New Halifax ISA Rates

Lokolo_2

mikael wrote: »

I am still hoping someone will launch a 5 year 5% fixed rate ISA. Halifax now seem the highest at 4.5%, but last year both Skipton and BM Savings ended-up launching 5% ones.

Me too! At the moment that 4.5% is making me seriously reconsider whether it's worth being locked in for 5 years, when Santander offer a 2 year fixed rate ISA for only 0.5% less, at 4%!

Jock_Tight

Lokolo_2 wrote: »

At the moment that 4.5% is making me seriously reconsider whether it's worth being locked in for 5 years, when Santander offer a 2 year fixed rate ISA for only 0.5% less, at 4%!

Depends on how you view rates will rise the next few years.

For example to make the same as 4.5% for 5 years, you would need to find a fixed rate of 4.8% for years 3-4 after the Santander fix then say a 5% for year 5. Or a 3 year fix at 4.85%.

Lokolo_2

Jock_Tight wrote: »

Depends on how you view rates will rise the next few years.

For example to make the same as 4.5% for 5 years, you would need to find a fixed rate of 4.8% for years 3-4 after the Santander fix then say a 5% for year 5. Or a 3 year fix at 4.85%.

Indeed, you're right! There's also a certain value in having access to your money sooner, without paying an extortionate get-out-penalty, 5 years is a long time compared to 2!

Jock_Tight

Lokolo_2 wrote: »

Indeed, you're right! There's also a certain value in having access to your money sooner, without paying an extortionate get-out-penalty, 5 years is a long time compared to 2!

Thats why it often makes sense to have several ISA's maturing in different years rather than one big pot. You get the higher rates however each year have at least 1 maturing so you have access to money should you need it.

Each year fix for say 4/5 years for new allowance while transferring previous years.

superstar_2

Rang them and was told no. She then went to speak to her manager, came back and said no.

I asked to be put through to the savings department. He said, this will be dealt within the retention department. Spoke to a helpful gentleman, who re-designated it instantly to the 3% online ISA. Interest added immediately and 3% interest rate showing up online.

poisonheart666

ehlo wrote: »

Is it possible to re-designate online? (I think there was a page for this last year)

Yea there is go to the halifax homepage and add this link to the address bar savings/accounts/cash-isas/ISAoptions/ will bring you straight to the redesignation page, choose which ever account you want and away you go

tipsychick

It is here:

http://www.halifax.co.uk/savings/accounts/cash-isas/ISAoptions/

Newly_retired

So I can do this now online, no phone call needed?
Will this allow me to still get my .2% Reward due in April?

Deru

Do they still give .2% extra for Reward account holders if you switch to these new ones? (or was it a 'special offer')

and same question as Newly retired above.

What about the prize draw? Same account number so it's still qualifies?

10_66

Deru wrote: »

Do they still give .2% extra for Reward account holders if you switch to these new ones? (or was it a 'special offer')

and same question as Newly retired above.

What about the prize draw? Same account number so it's still qualifies?

No, you don't still get the 0.20% bonus, this was withdrawn when they went over to the Lloyds system back in September.

You shouldn't need to re-apply for the prize draw, but if you're concerned there's nothing to stop you from doing so.