Halifax ISA Online

psychic_teabag

I can't think of any reason not to do it straight away, since you'll get an immediate rate increase. I don't know of a limit on how often you can redesignate : if rates go up in the future, you can presumably redesignate again.

If if you are still under the 0.2% reward system, I don't think that is affected by redesignation, so I don't think there's any reason to wait until the bonus rate expires.

shezam

thats great, thank you for your help psychic teabag

Venusflytrap

opinions4u wrote: »

DO NOT MOVE THE MONEY FROM ONE ACCOUNT TO THE OTHER YOURSELF.

DO NOT FUND THE NEW ACCOUNT.

You will lose you tax free allowance for the previous year if you do this.

I want to make certain that I understand the cash ISA process:

If one is transferring an ISA with cumulative funds from other tax years to another ISA manager - whether with the same bank or not - this transaction needs to be completed officially by the banks involved and not the individual. Right?

What if I had only £4000 saved at the end of last tax year and want to benefit from a better rate elsewhere? If I moved my £4k to my current account, then closed the old ISA and then opened another ISA elsewhere, is this the right procedure?

I understand that I would have lost the remainder tax free allowance for the previous year and would then only be able to save £1.5k this tax year. Right?

badger09

Venusflytrap wrote: »

I want to make certain that I understand the cash ISA process:

If one is transferring an ISA with cumulative funds from other tax years to another ISA manager - whether with the same bank or not - this transaction needs to be completed officially by the banks involved and not the individual. Right?

Correct. Using the receiving provider's process


What if I had only £4000 saved at the end of last tax year and want to benefit from a better rate elsewhere? If I moved my £4k to my current account, then closed the old ISA and then opened another ISA elsewhere, is this the right procedure?

Not if you want to retain the tax free status of the interest on your £4k

I understand that I would have lost the remainder tax free allowance for the previous year and would then only be able to save £1.5k this tax year. Right?

No. Your understanding is wrong :eek: Once the tax year ends on 5th April, you lose any unused tax free allowance - in your example you lose forever the chance to save a further £1340 tax free. Once the new tax year starts, on 6th April, you can start to save another £5640 tax free. You can also retain the tax free status on your £4k. You can still move your £4k to a better rate, using the receiving provider's process. That way, by the end on this tax year, on 5th April 2013, you could have up to £9640 tax free savings :T Doing it your way, you could only have max of £5640

Venusflytrap

badger09 wrote: »

No. Your understanding is wrong :eek: Once the tax year ends on 5th April, you lose any unused tax free allowance - in your example you lose forever the chance to save a further £1340 tax free. Once the new tax year starts, on 6th April, you can start to save another £5640 tax free. You can also retain the tax free status on your £4k. You can still move your £4k to a better rate, using the receiving provider's process. That way, by the end on this tax year, on 5th April 2013, you could have up to £9640 tax free savings :T Doing it your way, you could only have max of £5640

So what you're saying is that it is always better to transfer from one ISA to another (using the ISA manager process) whether one has saved up to the tax free amount or not?

Alba_gu_brath

I called the Halifax to renew my HALIFAX fixed rate ISA,
I was then transerred though to Bank of Scotland, which has a lower Rate, than the Halifax,
It's because I stay in Scotland i was told,
So watch out, always ask which BANK you are speeking to.

Mr_K

Better still, avoid speaking to any of the numpties at all. They only give out duff or conflicting info and waste your time trying to flog you something you don't need.

Just use the Online form to transfer to a different product:-
http://www.halifax.co.uk/savings/accounts/cash-isas/ISAoptions/default.asp

Tesco_Tom

I completed the online form over a week ago; how do you know when the account has been re-designated?

greenjellybean

kevhenderson wrote: »

My bonus period is just coming to an end and I would therefore receive the measly interest rate of 0.25%. I rang Halifax and said that I wanted to stay with them , but not on an interest rate of 0.25%. They were very helpful and transferred my account to the ISA Saver Online, which has the same interest rate as I currently receive. I am very happy with this result.

Kev, was there a maximum you could transfer to the ISA Saver Online? I tried to transfer all my Halifax funds to the ISA account paying 3% in 2012 (apologies, I cant remember the names of the various accounts) but could only put in £6500. I am slightly worried that I have opened a NEW ISA with them but when I checked online it says it was a transfer and it was the account I was advised to transfer my money to by a Halifax member of staff. I intend to move the remainder of my Halifax money :eek:to the Nationwide who are paying 3.5% for 2012. Leaving £5k with the Halifax so I still qualify for their monthly draws. They got me!!