New Halifax ISA 2.8%-3.0%

opinions4u

Sam37 wrote: »

Would the condition that 'You will also need to keep a balance of at least £1 for the 12 month reward period' mean that you cannot transfer out if you have contributed to the present year's contribution, as you can only transfer this as a whole and that would leave 0 pound within 12 months?

It's a really good question.

Page 15 of their T&Cs suggests that the rate will be maintained up to the point you drop below £1. But some of the wording conflicts.

This paragraph suggests £1 has to be there for a whole year.

The minimum deposit for a reward account is £1. You must keep at least that amount in your account during the 12 month reward period for it to be a reward account.

This one suggests you will earn the premium rate until the balance drops below £1.

if you do not have at least £1 in your account the Halifax ISA Saver Direct variable interest rate and account conditions will apply from the date your account balance goes below £1.

Sam37

Thanks Opinions4u,

I just noticed it because I don't think it used to be in there before, in that wording.

I suppose we could read 'is' in your first quote as 'remain', and then it would all make sense. Hope this is all a semantic discussion!

Consumerist

Yes, I had been pondering these conflicting conditions too. I concluded it would be safest to fund this ISA by transfers-in from previous years' ISAs only.

Fortunately, it is reckoned, by those apparently in the know, that interest rates will not rise quickly or any time soon so the conflict of conditions is likely to be academic.

Consumerist

christinejp wrote: »

. . . thanks for posting that they will be putting interest rates back online. Where did you hear? . . .

It was a "voluntary" agreement which came out of the ISA super-complaint consultation.

. . . cash ISA providers have agreed to:

• comply with new industry guidelines, which will come into effect on 31 December 2010, to complete end-to-end transfers within 15 working days, and
• provide personalised interest rate information on cash ISA statements delivered in electronic and/or paper form by early 2012 at the latest.

So, it may not necessarily happen anytime soon.

christinejp

Blimey thats a long time to have to wait. If they keep mucking me about with this Isa lark I may be long gone from them by then.

rb10

Consumerist wrote: »

It was a "voluntary" agreement which came out of the ISA super-complaint consultation.
So, it may not necessarily happen anytime soon.

I believe that it is due fairly soon.

All banks have to do it by 2012, but I expect Halifax will show it from Jan/Feb 2011.

Halifax already have the technology - as they always used to show the rates. They just had to turn it off when they started merging systems with Lloyds. But (because so many people complained), they are planning to reintroduce it.

christinejp

rb10 wrote: »

I believe that it is due fairly soon.

All banks have to do it by 2012, but I expect Halifax will show it from Jan/Feb 2011.

Halifax already have the technology - as they always used to show the rates. They just had to turn it off when they started merging systems with Lloyds. But (because so many people complained), they are planning to reintroduce it.

Thanks, that's a bit more reassuing.

I've just come off the phone from the complaints department again.

This morning my Isa has finally turned into the Direct Reward 3, and the complaints dept have confirmed it is getting 2.8% backdated to when I first requested the redesignation. She wasn't able to confirm I was getting the 0.2% on top as she said that she 'wasn't an expert on that aspect'

Also, for some reason my husband and my Confirmation of Investment certificates they sent, only calls it an Isa Saver, whereas my two offspring's certificates both say Isa Direct Reward 3, even though we all did the redesignation on the same day.

The complaints lady said she will get them to send us new correct certificates, but to be honest I don't expect that to happen without further hassle.

Thanks for everyone's input on this.

opinions4u

christinejp wrote: »

This morning my Isa has finally turned into the Direct Reward 3, and the complaints dept have confirmed it is getting 2.8% backdated to when I first requested the redesignation. She wasn't able to confirm I was getting the 0.2% on top as she said that she 'wasn't an expert on that aspect'

The extra 0.2% will only be paid if, when the ISA is 12 months old, you have had either an URCA or a current account funded with £1,000 a month for every month of the 12. It won't show on the account until that 12 month period is complete.

Also, for some reason my husband and my Confirmation of Investment certificates they sent, only calls it an Isa Saver, whereas my two offspring's certificates both say Isa Direct Reward 3, even though we all did the redesignation on the same day.

The complaints lady said she will get them to send us new correct certificates, but to be honest I don't expect that to happen without further hassle.

I got ISA Saver first, followed by ISA Direct Reward 3 a few days later. This was explained to me when I "upgraded" from ISA Direct Reward 2 - not the cleverest system to deliver it, but fine if it's explained and it works. Apparently if I had transferred from any other Halifax ISA I would just get the second letter.

christinejp

Thanks opinions4u

Yes, now you mention it, I think I sort of knew that the 0.2% won't be visible untill the end of the 12 month period.

Regarding the stages of the Isa upgrade, I did have it explained to me over the phone exactly as you describe. It's just that it hasn't happened like that at all. There are 4 of us in the family all with the same Isa, and all asked for the upgrade 3 weeks ago, but there has been no consistency with what followed.

My two offspring's Isa's turned into Reward 3 online in a matter of days, and their new Confirmation certificates turned up saying Reward 3 straight away, no initial Isa Direct cerificates.

My husband's turned into Direct Isa online, then soon after became Reward 3.

Mine however turned into a Direct Isa and just stuck there. When I phoned to check, the girl said I was gettong 0.1% interest.

Hence the call to the complaints department, where the lady confirmed that somehow mine had not been actioned properly. I would have gone from getting 2.6% to 0.1% for the rest of the term if I hadn't checked.

It's now been rectified online, but both me and husband have only received a certificate saying Isa Direct. I will wait patiently to see if the new certificates come.

gsmilimited

christinejp wrote: »

Thanks opinions4u

Yes, now you mention it, I think I sort of knew that the 0.2% won't be visible untill the end of the 12 month period.

If I move to another bank before the 12 months period. Will I receive the 0,2%? or I will lost it?

Thanks