Halifax ISA - pathetic interest rate

Johnny_Hamster · 7 March 2011 at 12:25AM

We pay £300 a month into a Halifax cash ISA in my wifes name, I took the passbook into our local branch for an update (hasn't been done since last March) only to find on a starting balance of £3600 we how have £7200 in the account, plus the 'grand' total of £2.36 interest. :mad:
Needless to say, we'll be closing the account ASAP and moving the cash elsewhere - any suggestions where? We'll need a couple of thousand for a holiday in August, but otherwise open to suggestions. A notice account would probably suit us.

Loughton_Monkey · 7 March 2011 at 12:53AM

If you want a 'passbook' account, then don't expect much more than what you are getting. To do an ISA, just about everyone does it using Internet accounts these days. Strangely Halifax is one of the better accounts!

Lokolo_2 · 7 March 2011 at 12:54AM

Johnny_Hamster wrote: »

We pay £300 a month into a Halifax cash ISA in my wifes name, I took the passbook into our local branch for an update (hasn't been done since last March) only to find on a starting balance of £3600 we how have £7200 in the account, plus the 'grand' total of £2.36 interest. :mad:
Needless to say, we'll be closing the account ASAP and moving the cash elsewhere - any suggestions where? We'll need a couple of thousand for a holiday in August, but otherwise open to suggestions. A notice account would probably suit us.

Have a look at this post which lists all the different ISA's available, it does show some with Instant access or notice periods which suit what you are looking for, it also tells you which of the accounts listed accept transfers in.

Remember that this year's ISA allowance is £5100 so you may be able to still add if you haven't reached it this tax year. From April 6th you'll be able to save up to £5340 of new money in a Cash ISA :j

It's good you realised how low your interest rate is and decided to take action

opinions4u · 7 March 2011 at 8:15AM

Halifax offer 3 different types of ISA.

- A passbook option (rubbish rate, but branch access).

- A telephone / online option (decent rate for a year, then you need to get them to change it again).

The second and third options sit in the best buy tables and you can transfer over to them within a few minutes.

- A fixed rate option with a variety of terms (some of which are very good rates).

we'll be closing the account

Whatever you do, don't close it. If you are going to move the money elsewhere, get the receiving provider to arrange the transfer of funds. Otherwise you will lose your tax free status.

Halifax ISA - pathetic interest rate

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