Halifax direct reward isa

ANGLICANPAT

Hi
Ihave a Halifax fixed rate isa bond maturing shortly. Ive looked at their Direct Reward isa at 2.8% and even after reading the small print, I cant work out with certainty, whether you are tied into keeping it for the whole reward year, or whether you can transfer out to anothe provider without an interest penalty. I know you can withdraw funds from it being instant access, but thats not the same. I just sense an implication that you lose something if you dont leave a £1 in for the year, but of course if you transfer out, you wouldnt be leaving a £ . Can anyone clarify for me please. Thanks.

rb10

As far as I believe, you can transfer out at any point, and still get the full rate up to the date of the transfer.

However, the extra 0.2% for holding a Halifax/BOS current account is different - to get this element of the interest, you must keep the account open for the full 12 months. (However, if a better account did come along and you wanted to transfer out, you could transfer all except £1, and then get the extra 0.2% at the end of the year).

opinions4u

ANGLICANPAT wrote: »

Hi
Ihave a Halifax fixed rate isa bond maturing shortly. Ive looked at their Direct Reward isa at 2.8% and even after reading the small print, I cant work out with certainty, whether you are tied into keeping it for the whole reward year, or whether you can transfer out to anothe provider without an interest penalty. I know you can withdraw funds from it being instant access, but thats not the same. I just sense an implication that you lose something if you dont leave a £1 in for the year, but of course if you transfer out, you wouldnt be leaving a £ . Can anyone clarify for me please. Thanks.

The terms and conditions are a good place to look, but there are 72 pages of them!

Page 4 says that all their cash ISAs will be available to existing customers, so before jumping ship it should be worth checking the Halifax options for simplicity.

Page 20 states "if you do not have at least £1 in your account The Halifax ISA Saver Direct (0.5%) variable interest rates and account conditions will apply from the date your account balance goes below £1".

For me that says you earn the good rate for up to a year, and if you jump ship sooner you get the good rate up to the point you leave.

ANGLICANPAT

Thanks both, I hoped as much because I did read the blurb, but it seemed too convenient/easy for me to be able to have a good rate without moving, til after Xmas then jump ship probably to Santander 2yr 3.25% so thought Id run it by this excellent forum just to be sure I hadnt missed a catch. Happy now, Ta muchly.