Halifax fixed rate ISA - Transfer in & deposit?

cubegame

Good morning. The OH has just opened a Halifax fixed rate ISA with the intention of transferring across a previous years ISA. However, she now has an additional lump sum to deposit as well.

According to the website, it suggests no additional deposits are possible on the fixed account.

She hasn't moved any funds yet but I wanted to know if anyone has funded a Halifax fixed rate ISA from two sources like this and whether they allow it? I asked on the phone but TBH they were as much use as a chocolate radiator!!

Obviously the alternative is to put the lump sum into the old ISA and transfer the whole lot but that seems like a faff!

HairY

Most fixed rate term accounts have an issue period in which you can make deposits.

I would make the deposit into the old ISA before doing the transfer, sometimes transfers are a shambles and can take ages and that could cause an issue

opinions4u

If your new funds are your first ISA credit for this tax year, then there's no problem with opening the account with that and transferring in the other funds from previous tax years.

KingL

You'll find (especially if you already have Halifax online access) that the funds are given a low interest rate in the early days. This is just a device to allow the scenario you describe - funds are held in a temporary low rate variable account until they all arrive from their various sources. Then the promised fixed rate is back-dated. Details will be in their blurb or described in some of the older threads in this section.

Also see the last paragraph in the Halifax ISA promise

rb10

KingL wrote: »

You'll find (especially if you already have Halifax online access) that the funds are given a low interest rate in the early days. This is just a device to allow the scenario you describe - funds are held in a temporary low rate variable account until they all arrive from their various sources. Then the promised fixed rate is back-dated. Details will be in their blurb or described in some of the older threads in this section.

Also see the last paragraph in the Halifax ISA promise

The funds appear on online banking to have a low interest rate until the transfer is completed. You will however get the rate that you signed up for from the very start.

For the OP: you can add this year's £3600 at any time up until the date the transfer is received by Halifax - so I'd do it asap. If you are 50 or over you'll be able to add an additional £1500 from October onwards.