HBOS ISA Direct Reward is a trick. If you transfer out you lose 6 months' interest

Tommaso46

opinions4u wrote: »

The OP is incorrect and has simply misinterpreted the account conditions

Now how on earth could that have happened?

opinions4u

Tommaso46 wrote: »

Now how on earth could that have happened?

In relation to the 180 days? I have no idea. I've never known anybody else manage to read it that way.

You're unique!

There are other elements of T&Cs that can occasionally cause minor confusion, but a condition listed under "Fixed" really doesn't apply to other ISAs. Honest!

ISA Direct Reward 4 is a pretty "clean" savings account - until the end of the first year when it simply drops to a lower rate. But at least Halifax let you move the same account on to a better product if there's one available.

Niksan

My advice is, after a year, don't let it sit in a variable rate ISA for 6 months if you're that worried.

Tommaso46

[QUOTE
ISA Direct Reward 4 is a pretty "clean" savings account - until the end of the first year when it simply drops to a lower rate. But at least Halifax let you move the same account on to a better product if there's one available.[/QUOTE]

Oh really? First you have to open a different kind of ISA, not the ISA Direct Reward.

Why?

And after the first year the ISA Direct Reward automatically changes to a different kind of ISA.

Why?

And you lose 180 days' interest if you transfer out.

180 days = 6 months.

What is it that I'm not understanding here?

glider3560

Tommaso46 wrote: »

Oh really? First you have to open a different kind of ISA, not the ISA Direct Reward.

As has already been explained by another poster, this applies to the fixed rate ISA Saver, NOT to the ISA Direct Reward.

Tommaso46 wrote: »

And after the first year the ISA Direct Reward automatically changes to a different kind of ISA.

A variable rate ISA Saver, with a letter from Halifax letting you know this will happen.

Tommaso46 wrote: »

And you lose 180 days' interest if you transfer out.

I've already explained why this is wrong. There is no 180 day loss of interest for transferring out of an ISA Direct Reward.

Tommaso46 wrote: »

What is it that I'm not understanding here?

Everything

opinions4u

Tommaso46 wrote: »

And you lose 180 days' interest if you transfer out.

180 days = 6 months.

What is it that I'm not understanding here?

I have no idea. But after initially believing you had misinterpreted something I've now pigeonholed you as something completely different.

bobthedambuilder

Although I'm with the weight of opinion on this subject, I have to agree with Tommaso46 on the lack of transparency of these terms and conditions. Why HBOS don't have a different document for each account, which would make things a little less complicated, is beyond me. As it is, the document switches continually between accounts and it's sooo easy to lose track of which one you're reading about.

And what's happened to a Company Representative when you need one? .......

Tommaso46

glider3560 wrote: »

As has already been explained by another poster, this applies to the fixed rate ISA Saver, NOT to the ISA Direct Reward.

A variable rate ISA Saver, with a letter from Halifax letting you know this will happen.

I've already explained why this is wrong. There is no 180 day loss of interest for transferring out of an ISA Direct Reward.

Everything

Hmm.

It worries me that I'm unable to understand the HBOS offer. I'm not a stupid person. Why do I find the HBOS T&C particularly labyrinthine and likely to obfuscate rather than clarify?

I will not be opening an HBOS ISA.

Now back to my earlier question, which nobody so far has been able to answer: do you know of an ISA whose T&C are absolutely transparent and do not give rise to any misunderstandings?

blueberrypie

Tommaso46 wrote: »

It worries me that I'm unable to understand the HBOS offer. I'm not a stupid person. Why do I find the HBOS T&C particularly labyrinthine and likely to obfuscate rather than clarify?

Perhaps if you started by reading the t&c for the particular account you're considering, rather than for an entirely different product, it might help?

Lokolo

Tommaso46 wrote: »

Hmm.

It worries me that I'm unable to understand the HBOS offer. I'm not a stupid person. Why do I find the HBOS T&C particularly labyrinthine and likely to obfuscate rather than clarify?

I will not be opening an HBOS ISA.

Now back to my earlier question, which nobody so far has been able to answer: do you know of an ISA whose T&C are absolutely transparent and do not give rise to any misunderstandings?

The T&Cs are transparent, but instead of having a 30 page booklet for everything single individual product, there's one booklet, with both generic and account specific T&Cs.

You are reading the account specific for a fixed rate ISA, which is not your product, so why you are reading it, I don't know.