Just had a letter from Halifax.. more rate slashing

Glaedr
Glaedr Posts: 4 Newbie
First Anniversary Combo Breaker
in ISAs & tax-free savings
I've just had a letter this morning concerning an ISA that I've not been in a position to pay into for a while now. Ironically, I now am and was about to start paying in again. Now I think I'll be going elsewhere. It's being slashed from 0.10% to 0.05%. I don't know whether it's previously been slashed and letters haven't arrived, but I was under the impression that it was higher. Still, cutting it in half is a bit of a jump.

Comments

  • eskbanker
    eskbanker Posts: 30,995 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Cash ISAs in general have been poor value for a number of years and you've obviously left your money in an ancient product that's been left to rot. Read http://www.moneysavingexpert.com/savings/which-saving-account and take advantage of one or more of the many better places for your money....
  • jimjames
    jimjames Posts: 17,611 Forumite
    Photogenic Name Dropper First Anniversary First Post
    How much money do you have in the ISA? Even the previous 0.1% is a terrible rate that can easily be beaten!
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Ashen
    Ashen Posts: 592 Forumite
    Name Dropper First Post First Anniversary
    I don't quite get why they've made this drop - if I was Halifax, I wouldn't exactly want to draw attention and push away customers who were only getting 0.1% anyway!
  • Maz
    Maz Posts: 1,405 Forumite
    First Post First Anniversary Combo Breaker
    I've had a similar letter so I'll be looking around for a better rate! Surely there are other providers that offer more than 0.05%!
    'The only thing that helps me keep my slender grip on reality is the friendship I have with my collection of singing potatoes'

    Sleepy J.
  • MARTYM8`
    MARTYM8` Posts: 1,212 Forumite
    First Anniversary First Post
    The AA is paying 1% instant access

    https://www.theaa.com/savings/isa-savings-access.html

    First Direct/Nationwide paying 0.9% (post forthcoming reductions on the former).

    Still woeful but better than 0.05%
  • BOBS
    BOBS Posts: 2,871 Forumite
    Woeful rates for ISA's
    [FONT=verdana,arial,helvetica][/FONT]
  • Mr_K
    Mr_K Posts: 1,171 Forumite
    First Post First Anniversary Combo Breaker Car Insurance Carver!
    Glaedr wrote: »
    I've just had a letter this morning concerning an ISA that I've not been in a position to pay into for a while now. Ironically, I now am and was about to start paying in again. Now I think I'll be going elsewhere. It's being slashed from 0.10% to 0.05%. I don't know whether it's previously been slashed and letters haven't arrived, but I was under the impression that it was higher. Still, cutting it in half is a bit of a jump.

    Surely not a big deal ? they're 'slashing' it from nothing to nothing, (on £100 its the difference of 5p interest a year). You should have moved it long ago.
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