New Halifax ISA Rates

tipsychick

Just to add to what I've said above, they definitely can re-designate on the phone now. We have done it four times over the phone today! I'd be inclined to phone back until you get someone clued up. The ISA Centre is in NI I think and they were seemingly well briefed about it all this morning.

The guy I spoke to said it had been a bit of a nightmare last week dealing with people coming off the Direct Reward 4. They had been told for some reason not to re-designate to the 2.6% one over the phone but tell people to fill in a transfer form online, which could take up to 15 days, as if you were transferring-in from a different provider. This is what we were told as a family last week and weren't best pleased, so went with the 2.4% one, which they could re-designate to immediately, whilst we waited to see what else came out.

However, the management have since had a change of heart over the weekend and they have now been told they can re-designate to the online one (now paying 3% rather than 2.6%). You retain the old account number and sort code like in previous years. I was actually logged on while I was talking to him and the interest was added in real time but I had to log out and back in again to see the title and rate change to 3%!

He also said that they were relieved to come in and find the rates had gone up this morning, as they were expecting to have to deal with a mass exodus to Santander otherwise.

Apart from being better informed IME, their NI call centre staff are normally a bit chattier so you can find out useful tit-bits to pass on on here!

MoneySaverLog

I see Halifax have matched Lloyds 2 year fixed rate offer, thought they might have gone higher to compete with Santander as they usually outstrip Lloyds.

Ifts

rogertb wrote: »

I have a cash ISA with Santander, I've just received a letter from them saying the rate will go from 3.3 to 2.5 on 23 March, if I transfer it to another provider before then will I be penalised ?

If you are already with Santander, it might be easier to renew with them as they have also launched new deals today, for example a 2 year fix @ 4%.

Saw this over on TIM - Santander overshadows Halifax with THREE best buy ISA's paying up to 4%

Read more: http://www.thisismoney.co.uk/money/saving/article-2110522/Here-come-big-guns-Santander-overshadows-Halifax-THREE-best-buy-Isas.html#ixzz1oGoWXvQ5

tipsychick

MoneySaverLog wrote: »

I see Halifax have matched Lloyds 2 year fixed rate offer, thought they might have gone higher to compete with Santander as they usually outstrip Lloyds.

Now that Lloyds and the Halifax have merged ever closer, I think Lloyds might have clipped Halifax's wings.

They will be hoping they've done enough to stop the more savvy savers transferring away their deposits, especially given the kicking Santander's customer services continues to get in the mainstream press.

Largely though, I imagine they hope the majority will be too apathetic to transfer away from their Direct Reward ISAs when the rates drop to 0.5%.

Mr_K

tipsychick wrote: »

Telephone them on 0113 242 2229, option 3, option 1 and option whatever you like..

0800 0326479 is cheaper

MoneySaverLog

The 01 number is cheaper on a mobile, free in fact for me. Though I have free 0800 , 0845 and 0870 numbers included on mine, not everyone does.

4$£&*(£$&*(!

When would the best time be to transfer from a Halifax Direct Reward ISA to the new rates shown here? My current deal ends on 6/4 and I want to hold off as close as I can to that date so I get as much benefit as possible out of the new intro rates but I don't want to leave it only to find they have closed it off.

Also what phone number is the best one to call to get Halifax to move to the new account?

Thanks

Mandelbrot

jonmcclelland wrote: »

I recently opened the Online Saver ISA a few months ago at the old rate. I called them up this evening to change it to the 3.0% with no trouble at all, however they will not do this automatically on your behalf (typical isn't it?). They upgraded my ISA to the new rate, gave me some closing interest on the older version of the product and fixed the rate until next March.

I'm a bit confused on this 'ISA Saver Online' account now.

jon had an 'ISA Saver Online' account at 2.6%.
(I assume that's what he meant by 'Online Saver ISA' and wasn't talking about the 'Online Saver' (non-ISA) account at 2.8%. ... Recipe for confusion, Halifax, or what? )
Today, Halifax put the rate on the 'ISA Saver Online' account up, to 3.0%.
Why doesn't jon's account (& every other such account) simply get automatically updated to reflect the change in rate (on their online viewing, for example)?

It does not appear to be a redesignation from one issue to the next (think Direct Reward 3 to DR4).
If these are different issues of the ISA Saver Online, then Halifax should spell that out.

Even if it was, why is jon being paid some interest now (rather than at the usual date in April)?
This did not happen with previous redesignation from one issue to the next on online (Direct Reward) ISAs.

And finally, how can Halifax fix the rate until March next year on a variable rate account? I know that most of these variable rate Halifax account rates don't normally change, but to actually state they are fixing the rate seems one step beyond their usual policy.

Does anyone at Halifax have a clue as to what they are doing?

Mr_K

Mandelbrot wrote: »

Does anyone at Halifax have a clue as to what they are doing?

Not many of them is the answer. I redesignated my Direct ISA last week to the 2.6% Online ISA (hard going - it took a few phone calls and several denials that it couldn't possibly be done, but we managed it, phew.... )

Interest rate rise today - hooray ! Look at my Saver Online to find its become a 2.4% variable Isa - booo!

Ring again - initially told that what i did last week couldn't have possibly been done over the phone. Eventually got transferred to the nice ISA Online people (based in Ireland ?) who put it right. These are the only guys who have a clue but you can't get through to them direct without going through the frontline muppets......

vernall

my halifax direct reward ISA finishes on 16/3.......i opened up a nationwide 3.1% ISA and have filled in the forms,but not posted them yet nor has any money paid into it -the balance is 0.for the sake of 0.1% i may stick with halifax.........can this be done now or do i have to wait for the 16th and if i do it now will there be any penalties for doing so?also,what happens to the nationwide ISA i opened?do i have to close it or will it just stay dormant?

thanks guys