ISA interest has plummeted!

GlasweJen

the interest rate on my ISA has plummeted to 3.4% in 2004 to 1% in January this year and now it's down again to 0.1% gross p.a.

i bank with the halifax and don't want too much paper work/hassel so what can i do? is it possible to negotiate my interest rate back up or would i need to go to another bank and transfer my ISA?

Lokolo

go to another bank and transfer or put it in a different ISA within halifax, like the fixed rate ones.

treecity

I just switched from Abbey to a Nat West e-isa. It's taken about 10 days so far and just waiting for my money to "appear" at Nat West.

If I were you, I would definitely look around but make sure you find a new ISA that allows transfers in and DO NOT withdraw your money... make sure you fill in a transfer request and let the new account handle the withdrawal from the Halifax account you have (or you will lose your acrued tax free amount).