Halifax ISA Saver Direct 5% rate to be cut

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Kazza242
Kazza242 Posts: 2,169 Forumite
Name Dropper Combo Breaker First Post First Anniversary
in ISAs & tax-free savings
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.
Please call me 'Kazza'.
«13456789

Comments

  • Man-Alive
    Man-Alive Posts: 67 Forumite
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    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?
    Office Monkey
  • sloughflint
    sloughflint Posts: 2,345 Forumite
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    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
    Man-Alive Posts: 67 Forumite
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    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.
    Office Monkey
  • zag2me
    zag2me Posts: 695 Forumite
    Photogenic First Anniversary Combo Breaker
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    Just transfered to Halifax too, but to be honest I expected this rate to be reduced. 4.75% still isnt too bad.
    Save save save!!
  • sloughflint
    sloughflint Posts: 2,345 Forumite
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    You beat me to it. Was just about to say we are still doing better than if we stayed with Nationwide.
  • derrick
    derrick Posts: 7,424 Forumite
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    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.
    Don`t steal - the Government doesn`t like the competition


  • The_Saving_Man
    The_Saving_Man Posts: 224 Forumite
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    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?
    'Tis the time's plague, when madmen lead the blind
  • Kazza242
    Kazza242 Posts: 2,169 Forumite
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    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.
    Please call me 'Kazza'.
  • david78
    david78 Posts: 1,654 Forumite
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    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
    sloughflint Posts: 2,345 Forumite
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    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)
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