ISA showdown with the Halifax - Only day one of the tax year :(

StephenM_2

I transferred some money from my Halifax Current account to my Halifax ISA this morning online at about 7:30am. It worked fine. The money I transferred only reached my Halifax current account this morning too, having been transferred from a non-Halifax non-ISA account.

anthonylees

I wonder if anyone else has had this problem. Both my wife and I separately transferred cash ISAs from Santander to Halifax recently. we both opened new ISA accounts with Halifax a couple of weeks ago and then put the transfer process in place. We both had confirmation letters that the transfer authorisation had been received, and a couple of days later (coincidentally at the end of the tax year) the monies were credited to the accounts.

However, in both cases the credit had been done as precisely such - appearing to 'use up' just about all of the new tax year's allowance in the process. An attempt to top up the funds in my ISA yesterday to use this year's allowance therefore bounced straight back.

The explanation offered is that they haven't yet received all of the information the needed from the old provider - Santander - but it does beg the question as to why they then wipe out the new allowance by the way they apply the credit, rather than just paying the interest until the remaining information is received from the old provider. After all, it's clear that the money being transferred is in an ISA wrapper - so why treat it as a deposit?

I'm sure it will get resolved, but it's incredibly annoying to experience basic problems like this which take lots of phone calls to sort out, and doubtless the fight to get the extra interest I have lost by virtue of not being able to top the account up will be a long one (probably about a week's worth)

trinidadone

anthonylees wrote: »

I wonder if anyone else has had this problem. Both my wife and I separately transferred cash ISAs from Santander to Halifax recently. we both opened new ISA accounts with Halifax a couple of weeks ago and then put the transfer process in place. We both had confirmation letters that the transfer authorisation had been received, and a couple of days later (coincidentally at the end of the tax year) the monies were credited to the accounts.

However, in both cases the credit had been done as precisely such - appearing to 'use up' just about all of the new tax year's allowance in the process. An attempt to top up the funds in my ISA yesterday to use this year's allowance therefore bounced straight back.

The explanation offered is that they haven't yet received all of the information the needed from the old provider - Santander - but it does beg the question as to why they then wipe out the new allowance by the way they apply the credit, rather than just paying the interest until the remaining information is received from the old provider. After all, it's clear that the money being transferred is in an ISA wrapper - so why treat it as a deposit?

I'm sure it will get resolved, but it's incredibly annoying to experience basic problems like this which take lots of phone calls to sort out, and doubtless the fight to get the extra interest I have lost by virtue of not being able to top the account up will be a long one (probably about a week's worth)

hey, thanks for your response, out of all the responses submitted, yours seem to be the most helpful. A few weeks ago I requested my existing halifax ISA account to transfer my maturing santander isa account, this was carried out a few weeks back.

I currently have the full amount of money in my halifax current account waiting to be transferred. I have not heard from Halifax yet, but hope so today or tomorrow.

Can you imagine if it was the other way round, say christmas day, a time for family etc, and I had gone overdrawn buy a few pence. Currently, halifax charge £1.00 per day if you use your overdraft, and £5.00 per day if you go overdrawn without using a overdraft facility.

I wonder if the bank would be forgiving if I told them it was christmas day, and I was busy blar blar, I am sure I would be drawn to the terms and conditions.

I should of opened another santander account, but thought this year I would keep everything together with halifax, big mistake.

your right it is annoying for basic problems such as this, especially as I am transferring from my halifax current accoount to my halifax ISA reward account (internal).

fingers cross, thanks for the response

jh2009

I set one of these up and was told if you select the "top up later" option, then the first payment has to be made by phone/branch. They apologised i wasn't told this on application.

My request was passed to their admin team and i was told the transfer would go through within 2 hours. No idea if its gone through or not but i'll check tonight to see if its worked. I assume if it goes through its backdated to 6th April, the date of transfer.

Personally, im tempted to have a moan it hasn't happened as i'd be overjoyed to get a £25 goodwill payment like the OP!

Funkyfreddy

anthonylees wrote: »

...
However, in both cases the credit had been done as precisely such - appearing to 'use up' just about all of the new tax year's allowance in the process. An attempt to top up the funds in my ISA yesterday to use this year's allowance therefore bounced straight back.
...

A transfer has no effect on your allowance for new money in any current tax year.

If you have not deposited new money into any ISA since the 6 April 2011 then you still have £5,340 to put somewhere.

FF

anthonylees

Funkyfreddy wrote: »

A transfer has no effect on your allowance for new money in any current tax year.

If you have not deposited new money into any ISA since the 6 April 2011 then you still have £5,340 to put somewhere.

FF

Er, yes. That was actually the whole point of my post. Having Schlepped money between ISAs over the years (and an ICESAVE victim to boot). It's only Halifax's bl**dy incompetence in not accepting the incoming transfer, rather, taking it as an investor deposit, that has got me into this state.

trinidadone

anthonylees wrote: »

I wonder if anyone else has had this problem. Both my wife and I separately transferred cash ISAs from Santander to Halifax recently. we both opened new ISA accounts with Halifax a couple of weeks ago and then put the transfer process in place. We both had confirmation letters that the transfer authorisation had been received, and a couple of days later (coincidentally at the end of the tax year) the monies were credited to the accounts.

However, in both cases the credit had been done as precisely such - appearing to 'use up' just about all of the new tax year's allowance in the process. An attempt to top up the funds in my ISA yesterday to use this year's allowance therefore bounced straight back.

The explanation offered is that they haven't yet received all of the information the needed from the old provider - Santander - but it does beg the question as to why they then wipe out the new allowance by the way they apply the credit, rather than just paying the interest until the remaining information is received from the old provider. After all, it's clear that the money being transferred is in an ISA wrapper - so why treat it as a deposit?

I'm sure it will get resolved, but it's incredibly annoying to experience basic problems like this which take lots of phone calls to sort out, and doubtless the fight to get the extra interest I have lost by virtue of not being able to top the account up will be a long one (probably about a week's worth)

Hello anthonylees, you are def a moneysavingexpert star, if I could thank you one thousand times, I would, why you may ask, well your right, right right!!!

I contacted halifax this evening to get an update. The customer call centre told me in the notes, a cmomplaints officer did try and make contact with me (wish she left some sort of voicemail:( )

after listerning to the notes read out, it appears just like you santander have not forwarded the paperwork with the transfer I did LAST financial year. Halifax will not allow me to make any deposits until this problem is addressed. in affect, they have placed a block on any deposits into the account.

So noithing to do with the financial year starting or ending, but sounds like some form of foul play.

I have requested the complaints officer call me tomorrow. I have also logged a complaint with Santander also.

Glad your on the forums matey, you were the only one spot on, well done

DJRogers88

Hi,

Please see my post in the "Halifax ISA 3.00% AER now available." thread