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Halifax ISA Fixed Rate
anyinterest
Posts: 18 Forumite
I transferred a NS&I ISA to the Halifax recently. At the time it was a two year fix at 5% and I opened it a local branch.
It took only two weeks for the money to be transferred and as I can view my accounts online a Cash ISA variable rate was opened which apparently will be changed to a fixed rate. This seems a long winded way of doing things ....
The transfer was done on 28 November but it still is showing online as a variable rate of 3%.
Does anyone have any experience of how long it takes for them to change it to a fixed rate?
It will be interesting to see what rate it changes to?
I have phoned up and was told they have no timescale as there is a backlog!
It took only two weeks for the money to be transferred and as I can view my accounts online a Cash ISA variable rate was opened which apparently will be changed to a fixed rate. This seems a long winded way of doing things ....
The transfer was done on 28 November but it still is showing online as a variable rate of 3%.
Does anyone have any experience of how long it takes for them to change it to a fixed rate?
It will be interesting to see what rate it changes to?
I have phoned up and was told they have no timescale as there is a backlog!
0
Comments
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I have a similar problem. Applied by phone for fixed rate ISA with transfer from NS&I and got paperwork to open a NEW variable ............ most unsatisfactory."A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
Fixed rate ISAs cannot have any deposits after the account is opened, so ISAs that are expecting a transfer are opened as Variable, so that the transfer can be credited when it's received from your original bank (i.e. in this case, NS&I). The ISA Transfer Team then fix it, and backdate the interest rate to the one when you applied.
The trouble is, Halifax have good ISA rates at the moment (well, fixed ISAs, anyway), so there is a lot of demand. I'd give it a couple of weeks, and if it's still not showing as fixed, phone up and ask to speak to the ISA Transfer Team.0 -
That is the reason why I opened a NR ISA @ 4.9 instead, they guaranteed the rate at the time of opening.All my life my mother told me the storm was coming (c) Terminator 30
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No, with Halifax the rate is guaranteed at the time of opening - it just won't show up on online banking until the funds have been credited.
http://www.hbosplc.com/media/pressreleases/articles/halifax/2008-08-27-TheHalifax.asp?section=Halifax0 -
I have a similar problem. Applied by phone for fixed rate ISA with transfer from NS&I and got paperwork to open a NEW variable ............ most unsatisfactory.
thats a common query its opened as a variable then fixed at the days rate you done the application on for the term you requested it for.Lbm Spoke to Payplan August 2009 £29000.00
current balance £0.00
Debt free sept 150
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