Halifax ISA Direct Reward 3 -vs- A.N.Other

Nine_Lives

I was looking for the highest paying ISA that allows transfers in, which seems to be the Halifax ISA Direct Award paying 3.00% or 3.20% for Halifax customers (which i am).

I was looking through my paperwork & i transferred old money on 29th Oct 2010, but in big capital letters at the top it says "Halifax ISA Direct Reward 3"

At the time it was also a 3.00%/3.20% account, i'm sure of it. The ISA listed on their website doesn't state "3" though, or any number for that matter.

Is this basically the same account, or am i on an "old" account & now an old rate?

Just want to check before i transfer 2010-11's allowance.

KonkyWonky

I'd imagine the 3 refers to the issue number of the product.

Worth clarifying though.

Lokolo

Yes 3 is the Issue.

So they offer the same product but it's a new version, like books, having issue 4 after 5 years or whatever.

You are on an old account with old rates.

http://www.halifax.co.uk/savings/interest-rates/personal-rates/previous/#ISADR

You can see here

rb10

No, you'll be on the 2.6%/2.8% one if it says ISA Direct Reward 3.

Easiest way to change over to 3/3.2% is online - https://www.halifax.co.uk/isaupgrade

jennifernil

ISA Direct Reward 3 was 2.8%/3%, now there is ISA 4 paying 3%/3.2%. As said, redesignate it to ger the higher rate.

Nine_Lives

Big thanks for that.

Now you mention it, that rings bells - 2.8% but being a current account holder, i got 3.0%.

Upgrade application going in. Thanks.

Nine_Lives

rb10 wrote: »

No, you'll be on the 2.6%/2.8% one if it says ISA Direct Reward 3.

Easiest way to change over to 3/3.2% is online - https://www.halifax.co.uk/isaupgrade

Do you (or anyone else) have any idea how long it should take Halifax to shift me to the new rate?

I filled out an application via that link the same date you posted it.
When i click on the account, it still says i'm 2.80% gross.

rb10

K_P83 wrote: »

Do you (or anyone else) have any idea how long it should take Halifax to shift me to the new rate?

I filled out an application via that link the same date you posted it.
When i click on the account, it still says i'm 2.80% gross.

Yeah, expect it to take a while at this time of year.

Remember that this is the highest paying instant access ISA available that allows transfers in. They will be rushed off their feet at the moment with transfers.

You will get the 3.2% rate from the date that you filled in the form (interest will be backdated).

gilly_dc

K_P83 wrote: »

Do you (or anyone else) have any idea how long it should take Halifax to shift me to the new rate?

I filled out an application via that link the same date you posted it.
When i click on the account, it still says i'm 2.80% gross.

It should take about 2-4 weeks to be fully upgraded, just because there's one admin team that deal with all issues to do with ISAs, so they're suitably busy right now!
As RB10 said, you will get your interest backdated at that higher rate from the day you submitted the application.

Also, at some point you'll receive a certificate for an ISA SAVER in the post, this is a good sign, it means your account is almost fully transferred, as they have to first lower the account to an ISA SAVER and then upgrade it to the Direct Reward 4 from there. So don't panic, just wait a few days and you'll receive your Direct Reward 4 certificate.