Halifax ISA 3.00% AER now available.

zzzLazyDaisy

I had my existing ISA redesignated to Reward ISA 4 by phone.

I specifically asked if there were any penalties for withdrawing money as I may need access to this. I was assured that it is instant access with no limit on withdrawals and no penalty.

I also think the earlier poster was looking at the fixed rate isa T&Cs in error.

EDIT - just came across this thread which confirms (to my satisfaction anyway), that the advice that I was given by Halifax was correct, and any talk of penalties is based on confusion about which T&Cs apply to which product.

http://forums.moneysavingexpert.com/showthread.php?t=3166676

blueberrypie

scope wrote: »

I'll be keeping my eyes on this thread - if this is true there is no way im transferring my ISA to Halifax.. I have already opened the ISA pending all funds showing up in my existing ISA, however I wont be transferring until we clear this up.

It's not true. The person who posted it was wrong. He was reading the t&c for the wrong account.

rb10

bobblebob wrote: »

Just trying to clarify something regarding the extra 0.2%

I rang up and transfered my current Halifax ISA to this new one today. I pay over £1000 into my current account each month so qualifty for the extra 0.2%. Few questions regarding it:

1) My ISA was opened before the Jan 10 deadline (the orginal one, although i have changed it a few times) mentioned in the pdf form on there website, so do i have to fill it in to get the 0.2%
2) When will the 0.2% start from? When they get the form or backdated when i opened the ISA?
3) Cant i do it on the phone? They can see my bank details on the computer, so would save time

1) You'll have to ask them to change it over - this can be either by post, phone or in branch.
2) It'll start from the date that they receive the request.
3) See (1).

tascott23

Beware when opening a Halifax Isa direct reward - despite being assured otherwise, unless you hold a Halifax bank account, you cannot withdraw or make deposits using another bank account. Had I known this, I would never have opened it because (in my opinion) it is a step backwards. I have just spent nearly an hour trying to find out how to access my money. I was on hold for 15 minutes, transferred 4 times then cut off so still have no idea how I can make a withdrawal should I need to. My isa transfer was not completed until 6 April so I assume that I am unable to close this now and open another one because we are in a new tax year. This is my first experience of Halifax and frankly their customer service sucks!

blueberrypie

tascott23 wrote: »

Beware when opening a Halifax Isa direct reward - despite being assured otherwise, unless you hold a Halifax bank account, you cannot withdraw or make deposits using another bank account.

You can do it over the phone.

Or you can open a simple savings account such as a Websaver, and then use it to transfer funds instantly, on-line, both into and out of your ISA.

My isa transfer was not completed until 6 April so I assume that I am unable to close this now and open another one because we are in a new tax year. This is my first experience of Halifax and frankly their customer service sucks!

If you were transferring funds from another ISA, they won't have counted towards this year's allowance.

If you were transferring funds from a non-ISA account, whether the contributions will be counted as 10/11 or 11/12 will depend on the circumstances. However either way you can still transfer them to another ISA, as long as it accepts transfers.

Indeed, even if the funds were transferred from a non-ISA account, you have 14 days in which to cancel it.

jennifernil

jennifernil wrote: »

Having opened ISA 3 in December by transferring in older ISAs, and upgraded it to ISA 4 as soon as it became available, I have requested 2 more transfers in of funds from 10/11 (Principality) and 09/10 (Clydesdale). I also intend to pay in this years allowance.

The funds from Clydesdale arrived today, but now my remaining allowance is almost zero. How long will it take before these funds are recognised as previous years?

And what would happen were I to try to deposit this years allownce immediately?

Has anyone experienced this? If so, how long to get it sorted out?

david78

I have not experienced it. It sounds like a mistake to me or just a "quirk" in the way the online account reports things. Why don't you give them a ring and ask what has happened? If its a transfer then your allowance for 2011/2012 should not go down (obviously). Tell them you have a transfer from Principality to go in the account too and want to add "new" money to it as well at some point.

newleaf

How complicated does this need to be? I have had a few hundred quid in a Halifax ISA saver for about 4 years. I decided to open a new Reward ISA, but there's no info on the website about how to transfer existing ISA funds, and no mention of 'redesignation' either. So I decided I must have to open the new ISA, then transfer the funds from old ISA via my current account, but the system won't allow me to draw out the whole balance of the existing ISA to close it. Does this mean I have done it wrong? I guess I must have to phone them up to close the old ISA as there's no obvious way to do it online :think:
Don't know why they have to make it so difficult.

rb10

newleaf wrote: »

How complicated does this need to be? I have had a few hundred quid in a Halifax ISA saver for about 4 years. I decided to open a new Reward ISA, but there's no info on the website about how to transfer existing ISA funds, and no mention of 'redesignation' either. So I decided I must have to open the new ISA, then transfer the funds from old ISA via my current account, but the system won't allow me to draw out the whole balance of the existing ISA to close it. Does this mean I have done it wrong? I guess I must have to phone them up to close the old ISA as there's no obvious way to do it online :think:
Don't know why they have to make it so difficult.

All you need is https://www.halifax.co.uk/isaupgrade

No need to open a new account, you'll retain the same sort code and account number, just the interest rate will increase.

newleaf

rb10 wrote: »

All you need is www.halifax.co.uk/isaupgrade

No need to open a new account, you'll retain the same sort code and account number, just the interest rate will increase.

Thanks for that. Should've asked here first I s'pose. I will phone them and see if they can rectify the situation somehow