what to do

hina

Hi guys!
Some help needed please. I have a halifax isa saver direct which has 6k in it - i have used this years allowance. I have another 3k to invest at the beginning of the next tax year. Now the fixed rate isa at halifax can only have a max of 3k in it or so i've been told. The rate of the isa saver direct is going to drop according to another thread. What would you advise me to do? I can keep 6k in the isa saver direct and in april open the fixed rate to put 3k in. or not bother and just put the 3k in the saver direct. Or i could transfer all to another isa - A & L?

ReportInvestor

I'd personally go for the fixed rate Halifax ISA @?5%? with the new money and transfer the rest to A&L.

That's if you can be bothered with the admin hassle of two ISAs at different providers.

derrick

hina wrote:

Hi guys!
Some help needed please. I have a halifax isa saver direct which has 6k in it - i have used this years allowance. I have another 3k to invest at the beginning of the next tax year. Now the fixed rate isa at halifax can only have a max of 3k in it or so i've been told. The rate of the isa saver direct is going to drop according to another thread. What would you advise me to do? I can keep 6k in the isa saver direct and in april open the fixed rate to put 3k in. or not bother and just put the 3k in the saver direct. Or i could transfer all to another isa - A & L?

You can transfer ALL of you direct saver to the fixed rate, I did it on the 23rd March and I have more than 6k in it, see HERE
Done over the phone it is done then so you need to do it quickly, April 5th is Wednesday.

Go HERE to get the Halifax to phone you back, saving you calling tne 0845 number.

hina

Oh when i went to see the 'advisor' she said i couldnt do that! Good advice hey? But then i wont be able to put 3k into that fixed term isa on 6th april will i?

hina

if i have 3k in the halifax fixed rate isa, can i transfer my old isa direct isa to A & L? or is that not allowed? I wouldnt be adding to this one - just transferring it.

derrick

hina wrote:

if i have 3k in the halifax fixed rate isa, can i transfer my old isa direct isa to A & L? or is that not allowed? I wouldnt be adding to this one - just transferring it.

Transfers can be done at any time,depending only on providers T&Cs as they do not count towards annual allowance of £3000. (cash ISA)

hina

well after deciding against having 2 different providers for my isa's, i decided to top up my current isa direct with 3K and then switch to a fixed rate - at halifax. So i went into the brac=nch to ask them to do this only to be told - that i cant transfer my money from my websaver to the isa directly as the web saver money has to go into a current account. So what i would haveto do is transfer to a current account, wait til it hits that account, withdraw it and then come back into the branch after which they can put into my isa and switch the isa. I questioned it but was told the reason the websaver is a 4.5% account is because you cant just transfer money to any account - it had to go to a current account. Also i had to do this via internet banking, they couldnt do it on my behalf. So believing they new best - big mistake, i tranferred my money to my current account. Only after did it click that I should have been able to transfer direct to my isa, so i went back in and asked another advisor - who couldnt understand why i had been told otherwise. They tried to get it stopped but my money had already left my account. The only thing they can do ( i was told) is wait for my money to hit my current account. To come in when it was in my account, write a cheque to top up my isa then switch to the fixed rate. They also said they would speak to headquarters to get my interest adjusted as now i will be losing up to 5 days interest.
So any of you have any ideas of what i can do?

david78

They are talking rubbish again. You can pay money from web saver to any account. I have paid money from Halifax Web saver to my Halifax Bonus Saver, and from Halifax Web saver to my ING Direct account.