Withdrawing from my Halifax ISA Direct Reward

sly_dog_jonah

opinions4u wrote: »

I refer you to the answer I gave a year ago:

It will, in some circumstances, actually get package up and sent as an overnight FP, so may even reach the destination account the next day.

That to me is a workaround, not a solution. The T&Cs of the account should make it clear that other Halifax accounts are required to transfer out to other banks. It's ridiculous in this day and age to Market an account as an Internet-based product yet not allow withdrawals to other banks.

pete1976

opinions4u wrote: »

If you have a Web Saver variable account you could transfer the funds in to there and then send them on to their destination using the bill payment facility. It will go via BACS.

You could open a Web Saver variable and it will usually be operative within 60 seconds if you're already an active online user.

Has anyone tried this and can confirm that it works when you only have the two accounts (the Web saver variable and the Direct ISA Reward)?

Thanks.

glider3560

sly_dog_jonah wrote: »

It's ridiculous in this day and age to Market an account as an Internet-based product yet not allow withdrawals to other banks.

I've got a "Cash e-ISA" with First Direct that doesn't allow online withdrawals to accounts elsewhere or not in your name. All external withdrawals have to be made over the phone.

I couldn't help but laugh down the phone when I was told this, followed by "perhaps you should drop the e from the account name".

gafs

You could open a guaranteed saver for future withdrawals that should make things simpler for you as it comes with a card and so whenever you need money out you can transfer from isa online and then draw out using the card? Really whoever opens your isa should ensure you have another accessible account to transfer to... but thats not always the case!

opinions4u

sly_dog_jonah wrote: »

That to me is a workaround, not a solution.

Whatever. It does work though.

The T&Cs of the account should make it clear that other Halifax accounts are required to transfer out to other banks. It's ridiculous in this day and age to Market an account as an Internet-based product yet not allow withdrawals to other banks.

It does allow payments directly to other banks. Pick up the phone, give the instruction and off they go.

pete1976 wrote: »

Has anyone tried this and can confirm that it works when you only have the two accounts (the Web saver variable and the Direct ISA Reward)?

Yes. I have. It works.

gafs wrote: »

You could open a guaranteed saver for future withdrawals that should make things simpler for you as it comes with a card and so whenever you need money out you can transfer from isa online and then draw out using the card?

Although you can't send funds directly to other banks. The ATM restricts access to £300 a day in cash. Online it takes 48 hours to move money to another Halifax account. While the Guaranteed Saver Reward account is ok as easy access branch accounts go, it's a poor online option.

Really whoever opens your isa should ensure you have another accessible account to transfer to... but thats not always the case!

Any customer with the ISA Direct Reward account can pick up the phone and send money to a different bank. There is no need to maintain other Halifax accounts with it. I just prefer the Web Saver "workround" that I suggested previously.

pete1976

pete1976 wrote: »

Has anyone tried this and can confirm that it works when you only have the two accounts (the Web saver variable and the Direct ISA Reward)?

Thanks.

Definitely works :-). I just opened a Variable Web Saver and instantly I have a 'Make a transfer' button next to the Direct Reward ISA and there's a 'Make a payment' button next to the new Web Saver. It said I needed to fund the new account with at least £1 so I've sent £1 from my current account elsewhere. I'm not 100% sure this is actually necessary though.

Anyway, thanks to opinions4u for this suggestion :-).

soulsaver

opinions4u wrote: »

I'd phone them and I think it will be quick. 08456 26 36 46.

If you want to avoid 0845s use 0113 380 9574.:)

sly_dog_jonah

opinions4u wrote: »

Whatever. It does work though.

It does allow payments directly to other banks. Pick up the phone, give the instruction and off they go.

T&Cs don't say 'To make a withdrawal, you'll have to call us up'. If I wanted a phone-based ISA, I'd open one. What's the use of an internet-based ISA if you can't manage your money online?

Any customer with the ISA Direct Reward account can pick up the phone and send money to a different bank. There is no need to maintain other Halifax accounts with it. I just prefer the Web Saver "workround" that I suggested previously.

Given the level of lack of knowledge displayed by the Halifax CS staff both in branch and on the phone, I'm sorry but I wouldn't trust them to enter the withdrawal details accurately (or to be able to retrieve a recording of the call if the funds went astray). I also don't want 20 questions about why I'm making a withdrawal and whether I want to open a current account, nor to waste time listening to regurgitated Halifax TV adverts while on hold. With an internet-based withdrawal to a 'saved recipient', at least there is no scope for paying the wrong account details once a successful first payment (eg of £1) has been made.

Internet-based ISAs (indeed any accounts) should explicitly state in the T&Cs if you cannot withdrawal to another bank directly by instructions provided via Internet Banking.

I'll be off at the end of the bonus, have been less than impressed by Halifax.

glider3560

sly_dog_jonah wrote: »

T&Cs don't say 'To make a withdrawal, you'll have to call us up'. If I wanted a phone-based ISA, I'd open one. What's the use of an internet-based ISA if you can't manage your money online?

Correct me if I'm wrong, but it isn't marketed as an internet-based ISA. It is called a "ISA Direct" which implies anything direct e.g. phone - not just internet.