Halifax ISA Direct Reward extra .2% question

opinions4u

savemoney wrote: »

Yes I missed the cant pay anything in after march 28th thanks

Back to drawing board for looking for a fix rate for 2-3 years but still able to pay in I can lock money up for that period

3.2%.

http://www.lloydstsb.com/savings/fixed_rate_cash_isa.asp

You can make further deposits throughout the term to make full use of your yearly cash ISA allowance.

jennifernil

savemoney wrote: »

Yes I missed the cant pay anything in after march 28th thanks

Back to drawing board for looking for a fix rate for 2-3 years but still able to pay in I can lock money up for that period

As you can still get the 3.7% rate if you apply by the end of the month, why not grab that first then find somewhere else, such as the Lloyds 3.2% one above, that you can add to in future.

If you have a sufficient sum, you could split your present amount if you are already fully subscribed for this year. Send most to the Halifax 3.7% fix, and £3000 to open the Lloyds one. Or even just whatever is required to open it and secure the rate/account now.

Once you have saved a further £3000 you could add that to the Lloyds account.

jennifernil

Ok, I am possibly interested in the Lloyds one myself, as it is very flexible, so rang them with a few questions.

The minimum required to open the account is apparently £10. You can add to it at any time if you have allowance left, and you can transfer in existing ISAs at any time you wish.

The only question is whether 3.2% is a good enough rate to merit locking up your money for 2 years.

abarthman

savemoney wrote: »

... I wrongly assumed it was same offer my daughter got. I am not sure why Halifax only offered her that offer and not me and the OH. She does have more in her isa but not a huge amount.

I am not sure Halifax will give me and OH same offer I will ask in branch

If your daughter stays in the same household, they'll honour the 3.7% for you and your other half.

If she doesn't, just phone them and lay it on really thick that you and your other half really wanted to keep your ISAs with Halifax, but will transfer them elsewhere on a point of principal if they can't give you 3.7%, and you might be lucky.

savemoney

Yes she lives with us she is a student. I look after her money as she isnt very savvy. We all applied same day last March from Satander to Halifax. I just looked and she has around 2k more than I have she has paid more in this year than I did any spare money we have goes into isa as we want to pay mortgage off in 4-5 years time. I got two letters from Halifax last month but only opened one until today that is. I am not sure Halifax would suit us now as I want to be able to put money in when we have any spare

I wasnt sure you could split isa say have two as long as you only put up to the amount that year

opinions4u

You could always open up a FRISA with this tax year's allowance and an easy access ISA on 6th April that you throw the extra bits and bobs in to.

Running two ISAs may be more flexible. You should be able to get a better "average rate" than Lloyds' 3.2% as well.

savemoney

No sure what a "FRISA" is googled it lol

http://en.wikipedia.org/wiki/Frisa

this is it

https://www.halifax.co.uk/frisa

Fixed Rate ISA Saver

opinions4u

savemoney wrote: »

No sure what a "FRISA" is googled it lol

http://en.wikipedia.org/wiki/Frisa

this is it

www.halifax.co.uk/frisa

Fixed Rate ISA Saver

FRISA = fixed rate ISA. Not specific to any brand.

jennifernil

savemoney wrote: »

I wasnt sure you could split isa say have two as long as you only put up to the amount that year

You cannot split a current year ISA. You can transfer it, but must transfer the whole amount.

But as it sounds like yours also contains previous year money, that old money could be transferred separately.

However I think it would be a better idea to move it all to the 3.7% fix with Halifax, then after 6th April, start a new ISA, as opinions4u said.

anarita

Hi sorry if this questions been asked earlier in the thread!!

My ISA Direct Reward 4 matures on the 19th April 2012 when I have been informed it will become a standard Halifax Saver Direct paying 0.5% interest. Am I correct in thinking that I will receive the 3% interest on the 5th April followed by the extra .2% on the 19th April? If so, to keep things simple & minimise my interest loss I am planning on transferring it all into the Halifax ISA Saver Online on the 19th currently paying 2.6% & then subsequently moving it all asap into an ISA paying a higher rate e.g. the Nationwide which is paying 3.1% for £25k+

Can anybody see any pitfalls in this plan?