Halifax FRISA confirmed rate drop Monday 17th

drsue_2

Just had this confirmed by the Halifax.
However they will give you the current FRISA rates now as long as you open account beforehand (easier if you already have an account with them I believe)and as long as you get your funds to them within 60days.
Currently have 1-4 years fixed at rates of 5.45 to 5.75 depending on for how long and how much you've got.

triplea35

I started to complete the application form online and came across this:

Please note interest rates are fixed on the day we recieve your opening deposit, please act now to make sure you don't miss out on the current rate. Please check with your branch, or on the Halifax website for the current rates.

Already have accounts with Halifax and previous years Isa's with Icesave. Would have liked to transfer in but not likely to do it in time as havent even got my 2nd email yet!

Trying_to_be_good

"Problem Loading Page" when I try to go to through ISA transfer link - will try again later.

They might have closed to transfers?

westv

I should have all the money i want in my Halifax web saver account by Sunday. Will I be ok for the old rates if I open a fixed rate account that day and transfer the money over?

Edit: Sorry ignore. Not going for ISA.

jennifernil

triplea35 wrote: »

I started to complete the application form online and came across this:

Please note interest rates are fixed on the day we recieve your opening deposit, please act now to make sure you don't miss out on the current rate. Please check with your branch, or on the Halifax website for the current rates.

Already have accounts with Halifax and previous years Isa's with Icesave. Would have liked to transfer in but not likely to do it in time as havent even got my 2nd email yet!

I phoned them and queried this, but was assured I will receive the rate on the day I applied, or the one in force on the day of the deposit IF THAT IS HIGHER.

So I am expecting 5.5% fixed for 1 year. As said above, they allow you 60 days to make the deposit. I am transferring in my Icesave ISA.

I think it is best to open it by telephone so you can get your questions answered right away. They were very helpful.

fullstop

I phoned The Halifax today about transfering two NS&I ISA's to them fixed for two years at 5.45%. Chap on the phone confirmed I will get the 5.45% rate as account was opened today, so if you ring or pop into a branch this weekend you should get the rate before it closes on Monday.

Not a Halifax customer so just got to wait for forms etc to set the ball rolling.

TCA

jennifernil wrote: »

I phoned them and queried this, but was assured I will receive the rate on the day I applied, or the one in force on the day of the deposit IF THAT IS HIGHER.

So I am expecting 5.5% fixed for 1 year. As said above, they allow you 60 days to make the deposit. I am transferring in my Icesave ISA.

I think it is best to open it by telephone so you can get your questions answered right away. They were very helpful.

I also liked the look of this ISA as one of the few remaining fixed rate ones but don't have the cash yet and like triplea35 was put off by that bit in the terms and conditions.

Call me a cynic but I don't believe what you've been told over the phone. Any bank staff I've dealt with in the past are generally less well informed than their customers. I hope you get the higher rate but you'll have no come-back if you don't as it clearly states "interest rates are fixed on the day we receive your opening deposit" in the terms.

Good luck and keep us posted. I'd like to be proved wrong to restore some faith in bank employees.

Edited to say there's conflicting info here below and it appears the account is opened as a variable rate until it's funded. Then you get the fixed rate at the time.

http://forums.moneysavingexpert.com/showthread.html?t=401374&page=48

Having said that, I might just apply anyway and see what happens.

drsue_2

I have received my account opening info in the post this morning. It is to open a variable rate ISA not fixed as requested. I have just spoke to a nice chap at the Halifax who says that they open a variable rate isa 1st (?) and as soon as the funds go into that they transfer it into the fixed rate which is DEFINITELY 100% the rate on the day you applied as long as your funds get to them within 60 days. (unless the rates are going up when you get the higher of the 2 rates) He was adament this was the case under fire from me.
As their phone calls are recorded - and this is the 3rd time we have been told this - the Halifax would be on a legal sticky wicket with the ombudsman if they were giving out incorrect information.

jennifernil

Yes, that is exactly the same as we were told, both myself and my husband have opened accounts and were told the same. Having read what it said on their website I also queried it several times.

drsue_2

I have spoken to them again - paranoid or what! Just getting confused by the form.
He said yes definitely the case - interest rate on day of application fixed - you have 60 days and the calls are recorded so can fall back on the call as guarantee of what you have been told if any problems.

TCA

Given that this product looks like it's being pulled on Monday, can I just ask those in possession of application forms if they know whether the fixed rate guarantee will apply to those who have requested forms by this date or whether it means they need to have them returned on Monday?