How do I make a payment from a Halifax cash ISA?

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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edinburgheredinburgher Forumite
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edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I have a Halifax cash ISA that I use for 'fun' saving. I'd like to transfer £500 out of it to purchase some shares, but can't see an option to set up a payment on online banking.

Do I have to call them to do this, or would I be better off transferring the money to my linked Halifax current account and sending the transfer from there? There seems to be an option in the current account menu to do this, but it does add an extra step.

Before anyone helpful suggests, I'll be buying the shares outside of an ISA, so not looking to transfer the cash ISA over.

I'm new to Halifax, so haven't really looked at online banking before now (other than to check my balance).

Replies

  • opinions4uopinions4u
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    To withdraw from the account you need to either arrange it by telephone or transfer the funds via another Halifax account.

    I'd suggest setting up a Web Saver Reward (without card). It will take you about 60 seconds. You can then BACS the funds on to an account operated elsewhere. Leave £1 in to carry on getting the 2.8% interest rate.

    Alternatively, open a Reward Current Account. That gives you the potential of Faster Payments and £5 a month if you have £1,000 a month going through the account.
  • edinburgheredinburgher Forumite
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    Alternatively, open a Reward Current Account. That gives you the potential of Faster Payments and £5 a month if you have £1,000 a month going through the account.

    I opened one of those a few short days ago - haven't got the card etc. but the account is showing in my online banking ok. Think it'll be alright to use now? They haven't asked for any extra ID etc. as I was already a customer by virtue of my ISA account.
  • opinions4uopinions4u
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    I opened one of those a few short days ago - haven't got the card etc. but the account is showing in my online banking ok. Think it'll be alright to use now? They haven't asked for any extra ID etc. as I was already a customer by virtue of my ISA account.
    If the current account is allowing you to set up a payment, then it sounds like it should be working.

    Try funding it with £1 from the ISA to double check (assuming you're happy to move that money out of the ISA).
  • edinburgheredinburgher Forumite
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    Good thinking.
  • edinburgheredinburgher Forumite
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    My online banking didn't like that - couldn't set up a transfer and neither could phone banking.

    The person I spoke to said that they didn't send out a card until £100 had sat in the account for 24 hours and that this might be causing me problems? Seems odd, but will see what tomorrow brings.
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