Halifax Mini Cash ISA - check your rate now

Dragon

BEWARE. Having opened online a mini cash ISA for my husband and myself, I checked today and found we were only receiving 3.55% instead of the newly reduced 4.75% (as if that's not annoying enough). Phoned immediately and after 15 minute wait was answered by an operator who told me I had opened a "branch-operated ISA", which pays a lower rate. Pardon me? If I was anywhere near a branch and I wanted a branch operated account I would have gone into the branch and opened it!

I admit I have daft moments but when I opened the mini cash ISA's online I don't remember seeing any other option but "Mini Cash ISA". Having selected that, I assumed I was opening the 5% ISA's. Our accounts are currently being changed to the correct one but BE WARNED. Check you are receiving the rate you expect. Otherwise you too could be the proud online owner of a branch-operated account

zag2me

There are 2 options when you open a halifax ISA, a normal mini cash isa, or a direct cash isa. IT shows your interest rate at the top fo your portfolio on the online banking webpage so its easy to check for anyone who is unsure.

Mikeyorks

When you clicked the choice of 'Cash ISA' whilst online - it opened up (not really very clearly, I'd admit) to a 3 choice screen. From the top : Fixed rate / Variable rate / Saver Direct.

You hit the middle one - but needed the end one!

But did you get an account number ??
http://forums.moneysavingexpert.com/showthread.html?t=180185

blondie1963

Why did you not open and A&L isa direct as this is paying 5.20%

Mikeyorks

blondie1963 wrote:

Why did you not open and A&L isa direct as this is paying 5.20%

Probably for similar reasons that I didn't. The A&L rate is both variable and propped up by a 0.7% bonus in the 1st year. Boiled down to a 'choice' thing, not wholly driven by the initial headline rate

Dragon

Thanks Mikeyorks.

You are quite right (have checked so I could kick myself again). The day I tried to open these accounts their website was so overloaded it couldn't cope and kept throwing me out. I was probably so relieved to be able to get in again - for the privilege of filling in yet another form, only to be thrown out again - that I didn't check carefully enough.

Certainly my own fault but as you say it's not very clear, so folks do need to check that they have done what they think they have done.

Incidentally, yes I did get the account numbers etc 14 days after having opened the accounts online. But nowhere on these "important bits of paper you keep" does it say that I opened anything but Mini Cash ISAs. So for the distracted amongst us (certainly me) Halifax do nothing to make it clear exactly which kind of Mini Cash ISA has been opened. Hence I only found my mistake when I had added my account to my online portfolio and checked the interest rate.

Dragon

Mikeyorks wrote:

Probably for similar reasons that I didn't. The A&L rate is both variable and propped up by a 0.7% bonus in the 1st year. Boiled down to a 'choice' thing, not wholly driven by the initial headline rate

Exactly the same reason I didn't use A & L - I just hate to feel I'm being lead by the nose so I can be willingly ripped off further down the line. Or is that called "cutting your nose off to spite you face"?

But now - out of sheer irritation - I am looking for a new ISA provider. Bradford and Bingley looks good at the moment and I may well shift both these and last year's ISAs (which are presently being transferred to Halifax) to B & B as soon as they arrive.

Mikeyorks

Dragon wrote:

Thanks Mikeyorks.
.

You're welcome. Happy to share my Halifax experiences! Halves the pain? :rotfl:

Mikeyorks

Dragon wrote:

Exactly the same reason I didn't use A & L - I just hate to feel I'm being lead by the nose so I can be willingly ripped off further down the line. Or is that called "cutting your nose off to spite you face"?

But now - out of sheer irritation - I am looking for a new ISA provider. Bradford and Bingley looks good at the moment and I may well shift both these and last year's ISAs (which are presently being transferred to Halifax) to B & B as soon as they arrive.

As earlier posts / links - I tend to o/d on the paracetamol on the 5th April - in order I can cope with the trauma of opening new ISAs on the 6th!!

But once through the pain barrier (and opening Cash ISAs is a walk in the Halifax park compared to opening their Stock/Shares ISAs .... gruesome!) I do tend to generally find the Halifax products / excellent (6th Apr excepted) online system gradually compensate for the initial pain.

So I would be tempted to count to 10, a few times, before being too precipitate? Then possibly saying 'Oops' to them 'really meant it to be in your fixed rate cash ISA' ??

winkasgirl

Can anyone give me some advice please

I have a Halifax ISA direct (used to pay 5%) paying now 4.75% holding £16k

I have seen national savings ISA paying 5.05% guaranteed till 2008

Would anyone advise to transfer or is there a catch?

I am very happy with Halifax - never had a problem with them but money is money!!

Please advice

Thanks

sloughflint

Can't transfer to NS&I, only put new amount in ( ie up to 3k)