Damn, I just transferred from Nationwide to Halifax last month. It took just 7 days from going into Halifax.
What a shame. I should have gone with A&L direct ISA. The temporary bonus put me off.Silly me.
Oh well back to shopping around. I hope there really is lno loss of interest in transfer process as I've been told.

Man-Alive · 23 March 2006 at 3:24PM

sloughflint wrote:

Damn, I just transferred from Nationwide to Halifax last month. It took just 7 days from going into Halifax.
What a shame. I should have gone with A&L direct ISA. The temporary bonus put me off.Silly me.
[B]Oh well back to shopping around[/B]. I hope there really is lno loss of interest in transfer process as I've been told.

Snap! - I opened my Halifax ISA in Feb after being put off by the A&L temporary bonus.

zag2me · 23 March 2006 at 3:42PM

Just transfered to Halifax too, but to be honest I expected this rate to be reduced. 4.75% still isnt too bad.

sloughflint · 23 March 2006 at 3:50PM

You beat me to it. Was just about to say we are still doing better than if we stayed with Nationwide.

derrick · 23 March 2006 at 3:59PM

I transfered into this on the 22nd February, however I have just now contacted Halifax, from HERE and got them to call me back saving me phoning the 0845 number, and transfered into a 1 year fixed ISA at the 5% rate, thanks to Kazza242 for the heads up.

The_Saving_Man · 23 March 2006 at 4:16PM

I've been suckered too. I've just finished off my transfer having switched for the new tax year. Was also at the Nationwide. Is it worth switching for the new tax year to A&L?

Kazza242 · 23 March 2006 at 5:11PM

The_Saving_Man wrote:

I've been suckered too. I've just finished off my transfer having switched for the new tax year. Was also at the Nationwide. Is it worth switching for the new tax year to A&L?

You could ask Halifax to transfer your money into their 1 year fixed rate isa at 5% if you don't mind tying your money up for a year.

I'm a bit wary of A&L's offering because only the 0.7% bonus is guaranteed, while the underlying rate is variable. After they've got enough business in during the new tax year, they could decide to reduce the rate offered. Therefore, even with a 0.7% bonus, the overall rate may become uncompetitive.

david78 · 23 March 2006 at 5:33PM

Damn.

I was planning to go with the Halifax too for next year. I've even set up the BACS transfers to my Halifax Web saver to get the money (£3000) in there by the 6th so I can effect a quick transfer into the ISA when its open. (Just cancelling them now)

Now it looks like I might as well just pay the money into my M&S ISA and wait and see what happens in April. More than likely, all rates will drop by 0.25% including A&L. When they do I'll just have to transfer to the best payer.

sloughflint · 23 March 2006 at 5:36PM

Good idea about fixed Halifax ISA. To save me looking is it instant access or tied in for the year? I guess it's the latter. ( Just checked. No withdrawals allowed)

Halifax ISA Saver Direct 5% rate to be cut

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