Halifax. Hero to zero.

caveat_emptor

Following my OH's successful transfer of a cash ISA (rare in our experience) to Halifax I decided to follow. Big mistake. I applied for the fixed rate ISA at my local branch, when the rate was 6.2% and was told that rate would be variable until funds were transferred and then become fixed at that day's rate. Always seems strange that rate is variable with no funds but such is the mystery of cash ISAs. Anyway, received a letter from Halifax to say that cash ISA had been transferred and I might consider their fixed rate option. This rang alarm bells as I had applied for fixed rate.
Went back to branch who confirmed that ISA was indeed variable rate @ 3% but it could be transferred to fixed rate @ 5.75%. Now 3% is an insult as a savings account after tax pays more than this.
Now I'm a bit paranoid following my recent experiences with banks/building societies because it seems that their methods are to say the least, devious.
Anyone else have a similar experience with Hailfax?

chinbergs

I feel your pain!

I haven't had an ISA with Halifax, but have done my fair share of ISA transfers - including with ING Direct, Alliance & Leicester, and Bradford and Bingley.

ING Direct were the ONLY ones who did a brilliant job. They transferred it out within a week or two of me sending in my transfer form. Amazing. I applaud them for that.

ALLLLLLL the others were terrible. All of them took longer than the stated 30 days. All of them I had to chase up several times. All of them after 30 days just said "money has been sent" or "money hasn't been received" and did nothing to chase it up - so I did it for them! Bar ING, I've only had bad experiences when transferring a cash ISA.

I do hope you get it sorted out - give Icesave a go: they offer 6.1%, have been good in my experience and pay interest monthly, which is nice.

Milarky

Halifax don't agree to honour the fixed rate advertised at the time they accept your application - you are simply applying for 'a fixed rate' product. Thus any transfer started last month - while the rate was '6.20%' arriving after 1st August would only get a rate of 5.75%

This even applies to existing FR ISAs like my own that mature in August (whereas they wrote to tell me about in it July) If they wanted to retain loyalty, customers (etc) it wouldn't hurt them too much to at least 'offer' the current fixed rate - but inviting you to roll over your bond 'blind' - like inviting you to apply for a transfer-in fixed rate 'blind' is ridiculous. Every customer should know what they are going to get at the time they apply. (E.g Yorkshire BS fix their rates for a known period - the whole of the month and further allow you to apply under a 30 day 'promise' to hold that rate open for you whilst your speedy transfer from Halifax is conducted...

ad44downey

more HBOS incompetence. no suprise there then.

caveat_emptor

Milarky wrote: »

Halifax don't agree to honour the fixed rate advertised at the time they accept your application - you are simply applying for 'a fixed rate' product. Thus any transfer started last month - while the rate was '6.20%' arriving after 1st August would only get a rate of 5.75%...

Yes and I was quite happy with this, but Halifax did not put me on fixed rate when the transfer was made which is what I applied for. This is sharp practice as the variable rate the Halifax no doubt planned to keep me on is a joke 3%. I posted to find out whether or not this practice was widespread and if it is to do something about it.
I feel a Batman moment coming on.

opinions4u

caveat_emptor wrote: »

Yes and I was quite happy with this, but Halifax did not put me on fixed rate when the transfer was made which is what I applied for. This is sharp practice as the variable rate the Halifax no doubt planned to keep me on is a joke 3%. I posted to find out whether or not this practice was widespread and if it is to do something about it.
I feel a Batman moment coming on.

As I understand it, they do match the fixed rate offered on opening, but have to open the variable account to get the process moving.

Looks like somewhere in the process something went wrong.

Ring their customer relations people (number on the web site) and tell them there is no way you'd have transferred for anything other than the fixed rate on the day.

It's a pain when a bank makes a !!!! up, but give them a chance at this level to resolve it first. They usually do.

alchemistkevin

Get your money out to a better bank and a better interest paying account I'd say. They don't seem to be worth the trouble.

baby_boomer

ISA transfers are a general minefield, although with Nationwide its chemical & nuclear warfare.

Not surprising since you are asking two competing companies to act on your behalf whereas it's usually just you dealing with one other company.