Halifax ISA transfer

foofi22

Hi

I have a Direct ISA with NS&I, however the interest rate is pretty abysmal and I no longer what to put up with it.

I am interested in the Halifax fixed rate ISA saver at 3% but I am unsure of how to go about opening it.

I would like to transfer in my existing Direct ISA balance and add this years allowance too.

Do I just open an account, deposit this years allowance and request a transfer. Or deposit this years allowance in my Direct ISA and request a transfer?

Thanks in advance.

rb10

You can do it either way. This year's allowance can be deposited at any time, and the transfer can take place at any time.

Remember that the 3% fixed rate lasts from when £1000 first appears in the account ... don't know if that makes a difference.

Mikeyorks

I would do the former ..... and open it now. It's a 'limited period' offer which Halifax have now twice told me they were removing (6th April and then 20th April). So I would take the shortest route to get it locked in ..... they may actually do as threatened and remove it soon?

rb10

It'll be around until the end of May.

But, the T&Cs do not have the bit that the Guaranteed Saver Reward has about being open and funded by the date it's withdrawn ... it only has to be opened within 60 days of opening. So I think if you opened it now, then provided you paid in either a transfer OR new money (>£1000) within 60 days, you would be safe.

sloughflint

foofi22 wrote: »

Do I just open an account, deposit this years allowance and request a transfer. Or deposit this years allowance in my Direct ISA and request a transfer?

The opening balance has to be greater than 1k. As long as you intend paying more than this in, it makes sense to pay it into this ISA rather than a lower paying one and loss of interest during the transfer.

foofi22

I've opened the ISA now and deposited this years allowance, and would now like to transfer my ISA across from NS&I.

I have an ISA transfer form from Halifax, however this is asking for the sort-code and account number of the ISA to be transfered. I've checked my Direct ISA account and there is no mention of a sort-code and account number. Any one had any experience of this?

agsnu

Common problem with bank ISA transfer forms (NatWest's also). Just write the real full account number on the form either in or near the box and attach a covering letter explaining.