Halifax Isa warning

Bubbleman

Halifax pledge to remind you when your cash Isa is coming to an end. That's the good news which they shout about in their marketing blurb. But the letter they have recently sent me alerting me to the annual maturity date of my Halifax ISA Direct Reward says:

"After this date your account will become a Halifax ISA Saver Direct. With a Halifax ISA Saver Direct account you'll continue to enjoy saving tax free..." It doesn't say anywhere in the letter what the interest rate will be. Nor is this Halifax ISA Saver Direct account shown anywhere on their web site. Curious.

I phoned Halifax and confirmed that this ISA account is not featured on their web site.... and the interest rate is 0.5 per cent. It seems it's a derelict account in which they are automatically trying to switch people into. To get their best one year current cash ISA rate, which seems to be 2.6%, I have to close my currrent account and go on line following a fairly complex process which, if I've got it right, involves having to print out and sent them a Transfer form.

Lokolo

I did it a few weeks ago. Takes no longer than 5 minutes. It's not at all complex. You open it with £0. Print out the form, type in the new account information, pop it in the post. A few days later the money gets transferred over.

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

The ISA Saver Direct is also on there website, it's just not promoted anymore as it has been discontinued for new customers.

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http://www.halifax.co.uk/savings/pdf/cash-isa-transfer-form.pdf

Heres the form if you haven't found it already.

tipsychick

Perhaps try calling back and speaking to someone else. It should be possible to re-designate your ISA over the phone, or at least it was in the spring when I did it last. My understanding is that the transfer form is really meant for transferring-in funds from different providers.

Lokolo

tipsychick wrote: »

Perhaps try calling back and speaking to someone else. It should be possible to re-designate your ISA over the phone, or at least it was in the spring when I did it last. My understanding is that the transfer form is really meant for transferring-in funds from different providers.

Seems not anymore. I have done it before, but when I called to do it the other week he said nope can't do it, fill in the form. Was quite annoying!

Bubbleman

I'll try Halifax web site. But don't like their tactics and perhaps transfer to another ISA provider. If lots did the same, they might clean up their act.

opinions4u

1) They write to you.
2) They are telling you exactly what they told you nearly a year ago - the rates haven't changed.
3) They have their ISA Promise which treats existing customers in the same way as new customers "All cash ISAs will be available to all customers, new and existing."

Jeez, Santander don't even right to customers who's easy access online accounts drop off bonus.

lisyloo

But don't like their tactics and perhaps transfer to another ISA provider.

A lot of accounts are only good for 12 months now. Most don't even write to you.
You might not like their tactics, but I think you'll be disappointed if you expect to find better elsewhere.

Mikeyorks

Lokolo wrote: »

Seems not anymore. I have done it before, but when I called to do it the other week he said nope can't do it, fill in the form. Was quite annoying!

Annoying ..... I'd be steaming.

Does the maturity letter - which is scannable etc - not give reinvestment options any more?

2010

Earlier this year it was possible to do a transfer online to a better rate ISA with Halifax once your year was up.
I can`t find the link but maybe others will post it.

psychic_teabag

Hmm - I got that letter a few weeks back, and my ISA is now showing up online as an ISA Saver Direct. But when I check the interest rate in the account details, it reports 3% Gross APR.

EDIT: Ah - no - the letter I got is just saying that the additional 0.2% reward is now complete. Which very much implies the rate is reducing from 3.2% to 3.0%

EDIT2: Account opened Oct 10, but then I reregistered it by phone March 11 when the higher rate came out. So while the reward ended in Oct 11, I'm still getting the 3.0% rate until March 12.

AirlieBird

Bubbleman wrote: »

But the letter they have recently sent me alerting me to the annual maturity date of my Halifax ISA Direct Reward says:

"After this date your account will become a Halifax ISA Saver Direct. With a Halifax ISA Saver Direct account you'll continue to enjoy saving tax free..." It doesn't say anywhere in the letter what the interest rate will be. Nor is this Halifax ISA Saver Direct account shown anywhere on their web site. Curious.

Not curious at all and it is certainly not a surprise to anybody that looked at the website when they opened the account.

It said quite clearly

As part of our ISA promise, we will keep you informed when your reward offer is coming to an end. Once the reward offer is over the ISA Saver Direct variable interest rate (currently 0.50% AER) and conditions apply

and

After the 12 month reward period, the ISA Saver Direct variable interest rate and conditions apply. View ISA Saver Direct account conditions.

and

At the end of the 12 month reward period, or if your balance drops below £1 during the reward period, the ISA Saver Direct variable interest rate and account conditions will then apply. View ISA Saver Direct account conditions.