New Halifax ISA 2.8%-3.0%

Caz6

If you tick the box on the online application to say that you have already funded an ISA this year, Halifax will not allow you to proceed with the application.
So I just called Halifax to open this account. I wanted to transfer in my First Direct ISA, I've already invested around £2k in this account this tax year.
The guy from the Halifax says this isn't possible. Apparantly I'm "only allowed to fund one ISA in any tax year" and that if I opened the Halifax account and transferred the entire First Direct account over, I would have to wait until next April before I could fund it.
Why are they allowed to do this despite their T&Cs saying that you can.
So now, to get the rate, I have to lie on my online application by not ticking the box....

Lokolo

Caz6 wrote: »

If you tick the box on the online application to say that you have already funded an ISA this year, Halifax will not allow you to proceed with the application.
So I just called Halifax to open this account. I wanted to transfer in my First Direct ISA, I've already invested around £2k in this account this tax year.
The guy from the Halifax says this isn't possible. Apparantly I'm "only allowed to fund one ISA in any tax year" and that if I opened the Halifax account and transferred the entire First Direct account over, I would have to wait until next April before I could fund it.
Why are they allowed to do this despite their T&Cs saying that you can.
So now, to get the rate, I have to lie on my online application by not ticking the box....

The person on the phone is wrong, ring again.

Deru

Hi all

"Need to find out if I can redesignate my existing account for the extra 0.4% (edit YES, YOU CAN!)."

By redesignate, does that mean it'll be the same ISA as the current one, so you're still able to put money in this tax year if the allowance hasn't been used up?

I currently have the ISA Direct Reward 2 and have only used a bit of the allowance.

How does one find out the current rate you're receiving? It's variable but I'd be none the wiser of finding the rate when it changes. I'm currently a Halifax Rewards account holder as well. Am I getting 2.6 or 2.8%?

Just to clarify, I need to find out whether I can still subscribe if I get my current ISA Direct Rewards 2 'redesignated' to this new one.

If so, is the easiest way to apply online? (plus the phone call or branch visit to fund account).

Thanks in advance for any responses.

blueberrypie

Caz6 wrote: »

The guy from the Halifax says this isn't possible. Apparantly I'm "only allowed to fund one ISA in any tax year" and that if I opened the Halifax account and transferred the entire First Direct account over, I would have to wait until next April before I could fund it.

He's wrong. You're not breaking any of the ISA rules by transferring and then topping up to your annual limit as long as you transfer the amount in full, and there's nothing in Halifax t&c that say you can't do this. It's knowing that some of the staff wouldn't be well-informed that made me ask here last week (rather than phoning up) whether I could do exactly what you describe.

By the way I've now been into a branch with my transfer form, told the guy at the counter exactly what I was doing, and had the response "oh yes, that's no problem at all".

rb10

Deru wrote: »

Hi all

"Need to find out if I can redesignate my existing account for the extra 0.4% (edit YES, YOU CAN!)."

By redesignate, does that mean it'll be the same ISA as the current one, so you're still able to put money in this tax year if the allowance hasn't been used up?

I currently have the ISA Direct Reward 2 and have only used a bit of the allowance.

How does one find out the current rate you're receiving? It's variable but I'd be none the wiser of finding the rate when it changes. I'm currently a Halifax Rewards account holder as well. Am I getting 2.6 or 2.8%?

Just to clarify, I need to find out whether I can still subscribe if I get my current ISA Direct Rewards 2 'redesignated' to this new one.

If so, is the easiest way to apply online? (plus the phone call or branch visit to fund account).

Thanks in advance for any responses.

If you redesignate your existing ISA Direct Reward 2 to the new version 3, then the sort code and account number will stay the same, and you can continue to pay in the rest of this year's allowance into the account. You would be keeping the same account, it just has slightly different T&Cs and a higher interest rate.

Don't apply for a new account online - just phone up and ask them to change it over. It takes about 30 seconds.

choc_mouse

Caz6 wrote: »

Apparantly I'm "only allowed to fund one ISA in any tax year" and that if I opened the Halifax account and transferred the entire First Direct account over, I would have to wait until next April before I could fund it.

That sounds correct to me.

If you transfer over, you're still only funding one ISA.
If you have already used your full allowance with First Direct then you have to wait until next April before you can add more funds anyway. It makes no difference who the fund is with.

BTW. I've just transferred from Nationwide to Halifax and my "Available to invest" amount is now correctly showing as £0.00 because I've already invested £5100 this tax year with Nationwide.

lisyloo

I wanted to transfer in my First Direct ISA

I've had a secure message from first direct offering me 2.70% fixed (but no penalty so can xfer out) for another year.
I would guess they are trying to stop the out flow of money.

Unfortunately they are too late in my case.

uzubairu

lisyloo wrote: »

I've had a secure message from first direct offering me 2.70% fixed (but no penalty so can xfer out) for another year.
I would guess they are trying to stop the out flow of money.

Unfortunately they are too late in my case.

I've received the same message today.

I made a phone application for the Halifax ISA (I also have a Reward account) yesterday.
I have £7,000 in my First Direct ISA account.

Do I keep my money here (since it is fixed for another year), or go with the higher Halifax rate (which is variable)?

opinions4u

I'd go variable.

Halifax haven't reduced any of their variable "Reward" products for existing customers during the reward period, so based on form, it's a very small risk worth taking.

lisyloo

So how long are people finding the transfer takes?
When should I chase it up?