Bonus for a year

Pomdren

Hi,

I'm thinking of transferring my Halifax ISA, but when I logged in expecting to see my current interest below 1% I was surprised to see it was still 3%. If I remember rightly I got a letter in March saying my interest would be dropping, so what's happened?

Does the "bonus for a year" mean I get a bonus for 12 months after I sign up (I signed up late May last year) or is it the tax year? I'd assumed the latter, but I can't find anywhere expressly stating one way or the other.

Or am I receiving the same 3% interest as they're currently advertising for this year?

If I'll be keeping the 3% interest for the entire new tax year I'm not sure it's worth the hassle of switching to Santander just to get an extra £55 interest, so if anyone could help me out that'd be great.

Thank you!

xylophone

if it is 12 months from the date of account opening as here http://www.halifax.co.uk/savings/accounts/cash-isas/isa-saver-online/
your rate drops on the anniversary of the account opening.
You can convert to another Halifax ISA at this point? http://www.halifax.co.uk/savings/accounts/cash-isas/ISAoptions/

Macca83_2

If you changed to an isa direct reward in may of last year expect the isa rate to drop to 0.1% next month

it should have the exact date on your letter.

Pomdren

Thank you, that's exactly what I wanted to know. I don't know why I didn't see it myself!

I'm away from home for the next two months and obviously don't want to use this temporary address to set up a new account. Is it at all possible to set up a new account without having to sign etc. things that are posted to you? If I sign up for the same Halifax account (I presume this would be hassle free since they already know everything) would I then be able to sign up and transfer my money over to Santander? Or should I just make do with missing a month's interest...

zzzLazyDaisy

Phone the Halifax, they can re-assign your ISA over the phone. They have some good rates at the moment, so you may find that there is no need to switch to another provider.

Dx

Macca83_2

They should hopefully be able to redesignate the account over the phone.

I used an automated service to do mine. Surprisingly easy to do. Entered my account details, they read out an abbreviated t&cs and sent me out a letter to confirm.

Can't find the number now for love nor money!