Halifax ISA 3.00% AER now available.

blueberrypie

callode wrote: »

Hi, I'm really quite confused about ISAs! Can anyone help? I want to transfer money from two previous ISAs into one with a higher rate before the new tax year starts, but the combined amount is more than than the yearly allowance, does this matter as some of it is from a previous tax year?

No. The yearly allowance is for new funds only. Funds being transferred from one ISA to another don't count towards your annual limit.

ThelmaLouise

Glider - I rang on 28th Feb and mine has still not changed online - but hubby who rang 30 minutes later has had his changed online and received confirmation though the post!

skitskut

skitskut wrote: »

When redesignating from ISA Direct Reward 3 to ISA Direct Reward 4 and assuming conditions are met for the 0.2% additional interest which starts with opening ISA 3, is this what you'd expect?

(By conditions I mean paying £1000 a mth into current account and keeping at least a quid in ISA 3 / ISA 4 during this 0.2% additional interest period).

Feb '11 - Open ISA 3 and start the 12 month 0.2% additional interest period.
Mar '11 - Redesignate to ISA 4. This will begin 12 months at 3% but not restart the 0.2% period.
05 Apr '11 - Receive accrued STANDARD interest - 1 mth @2.8% and 1 mth @3% (but not any of the 0.2% additional interest).
Feb '12 - 0.2% additional interest period ends.
Mar '12 - Reward period for ISA 4 ends and ALL accrued interest is now paid (standard and additional).
05 Apr '12 - Receive any interest accrued since last interest payment.

rb10 wrote: »

Nearly ... no interest will be paid in March 2012.

On 5th April 2012, you will receive:
- 0.2% interest from Feb '11 to Feb '12
- 3% interest from 6th April '12 to Mar '12
- whatever% interest from Mar '12 to 6th April '12

Thanks for taking the time to go through my post.
I just thought interest would be paid in Mar '12 as this is when the reward period for ISA 4 ends and Halifax state that 'Tax free interest paid on 5 April and at the end of the reward period.' That's all.

shjo558

DH opened an ISA account online last night with no problems. Just tried to open one for 16 yo DS and it was decline?

rb10

skitskut wrote: »

Thanks for taking the time to go through my post.
I just thought interest would be paid in Mar '12 as this is when the reward period for ISA 4 ends and Halifax state that 'Tax free interest paid on 5 April and at the end of the reward period.' That's all.

Ah ... you may be right ... I registered mine for the extra 0.2% interest back in September last year, so they may have changed it last year.

Best way to find out is to look at the documentation that you have for it.

mikey4020

I opened one of these as the rate is now better than my existing provider and this is who my current account is with. I have sent away the form to transfer the existing ISA which I have already funded this tax year. Do I need to wait for the transfer to complete before I can fund the new one, or can I fund it before the money is transferred.

jennifernil

glider3560 wrote: »

Is anyone still waiting for theirs to redesignate? I phoned on Monday but the account is still showing as a "ISA Direct Reward 3". They said on the phone that it should be done within a "few" days.

I rang on Sunday afternoon, over 7 days ago now, and mine still has not been redesignated. Getting worried now.

rb10

jennifernil wrote: »

I rang on Sunday afternoon, over 7 days ago now, and mine still has not been redesignated. Getting worried now.

Mine changed over today.

I do know that they've had a lot of people redesignating this week, so it's understandable that there'll be a backlog. It's a very popular account.

Interest is all backdated to the date of your request anyway, so it doesn't matter how it displays on online banking.

It's a shame that we can't redesignate our accounts ourselves online.

SG_Guy

mikey4020 wrote: »

I opened one of these as the rate is now better than my existing provider and this is who my current account is with. I have sent away the form to transfer the existing ISA which I have already funded this tax year. Do I need to wait for the transfer to complete before I can fund the new one, or can I fund it before the money is transferred.

You can only pay into one cash ISA in any tax year, so you will need to wait until 6 April to fund this coming tax year's ISA assuming you have already paid £5,100 into the cash ISA for 2010/ 2011.

talexuser

callode wrote: »

Hi, I'm really quite confused about ISAs! Can anyone help? I want to transfer money from two previous ISAs into one with a higher rate before the new tax year starts, but the combined amount is more than than the yearly allowance, does this matter as some of it is from a previous tax year?

no problem, each yearly allowance can add up to your historic total. The limitation of yearly allowance is for this tax years' contribution only, previous years remain that.