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Halifax - Fixed Rate ISA
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10_66
Posts: 3,452 Forumite
On 11 January, Halifax launched new rate of 6.40% on their 1 year Fixed Rate ISA. On 12 January I visited local branch of Halifax to arrange transfer of an existing ISA. Checked yesterday to see if they’d sent relevant transfer paperwork to existing ISA holder and was told they’ve got at least a week’s backlog. Today (a week after the new rate was introduced) they reduced the Fixed Rate ISA to 6.30%! There’s no way the transfer could’ve been completed within a week, if they haven’t even sent the transfer paperwork off yet. Even if they’d sent it off that day, it’s unlikely to have been completed. I know they say (in the small print) that if the rate reduces before the transfer completes, the rate isn’t guaranteed, but what chance do you stand if they reduce within one week and before they send the paperwork off? NOT impressed!
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You'll never get a transfer completed within a week .... the broadly accepted timeframe is 28 days.
But if you opened the new account with Halifax on 12/1 (ready for the transfer in) ... you should have the 6.4%?? Ask them?If you want to test the depth of the water .........don't use both feet !0 -
It is part of their terms that if the rate drops before the transfer completes, then the rate at the time of the money going into the account applies, not the one that was advertised when the application was made. I just wouldn’t have expected them to reduce the rate within the week, when, as you say, there is no way it would have been completed by then. Mind you, several years ago, I had an M&S ISA, and when the time came to transfer that out, it was all complete within a week! I’ve sent a letter of complaint to Halifax, and will probably cancel under the cooling off period.0
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A few weeks ago I was interested in the 4 year ISA but did'nt go ahead because of that condition (ie rate paid is that inforce when money received not when account opened).
Good job I didn't 'cos I now see that on 18/1/08 they reduced rate from 6.50% to 5.50%!!!0 -
On 11 January, Halifax launched new rate of 6.40% on their 1 year Fixed Rate ISA. On 12 January I visited local branch of Halifax to arrange transfer of an existing ISA. Checked yesterday to see if they’d sent relevant transfer paperwork to existing ISA holder and was told they’ve got at least a week’s backlog. Today (a week after the new rate was introduced) they reduced the Fixed Rate ISA to 6.30%!
I had an appointment with Halifax on 15 January (about a different matter) but during the conversation I mentioned I wanted to transfer my flexible ISA (2 years worth) to the 4 years fixed rate ISA (6.40%). It was done there and then, and 2 days later I received the paperwork for confirmation. It seems that if you try to do it over the counter you will be put in the queu, but if you have an appointment it can be done immediately.Money in longest works hardest0 -
PokerPortal wrote: »I had an appointment with Halifax on 15 January (about a different matter) but during the conversation I mentioned I wanted to transfer my flexible ISA (2 years worth) to the 4 years fixed rate ISA (6.40%). It was done there and then, and 2 days later I received the paperwork for confirmation. It seems that if you try to do it over the counter you will be put in the queu, but if you have an appointment it can be done immediately.
At branch, I was told differently and in accordance with the terms published on the website. Hope you're right but I'd double-check the rate when the transaction has been completed - just in case.0 -
Old_Slaphead wrote: »At branch, I was told differently and in accordance with the terms published on the website. Hope you're right but I'd double-check the rate when the transaction has been completed - just in case.
They changed it straight away on their computer system, but I will check when I get home and will update tomorrow (or maybe tonight) to let you know the rate.Money in longest works hardest0 -
I did have an appointment to arrange this transfer. When I rang the branch the following week to voice my concerns the person I'd seen said it was out of her hands as all the paperwork is sent to somewhere called their "West Kent Business Centre", so I don't know how you managed to get yours through, you lucky thing!PokerPortal wrote: »I had an appointment with Halifax on 15 January (about a different matter) but during the conversation I mentioned I wanted to transfer my flexible ISA (2 years worth) to the 4 years fixed rate ISA (6.40%). It was done there and then, and 2 days later I received the paperwork for confirmation. It seems that if you try to do it over the counter you will be put in the queu, but if you have an appointment it can be done immediately.0 -
They've just cut the rate again, this time by a whopping .30% down to 6.00%.0
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Update: Just had a long & interesting conversation with a chap on the 08457 263646 number.
He said that for the fixed-rate ISA, the rate you get is the rate that was available the day the account was setup or the day the funds get transferred, whichever is the HIGHER. He said this is a guarantee they only offer on the fixed rate ISA & they offer it specifically because otherwise the customer would have no way of knowing what rate they'd get. He said that so long as the funds are transferred with 60 days you get the higher rate.
I checked & double-checked this with him (because I didn't think that was how it worked on this) & he was adamant.
So, hopefully he's correct & if so anyone who applied when this was 6.30% will get the 6.30%
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they offer it specifically because otherwise the customer would have no way of knowing what rate they'd get.
Logical .... but doesn't quite align with the fairly bare detail on their website :-
[FONT=Arial, Helvetica]
[/FONT][FONT=Arial, Helvetica]Transferring to a fixed rate ISA[/FONT]
[FONT=Arial, Helvetica]If you ask to transfer to our fixed rate ISA, interest rates may change before the transfer has been completed.[/FONT]If you want to test the depth of the water .........don't use both feet !0
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