Halifax ISA where to now?

new2012

I have £10,000 in a Halifax cash ISA and have just been informed that the interest will drop to .5% after 6 April.

I would prefer to stay with the Halifax as last year I consolidated my wife's and I's banking into a joint reward account to make things easy for the both of us but I don't think that will be possible and still get a good interest rate on my ISA.

One bank to deal with instead of the 5 I used to have.

I was thinking of moving it to M&S or Nationwide as these accept transfers in.

Should I move my ISA now or wait until 6 April.

rb10

Wait until Monday, since I understand that both Halifax and Santander will be releasing new rates then. If these stay true to previous form, then they are likely to be competitive.

new2012

Wait until Monday

OK I will, as my present rate is 3%

I was just wondering if I do decide to move whether to start the process before 6 April.

Some of the Halifax rates are ok, particularly the different fixes they offer.

Yes well, I might not be here in 5 years.

Ease of access and/or transferring from me to my wife is the main consideration for ISAs.

Everything else is taken care off.

Eco_Miser

new2012 wrote: »

Should I move my ISA now or wait until 6 April.

6 April has no significance for ISA transfers. If you want to wait and get full benefit from your current rate you can ask the new provider to start the paperwork, but delay the transfer until the end date.

new2012

6 April has no significance for ISA transfers

So why all the advice to max out your ISA before then?

My wife has an ISA as well that will be getting transferred if the Halifax rates are rubbish and she can still put £2000 in hers this year, Not that we have £2000 to spare that is not in ISAs.

talana

new2012 wrote: »

So why all the advice to max out your ISA before then?

Don't confuse maxing your annual ISA allowance with ISA transfers....two separate things.

April 6 is indeed significant in that you either fill your year's contributions by then or you lose it. That has nothing to do with transfers however, which is "old" ISA money and can be done at any time and however many times.

Stephen_Leak

I, too, have a Halifax cash ISA. Once again, it's time to "ditched & switch".

I would recommend waiting for a while yet, in order to allow all the ISA providers to launch their new products for 2012/2013. If you "ditch & switch" too early, you could miss out on the best one for you.

Mr_K

Tomorrow Halifax are rumoured to be increasing the rate of their instant access Online ISA Saver to 3%, Santander are said to be offering a 3.3% account.

Suarez

I transferred my ISA to Halifax in December and the rate was 2.6%.

Can I ask them to change it to the 3% ISA or will they do it automatically?

Mandelbrot

Suarez wrote: »

I transferred my ISA to Halifax in December and the rate was 2.6%.

Can I ask them to change it to the 3% ISA or will they do it automatically?

This presumably means that you have the ISA Saver Online.
As that is the name of the new 3.0% account, one would assume you would see the rate change automatically.
(Have you checked it today?)
If it hasn't changed by tomorrow, phone them.

tipsychick

I'm pretty sure it won't happen automatically. Telephone and ask to re-designate to the 3% one. It will happen instantly and you'll be able to see the new rate on your online banking. You keep the same account no. and sort code.