Sorry for being stupid but.....

andrea1968_2

Just had a letter from the Halifax saying as of 28/02/12 my ISA direct reward will come to an end and revert to ISA saver direct, which will obviously be much lower interest.

When I get my interest ( I presume in April ??) will it be at the higher rate or the lower rate and if I was to transfer to another ISA elsewhere would I lose the interest that I had earned.

Can I just transfer into another online Halifax ISA or does it have to be another provider altogether.

The other thing is I'm wanting to use the money towards a house deposit so don't want anything tied up for too long.

As I said sorry for being stupid but advice will be really appreciated

AirlieBird

andrea1968 wrote: »

When I get my interest ( I presume in April ??) will it be at the higher rate or the lower rate and if I was to transfer to another ISA elsewhere would I lose the interest that I had earned.

You will get interest @ 3% for all money in the account between 6 April and 27 February and 0.5% for money held in the account from 28 February. Interest will be paid on 5 April. If you transfer before April you will get all interest earned up to the date of transfer.

andrea1968 wrote: »

Can I just transfer into another online Halifax ISA or does it have to be another provider altogether.

You can transfer it to any ISA accepting transfers. If you want to stay with Halifax then phone them up when the interest rate drops at the end of February they should be able to switch it to whatever instant access ISA they are offering at the time.