Halifax ISA Saver Online

fordmanchester

Hi

I've never had an ISA before as I've never had any spare cash to save until now.

I have around £500 - £600 to put somewhere and I was thinking of the Halifax ISA Saver Online which is offering 3% interest including a bonus of 2.75% fixed for a year.

Could someone please clarify 2 things for me:

1) Could I put my money in this account and leave it alone for the year without doing anything else... or is this particular account designed for people who will set up a standing order and keep paying in regular amounts? I've read the information on the Halifax website but I'm still not quite clear on that.

2) If there was some kind of emergency say in 6 months time and I had to withdraw my money and close the account, would I still be entitled to the 3% interest or would that be invalidated because I hadn't kept the account open for a full year.

Thanks in advance.

fordmanchester

McKneff

1. Yes you can, you can also add to it in cash or set up a SO to put in a monthly amount. It's a cash ISA so quite flexible.

2. Yes you can, best thing to do though is maybe leave £1 in it
You would get interest right up to the day you took the money out so there are no penalties. You can take it all out, you dont have to close it, just leave a nil balance.

You only get penalised if yo take money out of an ISA if you take it out of a fixed rate ISA. Fixed for 1 year, or 2 etch.

I have a 2 year fixed which I cant touch

And an online one like yours which I just pay into but take money out if I need some for say car insurance etc.

ticktack_2

McKneff wrote: »

2. Yes you can, best thing to do though is maybe leave £1 in it

Why?

You would get interest right up to the day you took the money out so there are no penalties.

Except that it reduces the amount you can put into an ISA during the tax year. But it sounds like that won't affect the OP if he doesn't expect to be putting anymore in.

McKneff

Its just a 'me' thing, i know Ive got one up and running.
The op can please themselves, I did point out the option.

Why do you need to know

Reading between the lines I got the impression that the OP wouldnt be putting the full amount in over the year anyway

ticktack_2

McKneff wrote: »

Because I said so.

Why do you need to know.

Because I'd like to know what the advantage is? Why bite my head off?

McKneff

ticktack wrote: »

Because I'd like to know what the advantage is? Why bite my head off?

I did delete some of my post before you posted because I thought someone might take it the wrong way, it was said tongue in cheek, I should have put a smiley next to it, sorry,
would you like to go back and reread it now. No offence is intended.

fordmanchester

Thank you both for your help.