How long to switch to Halifax Fixed ISA ?

Macce

I have an existing ISA with the halifax. I phoned them up on 13th April to switch it to the Fixed rate ISA paying 5%.

Looking at my account online today it says my ISA is still earning 4.75%

Anyone gone through the same process know how long it takes for them to convert the account ?

regularsaver1

should be overnight - i'd call them back

Kazza242

My Halifax ISA Saver Direct mini cash ISA was converted into their 1 year fixed rate ISA instantly on the 7th April. Although, the change didn't appear on my online portfolio until I logged on the next day.

I am also awaiting my M&S ISA to be transferred to Halifax, first into the ISA Saver Direct, and then I'll ask for it to be converted into another fixed rate ISA - provided the fixed rate ISA is still 5%.

Macce, as you phoned Halifax the day before Good Friday and bearing in mind the bank holiday weekend, why not wait until tomorrow. If it is still not showing on your online portfolio then, why not phone them again. Sometimes, though, it is better to make an appointment and speak with one of the advisors face-to-face - if possible.

baldbloke_2

I converted from ISA Saver Direct to the Fixed Rate with a simple phonecall on the 10th April - they called it a 'redesignation'.
As with Kazza it took - in my case - two days before it showed the new title & rate etc on the online Portfolio. This morning I received the confirmatory paperwork.
I am still intrigued to know what will happen next 10th April - they say I shall be notified prior to maturity about my options. Do I hold on to next years £3k until I can merge it with this existing one? Anyway it's a good deal for 12 mths and combined with the 7% Regular Saver accumulating the next £3k as we go it seems a very well managed set of savings accounts. We shall see.

baldbloke_2

Kazza242 wrote:

My Halifax ISA Saver Direct mini cash ISA was converted into their 1 year fixed rate ISA instantly on the 7th April. Although, the change didn't appear on my online portfolio until I logged on the next day.

I am also awaiting my M&S ISA to be transferred to Halifax, first into the ISA Saver Direct, and then I'll ask for it to be converted into another fixed rate ISA - provided the fixed rate ISA is still 5%.

Macce, as you phoned Halifax the day before Good Friday and bearing in mind the bank holiday weekend, why not wait until tomorrow. If it is still not showing on your online portfolio then, why not phone them again. Sometimes, though, it is better to make an appointment and speak with one of the advisors face-to-face - if possible.

Are you certain you will be able to open a second Fixed Rate ISA with your transfer from M&S?
I rather thought the Ts & Cs allowed only the one Fixe Rate investment in the year - and that your transfer would have needed to have been completed in order to merge with this years Saver Direct before converting to the Fixed Rate version. I apologise if I am wrong because in truth I have found the fixed Rate ISA attractive but a little confusing.

Kazza242

baldbloke wrote:

Are you certain you will be able to open a second Fixed Rate ISA with your transfer from M&S?
I rather thought the Ts & Cs allowed only the one Fixe Rate investment in the year - and that your transfer would have needed to have been completed in order to merge with this years Saver Direct before converting to the Fixed Rate version. I apologise if I am wrong because in truth I have found the fixed Rate ISA attractive but a little confusing.

I think I can do this, their T&C's don't seem to state that this can't be done. It was the Halifax banking adviser who suggested it. The T&C's do state that:

"If you have a variable rate Halifax ISA Saver you can choose to change it to a fixed rate account at any time and your account number will stay the same. You cannot open a fixed rate account by transferring funds held in a mini cash ISA with another manager. The transferred funds will be allocated to a variable rate Halifax ISA Saver. Once the transfer has taken place, you can change your account to a fixed rate account".

When my transferred M&S ISA arrives in my ISA Saver Direct account (which is already present on my portfolio), I'll make another appointment at my local branch and see the same adviser I saw before. Looking at the T&C's, I can't see why they wouldn't allow it, seeing as they'll be locking-in my money with them for a year. If they don't allow it, then I'm not too bothered, as I had to transfer out of M&S anyway, because their new rate guarantee makes me think they are going to reduce their rate shortly, from 4.75% to 4.5%. At least with the ISA Saver Direct I would be getting 4.75% on my money. I'll wait and see.

Macce

Thanks, will call them on Thursday if nothing has changed by then.

zzzLazyDaisy

I am in the process of transferring 3 ISAs from other providers to the Halifax 2 year fixed ISA at 5%.

The nice man on the telephone said that they would all have to go into the e-ISA and then once all the funds are present it will be converted to a fixed rate ISA. All very well, but I'm still awaiting the forms needed to enable me to complete the transfers, so I'm hoping the rate doesn't drop in the meantime

hansi

Macce wrote:

I have an existing ISA with the halifax. I phoned them up on 13th April to switch it to the Fixed rate ISA paying 5%.

Looking at my account online today it says my ISA is still earning 4.75%

Anyone gone through the same process know how long it takes for them to convert the account ?

I phoned them on 27th March to swtch to the Fixed Rate ISA and it was completed and showing on my online statement within 48 hours.

Macce

Just an update on my progress...

My account still hasn't been redesignated. Phoned them up and they said my instruction is still waiting to be processed. All the lady did was send a chaser to get it done as soon as possible and advised me it may be quicker to fill the forms in branch.

This goes against the advice I was given in branch who told me it was better to phone as my current ISA is online internet based !

Its been 4 working days from when I orginally instructed them to do it and it still hasn't been done so it must be very low in thier priority in so benifiting themselves by keeping customers on a lower rate for as long as possible (or when they suddenly decide to withdraw the fixed rate offer leaving me in limbo !).

I assume a 1 year fixed ISA is calculated from the date it was fixed i.e not by end/start of the tax year, so effectively I wont lose any interest when it eventually does get fixed?

I have already used up my ISA allowance for this year so cant desposit any money in it anyway.

Not impressed Halifax !

Kazza242

Macce wrote:

Just an update on my progress...

I assume a 1 year fixed ISA is calculated from the date it was fixed i.e not by end/start of the tax year, so effectively I wont lose any interest when it eventually does get fixed?

Correct, the fixed ISA matures on the anniversary of the date it was opened.