Halifax FRISA confirmed rate drop Monday 17th

fullstop

Warning:

I opened a Halifax Monthly saver two weeks ago, and had to set up a internet account with them, that was up and running 15 December, good job I did as I found out that the ISA I had transferred to Halifax was sitting in it's poor paying ISA account (lower than the one I left) it had been there since 3 December with no communication from Halifax what so ever.

Was asked what the rate was when I applied for it , said it was 5.45%, he then said he would get things moving quickly..:rolleyes:

Will just have to wait and see what rate I finally get.

justintrick

Like many of you have found, what is in writing from Halifax is very different to what you are told on the phone. My transfer has been far from smooth and I am regretting it. I am cutting a long story short, but my money was tranferred in (Halifax cashed the cheque from my old ISA) but due to 'government regulations' they are sorting out a 'problem'. Meanwhile, my money is sitting in the account with 1.22% interest rate. The 'government regulation' clearly doesn't affect Halifax earning interest on my money, yet paying me a measely 1.22%. I have called numerous times over the last 4 weeks and am told differing stories each time. I have threatened a letter to the ombudsman, so I am waiting for a call back from Halifax. The assistant on the phone just now told me that it's not a fixed rate account and will be staying at 1.22% until I pointed out that I was supposed to be getting a fixed rate as that is what I was appling for. He asked about documentation in the post, but as mentioned above, there is NO mention of fixed rate or the actual percentage.

If anyone is thinking of transferring to Halifax, be warned.

Justin

justintrick

Well, I actually received an apologetic call from Halifax who have agreed to send out a confirmation of the fixed rate. They have also apologised for all the calls I have had to make due to no communication from them.

I guess the ombudsman threat has paid off.

Justin

jennifernil

Quick update on our ISA transfers......

Despite a long delay first with getting the FSCS compensation money and then the certificates, our Halifax ISAs were finally sorted out yesterday.

The money was deposited in the accounts 15/12, but Halifax lost some of the paperwork, so several phone calls were needed. The rate shown was only 3%, but another call to them, the mention of their "ISA Promise", and the threat to move the money, soon got them to agree to 5.45%. It should show up on our internet banking later today, I will be checking!

TCA

I applied for this ISA online on 15th November (when the offer was 5.75% for over £30k) and was asked 2 weeks later to send in proof of i.d, which I duly did and it was returned to me, so I know they received it. I haven't heard anything since. I will chase them shortly but just wondered if anyone was in a similar position. I doubt I'll get the rate I applied for anyway, so will probably end up finding another (poorly paid) home for it.

fullstop

fullstop wrote: »

Warning:

I opened a Halifax Monthly saver two weeks ago, and had to set up a internet account with them, that was up and running 15 December, good job I did as I found out that the ISA I had transferred to Halifax was sitting in it's poor paying ISA account (lower than the one I left) it had been there since 3 December with no communication from Halifax what so ever.

Was asked what the rate was when I applied for it , said it was 5.45%, he then said he would get things moving quickly..:rolleyes:

Will just have to wait and see what rate I finally get.

Well, checked my Halifax account the other day, and am now on the advertised (then) fixed rate of 5.45% and it was backdated to 3 December. So things worked out OK in the end.

jd84

Finally got a letter yesterday confirming that my fixed rate opened over the phone 15th November is up and running with the rate advertised on that day.

Also got a full 12 months from the date funds credited, rather than from the date of account opening.

Thanks to original poster for starting the thread or I would be on a much lower rate now!

bargains_galore_3

TCA wrote: »

I applied for this ISA online on 15th November (when the offer was 5.75% for over £30k) and was asked 2 weeks later to send in proof of i.d, which I duly did and it was returned to me, so I know they received it. I haven't heard anything since. I will chase them shortly but just wondered if anyone was in a similar position. I doubt I'll get the rate I applied for anyway, so will probably end up finding another (poorly paid) home for it.

do not despair TCA i have had several encounters with Halifax in the same position that you are. the process of transferring ISA's from one provider to the next can take upto 30 days which i know is excessive to say the least.

As mentioned in an earlier post the Halifax have a fixed rate 'promise' when transferring an ISA into the Halifax which is;
You will get the interest rate of application of the transfer or the interest rate of when the funds are credited to the account, which ever interest rate is the highest (which at this time im guessing the date of the transfer appplication will have been higher)

I was in the exact same situation, what i did was give a call to the Halifax to check up on the progress of the transfer after 4 weeks. My transfer took longer than 30 days due to lost paperwork which was not Halifax's fault surprisingly, it was Natwest's. The transfer was completed within 60 days and I got rate which was promised at the start of my transfer. And the year was from the day the money went into my account.

So dont panic just yet, hope this helps.

TCA

bargains_galore wrote: »

do not despair TCA i have had several encounters with Halifax in the same position that you are. the process of transferring ISA's from one provider to the next can take upto 30 days which i know is excessive to say the least.

As mentioned in an earlier post the Halifax have a fixed rate 'promise' when transferring an ISA into the Halifax which is;
You will get the interest rate of application of the transfer or the interest rate of when the funds are credited to the account, which ever interest rate is the highest (which at this time im guessing the date of the transfer appplication will have been higher)

I was in the exact same situation, what i did was give a call to the Halifax to check up on the progress of the transfer after 4 weeks. My transfer took longer than 30 days due to lost paperwork which was not Halifax's fault surprisingly, it was Natwest's. The transfer was completed within 60 days and I got rate which was promised at the start of my transfer. And the year was from the day the money went into my account.

So dont panic just yet, hope this helps.

Thanks but I'm not talking about a transfer (yet). Just a simple account opening. I hoped to be placing the money from my defunct Icesave ISA there and I at least have the funds in my possession, so there should be no delay in that respect. Time to give them a nudge I think.