Halifax FRISA confirmed rate drop Monday 17th

fullstop

Filled in a ISA transfer form in a Halifax branch on Wednesday, thought things would start to move on from then, but today a letter from the same bank arrived with a ISA transfer form, just like the one I signed on Wednesday.?????

Get a feeling this is not going to run smoothly.

guli

If you've signed it in the branch already, you can ignore that same documents that you received through the post

harold123

i've received my second email today from icesave so will hopefully have money from isa soon, can i open the account now and transfer my money when i get it along with the certificate to one of these fixed halifax isa's? along with getting this rate?


Thanks

ad44downey

I think you need the certificate first

Mikeyorks

jennifernil wrote: »

You can only make one deposit so they have to first open a variable rate ISA if you are transferring in as otherwise the fixed account would not let you make the deposit later. Sounds like a case of dodgy software!!

No ... that really is how it's designed. It's always been that way if you research some of the older threads on Halifax Fixed Rate ISAs.

If you fund directly - you get the Fixed Rate ISA immediately. But if you transfer in ..... then they create a transient variable ISA until they get all the funds .... then cut it across into the fixed rate product at the rate beneficial to you (the higher of the rate on application or funding). Primary design reason, so they allege, is that allows people to consolidate ISA funds from various sources into the one fixed rate product.

nokiauk

One question though. I open one of these Fixed ISA's and was told that I can place my full Icesave Balance into it once my certificate arrives as long as it's within 60 days and I'll get the fixed rate.

Now the web says I can't place additional deposits so what happens come 6 April next year, can I add money then or will I need to take another cash ISA elsewhere?

KingL

It's quite common that with fixed rate accounts you can only make a single payment in.

No, you won't be able to add further funds to this FR ISA next tax year, you will have to take out a new ISA. It could be with Halifax as well as with other providers, as you choose.

nokiauk

Thanks I probably will get another ISA as I have £3600 ready to go, but will that not mean that I will then have 2 cash ISA's even though I'll only be paying into 1 come April 6th?

Thought 1 was the limit?

KingL

You're only allowed to subscribe new funds to one per year. You are allowed to hold a total of as many as you like as long as they were subscribed in different years (and you don't exceed the annual limit of (currently) £3600 subscribed). Transfering in (moving an existing one from one place to another) doesn't count as a subscription.

nokiauk

ok thanks, thats made it a bit clearer