isa

Kt8

Hi all,

im with halifax, have been for all my life, what is their ISA like? i have no knowledge of ISAs at all (except the maximum £5100) so thought id ask you guys?
i save around £800 each month of my wages and just keep that in my current reward account which my wages get paid into.

would it be beneficial to put a small dd amount into an ISA each month?

'tax free variable interest rate of 0.50% AER'

can someone explain the above in simpler terms

opinions4u

Simple answer is yes. Why earn no interest when you can earn some?

If you choose a Halifax ISA the ISA Direct Reward requires a £1,000 minimum opening balance to qualify for a 2.6% rate and you can pay in (up to £5,100 per tax year) and have up to 4 withdrawals. You should then review the account at the end of 12 months as the rate drops to just 0.5%.

Alternatively, shop around - there may be better rates available elsewhere. www.moneyfacts.co.uk/savings.

It may also be worth having a look around the Savings and ISA parts of this forum which will give you a better insight in to things.

Kt8

i was looking at the other halifax one- saver direct

Halifax ISA Saver Direct


A flexible Individual Savings Account (ISA) that allows you to make unlimited deposits and withdrawals, while enjoying a tax free variable interest rate of 0.50% AER

• Minimum opening balance - £1
• Maximum balance - £5,100 each tax year
• Unlimited withdrawals - minimum £10 by telephone or online without giving notice
• Unlimited deposits - up to £5,100 each tax year
• Manage your savings - transfer money into and out of your account online or by phone. View your balance and recent transactions online
• Applying is easy - it only takes 5 minutes to apply online. Alternatively pop into branch or call 0845 601 8150
• Britain's No 1 for ISAs*
• Number of accounts - you can only fund one cash ISA during any 1 tax year. If you already have an ISA with another provider and want to take advantage of our cash ISA interest rate, ask to transfer your ISA today - free of charge

Variable Interest Rate (AER)
0.50%



is that a good one?

have been looking at saving forum but thers alot of info and none that ive seen that looks at halifax


thanks

opinions4u

is that a good one?

No it's a shocker. 0.5% is an awful rate and can be easily beaten.

I'd suggest this one with Halifax which needs a minimum £1,000 opening deposit.

Minimum balance - open from £1,000. Maintain a balance of at least £1,000 for the 12 month reward period
Up to 4 withdrawals during the 12 month reward period
Unlimited deposits - up to £5,100 per tax year
Manage your savings online or by telephone

Alternatively look in to Cheltenham & Gloucester (2.7%) ISA. Lower minimum balance and no restriction on withdrawals.