Re-designating my Halifax ISA Direct Reward 4

Mr_K

jennifernil wrote: »

Don't wait, get NW organised now, you have earned the bonus already. As long as you have had the account for the full 12 months you have fulfilled the conditions, no need to wait till April 5th.

Ask them where it says you would not get it!

Was deffo told that if i transferred the account to another one with a new account no, i wouldn't get the 0.2% bonus. Hence the necessity to make sure your account is redesignated with the same account no. to the 2.4 or 2.6 % account (depending on what they feel like letting you have at the time !). However, who knows ? I was told different in my first phonecall today, although they did seem very unsure. They clearly don't have a clue themselves.

Going to play safe and keep the Halifax for the moment till I get the bonus. 0.2% may not seem much but its a well into 3 figure sum for me which i'm going to make sure they pay out. Then its bye bye Halifax unless they come up with something much more competitive within the next month. Santander are rumoured to be launching a 3.3% account next week which might kick them into action.

bonzer

I got told you definitely can't re-designate to a 2.6% one, you had to open online and use a transfer form which I was intending to hand into the branch tomorrow (and presumably will take weeks).

So have some people had success getting them to do the transfer instantly on the phone?

My bonus rate expires Sunday. I'm just wanting to stall until a decent rate, clean, easy access online account comes out, which it sounds like Santander might do possibly.

Mr_K

bonzer wrote: »

I got told you definitely can't re-designate to a 2.6% one, you had to open online and use ate transfer form which I was intending to hand into the branch tomorrow (and presumably will take weeks).

So have some people had success getting them to do the transfer instantly on the phone?

My bonus rate expires Sunday. I'm just wanting to stall until a decent rate, clean, easy access online account comes out, which it sounds like Santander might do possibly.

It can redesignated to the 2.6% over the phone but you need to be persistent as a lot of their staff are incorrectly saying it can't be.

bonzer

Mr_K wrote: »

It can redesignated to the 2.6% over the phone but you need to be persistent as a lot of their staff are incorrectly saying it can't be.

Ah, thanks for your reply.

Just phoned up a few minutes ago and pressed them about switching to the ISA Saver Online. They did it instantly on the phone. It's been instantly reflected online and my interest from the Direct Reward has already been credited.

The person I spoke to reckoned there had been a recent change in policy in the last few days which may be why staff are confused.

My ISA is now in a holding pattern waiting for a decent one to emerge. That's brill, exactly what I wanted. Thanks.

bobdwyer

I called Halifax this morning to redesignate my DR4 ISA and was told that it could not be changed to the 2.6% online saver over the telephone.

I then called back later to try again and am now told that the redesignation cannot take place at all until Monday as they are bringing out new savings rates then. The advisor couldn't give any indication of whether the rates will increase or decrease, but did say that any interest would be paid as if the account converted today so that I would not be disadvantaged by the delay.

Hopefully, the rates will increase in response to better rates elsewhere and that those that have already redesignated their accounts can do so if beneficial.

We will know on Monday

Mr_K

bobdwyer wrote: »

I then called back later to try again and am now told that the redesignation cannot take place at all until Monday as they are bringing out new savings rates then.

Doesn't surprise me, with Nationwide offering 3.1% and Santander rumoured to introducing a 3.3% one, they'll have to react or lose lots of money. They're increasing their mortgage svr by 0.49%, so you'd hope they do the same with savings. They're going to have to raise the 2.6% account to over 3% to keep my money.

blueberrypie

Halifax's procedures for redesignating ISAs have been a shambles this year. As I posted above, I phoned to redesignate mine on Feb 29th, was assured it would all be done - but as of this morning, the funds were still in the ISA Saver Direct earning 0.5%. On the phone this afternoon, that has been corrected (and I've received a payment as compensation for the lost interest and hassle).

Another member of my family (B) phoned earlier today only to be told they couldn't redesignate the ISA over the phone. After a bit of "yes you can" - "no you can't" - "yes you can" - he asked to speak to a supervisor - and got cut off. Once I'd sorted out my own ISA on the phone today, I asked the same person to speak to B, as she seemed to know what she was doing - and she redesignated his too.

Both ISAs are now showing in on-line banking with the correct names and interest rates, and interest up to the point of redesignation added.

bobblebob

2 years ago i rang to get redesignated. Was on the phone abit and she said it was all done. 2 week later nothing had changed online so i rang up. They had no record of my request, and no record of me even phoning them.

Not sure how that could happen