Halifax ISA 3.00% AER now available.

Consumerist

Anyone know how quickly Santander completes transfers out. Not a big issue when transferring to Halifax but the new ISA Direct Reward Issue 4 only allows 28 days to get your ISA funds transferred and it takes a week to get the transfer form through the post from Halifax. (Should have downloaded one - I know !).

adindas

Hi Guys

I have ISA direct reward 3 that I opened 19/10/2010 with reasonable amount of saving on it.-

It pays 2.8+0.2% Interest rate.

From the Summary I just noticed the following:

"Variable interest rate (AER) paid annually on 5 April: 2.80%"

I just noticed it today I have not received any interest apart from Interest Adjustment (ceom from tranfer my ISA from another provider).

S0 do you think I should wait until April to Re-Designate (Upgrade it to 3+0.2%) or I should do it immediately.

My concern is if I transfer it today before the interest is paid in April this, I will loose the interest accrued until today ....??

What do you think the best way forward, suggestion please

Thank you for your time

ADINDAS

mathsmaster

Just a heads up that you need to ring between 8am and 8pm - from the man that got through at 8.11pm. :doh:Ho hum.

jen245

adindas wrote: »

Hi Guys

I have ISA direct reward 3 that I opened 19/10/2010 with saving of £18,000.-

It pays 2.8+0.2% Interest rate.

From the Summary I just noticed the following:

"Variable interest rate (AER) paid annually on 5 April: 2.80%"

I just noticed it today I have not received any interest apart from Interest Adjustment (ceom from tranfer my ISA from another provider).

S0 do you think I should wait until April to Re-Designate (Upgrade it to 3+0.2%) or I should do it immediately.

My concern is if I transfer it today before the interest is paid in April this, I will loose the interest accrued until today ....??

What do you think the best way forward, suggestion please

Thank you for your time

ADINDAS

You wont lose any interest. You will be paid the interest you have accrued under Reward 3 up until re-designation, plus any interest earned at the higher rate after the account is re-designated as reward 4, in April, so do it now.

Nemo

Hi,

I've only had a speed-scan at this thread, so apologies if the answer to my question is obvious.

I've currently got a few years of cash ISAs with Standard Life, currently paying 2.30%. Just looked at the best rates, as I would like to move my existing ISAs to a better rate, and also haven't paid this year's allowance anywhere yet.

It's annoying when you see a good rate, then see that it includes a bonus rate. Question...Am I correct in saying that the Reward ISA is for only 12 months at 3.00%, when it drops to something like 0.50%, but they will have a new version of the Reward ISA in a year or so's time which you can just transfer to?

Cheers!

antuk

Any idea how long it takes for it to be updated on Internet Banking...?

Also does anyone know if you have to fill out the form online and send it back if your Reward 3 already had the 0.2% bonus?

Thanks

opinions4u

Nemo wrote: »

It's annoying when you see a good rate, then see that it includes a bonus rate. Question...Am I correct in saying that the Reward ISA is for only 12 months at 3.00%, when it drops to something like 0.50%, but they will have a new version of the Reward ISA in a year or so's time which you can just transfer to?

They've had 3 Reward ISA accounts in the last 12 months, so I'd expect there to be something on the table this time next year.

The Halifax ISA Promise states "All cash ISAs will be available to all customers, new and existing" so I don't think you're going to have any difficulties moving from this Halifax ISA Reward to another Halifax ISA if you feel that's the right thing to do.

rb10

antuk wrote: »

Any idea how long it takes for it to be updated on Internet Banking...?

Mine hasn't changed yet this time.

It took about 2-3 days to change from Reward 2 to Reward 3 last year. However, interest at the higher rate is backdated to the date you phone, so it doesn't matter that it won't change online straight away.

antuk wrote: »

Also does anyone know if you have to fill out the form online and send it back if your Reward 3 already had the 0.2% bonus?

No, that will just continue.

emeraldbugle

Consumerist wrote: »

Anyone know how quickly Santander completes transfers out. Not a big issue when transferring to Halifax but the new ISA Direct Reward Issue 4 only allows 28 days to get your ISA funds transferred and it takes a week to get the transfer form through the post from Halifax. (Should have downloaded one - I know !).

I posted the transfer form to Halifax on 22nd February, the funds left my Santander account on 25th February. They have now credited my Halifax ISA today, 1st March.

I am impressed with the speed considering the horror stories you hear!

The Halifax ISA account now shows that I have money left to invest for this year, which I know I haven't. Should I just ignore it? I presume it is a system error, as the funds I transferred actually relate to this year and last.

toffeedanish

I see that my Halifax Reward 3 ISA will pay an additional 0.2% (with my qualifying current account) if the product is held for 12 months. If I redesignate to a Reward 4, will I lose the additional 0.2% from time of first opening of the Reward 3 until the redesignation date? I guess it depends on the definition of a product i.e. is this the same product or a new one? I would be grateful for clarification on this point.

Many thanks in advance.