Halifax ISA Direct Reward - poss. dumb question..

magic_hat_2

Hi All

Feel free to point and laugh, but the application page for this has confused me a bit.

I have an ISA, currently with Scottish Widows bank that i pay some money into every month by standing order.

The interest rate has just plummeted to 0.6% so i want to move my money.

MSE says that the Halifax ISA Direct Reward is the way to go and that they accepts transfers in, so i go to the page to apply for an account...

This has confused me:

• If you have an ISA with another provider with funds from previous years' tax free allowance, you may want to transfer this ISA subscription to us.

So they accept transfers in, yes?

But they also say this:

• Applicants must not already have a cash ISA that has been funded in this tax year. If you do, this application can not proceed.

So they don't accept transfers in if i have paid anything into the ISA since April? Is that correct?

If this is the case, how do i open a new ISA? Do i need to keep the current one until the end of March, make sure i don't pay anything into it in the next financial year and then move the money to a new ISA?

Or am i over complicating it?

Thanks for any help

jennifernil

I transferred my ISA to them recently. As I was already subscribing elsewhere this year I was only transferring previous years, but I don't think that makes a difference to how you need to proceed.

You need to tick the bit that says you do not already have an ISA this year, open the Halifax one, but DO NOT deposit any money. Is there a "fund later" option?

I got an account number immediately.

You then download and print a transfer form, fill it in and take to a branch or send it in, they do the rest.

Once it is transferred you can start paying into it up to your remaining amount for this year.

lisyloo

Go ahead as if you did not have an ISA.
Don't put any money in.
Take in trasnfer form.
We both did this.

WaxiesDargle

pop into a Halfax branch...they will do it all for you

jennifernil

Much easier on-line, no appointment needed, nobody to try and sell you something else!