Halifax ISA Investor dilemma

jh2009

This post is a Dilemma whether to top up this years Stocks and Shares ISA.

I have extensive savings (6 figures and mostly invested in medium term fixed interest rates that have escaped the current rate cuts so far). These run out around autumn time at which point im planning to buy a house.

I also have around 20k in shares/unit trusts mainly invested in the last few months to take advantage of any recovery in the next two or three years, and im in no need to sell these taking into account my house plans. I also would get most of that back where i to sell most of them today.

I saw a guaranteed saver in october 2008 paying 5.5% which looked an excellant rate and with 6k spare from a savings account whose rate was fast going down the toilet, i went and saw the halifax to open this.

They sat me down and made me a cup of tea, laughed at my jokes, etc and next thing i knew i was in a "review session" in a dark room out the back and felt like a spot light was in my face while my current investments were interogated.

I said i wanted the 6K in the guaranteed saver. I was then given the "this investment is ok but you lose money over time, inflation will eat your babys, etc" talk........ but i ignored and insisted the 6k go in their fixed saver. Ive been happy with this and getting this rate seems a smart move as since late october interest rates have plummetted.

Anyway, i had a lot going on at that time, and for various reasons i feel i could kick my door for, i got sold an isa investor which now i regret taking out and will definately cancel before the start of the next tax year. Unlike other posters on here they thought i was adventourous but this was mainly as i was chatting to him about shares i own and i avoided the cautious isa funds others have been sold.

I have just 1200 in this (300 a month since dec 08), and having made the cash isa payment of 3600 for the year elsewhere have the scope to put an extra 2400 in.

BUT the isa investor is my view is cr*p and id rather not invest another penny. Im also going to Hargreaves lansdown next month and going with them for a stocks and shares isa and planning to bed and isa some of my existing shares with them and pay some into 2 or 3 unit trusts, and not bother with a cash isa next year but maintain my current house war chest.

Then the other day while down the pub the phone rang at 8pm on a friday night from the same halifax adviser and due to having had a drink i stupidly agreed to go for another review session tomorrow.

My gut instinct is not to go, but im a bit annoyed he sold me the isa. Im also not impressed im getting telephoned on friday evenings to talk about money and now being quite clued up money wise part of feels it would be fun to go tomorrow to the meeting and go through all the options just to waste his time before saying no!

My dilemma is with the £2400 scope for my stocks and shares ISA.

Next month i will start my Harg lansdown isa and sever all links with the halifax other than the guaranteed saver.

I will then transfer the halifax isa investor to Harg Lansdown and invest in a decent investment.

Im not sure what to do though. Do i maximise my halifax isa up to £3600 and then transfer out? Or do i not bother and just quit now and take whatever the £1200 is as a transfer value (around 1150 last night).

Also if i transfer i expect they will bluntly fart about, and so id rather not risk turning £2400 given the market into a quick £1800.

My gut feeling is that as im saving for a house id be not devastated to keep the 2k, and with next years isa allowance simply bed in some of what i already have.

Be interested to see a few opinions of what people think and any tips of causing mischief in my review meeting tomorrow.

dunstonh

BUT the isa investor is my view is cr*p

It is. Halifax investments are some of the worst going from all of the banks.

My gut instinct is not to go, but im a bit annoyed he sold me the isa. Im also not impressed im getting telephoned on friday evenings to talk about money and now being quite clued up money wise part of feels it would be fun to go tomorrow to the meeting and go through all the options just to waste his time before saying no!

If you are a DIY investor then a) why use an advice service and b) why invest in Halifax funds that you know are awful. Sales reps often have to ring out in evenings. Especially when they have little in the diary next week and their sales manager is putting pressure on them.

Do i maximise my halifax isa up to £3600 and then transfer out?

Why not transfer it to HL now and then maximise it this year?

jh2009

I have invested in the isa investor in this tax year.

Can i transfer this before 6 april and then contribute to it under a new provider. If honest i did not consider this was an option.

dunstonh

Can i transfer this before 6 april and then contribute to it under a new provider. If honest i did not consider this was an option.

Yes you can. You just about have time as it usually takes about 7 days to transfer. S&S ISAs transfer much quicker than cash ISAs as you have timing rules.