ISA - Halifax

Pots'o'dosh

I went into my local Halifax to enquire about a cash ISA. I had to open a current account with them before I could proceed with the ISA, also had to depost £100. Is this normal? Also what if I want another ISA in the next tax year but not necessarily with Halifax, does that mean I have to open yet another current account.

Happy_Shrimper

Odd. I recommended someone to the halifax isa recently, and I'm sure they don't have or had to open a current account.

Careful_ly

I have a Halifax Isa but not a current account, and so has my Mum.
This is either a new thing or someone trying to fill their new accont quota by fibbing.
Was the £100 into your new current account or the Isa?
Have looked on their site and Isa is £1 to open and makes no mention of current account, is a stakeholder standard, so I wouldnt have thought you would be made to open a current account.

regularsaver1

You do not have to open a current account - the current activication for new card is £100. It could have been that if you wanted the direct isa (online) mit is a lot quicker halifax to halifax maybe?

only £1plus to open isa - there are 2 types of mini cash isa's
1. Mini cash isa (book)
2. Isa saver direct (mini) online and telephone

regularsaver1

and then from april the 6th you can open another isa somewhere else, or re-fund the existing isa (but not both) and you do NOT have to have a current account.
It may have just been about how to get the funds in and out, to make it easier, but this should have been explained.

Pots'o'dosh

Thanks everyone for your help. I was told I could't take out an ISA without a current account. The £100 was to activate the current account, plus I had to pay £10 to open the ISA. I did want to be able to transfer money into the ISA online so maybe that's why although I wasn't told this was the reason.

jaybee

I opened a Halifax ISA recently (end of December). They asked me if I would be interested in opening a current a/c with them. I said 'maybe' but when they asked more questions it was apparent that I couldn't as I I couldn't deposit the required amount each month (due to being really old and receiving pension!!!). That was okay, though, and I could have the ISA anyway!

zag2me

Halifax use their high interest rates on savings to attract current account customers. I believe the the salesmen get commision for getting current accounts opened. I got presured by the banker when I opened my isa with them to get credit cards and current accounts but I just said no and he opened my ISA anyway

isasmurf

Vivsol wrote:

I went into my local Halifax to enquire about a cash ISA. I had to open a current account with them before I could proceed with the ISA, also had to depost £100. Is this normal?

I'm not 100% sure on this, but I don't think that would be allowed. I have vague recollections of reading something in the Guidance notes once that said linking an ISA with another account, or offering a better rate to ISA customers with a particular account was not allowed. My memory could just be playing tricks on me though.

grumbler

isasmurf wrote:

...or offering a better rate to ISA customers with a particular account was not allowed.

SMILE always do this: http://www.smile.co.uk/ISA.html?loc=l

isasmurf

Oh, obviously my memory was playing tricks on me then! :doh:

I think I'll just :silenced: now.