Cash ISAs: The Best Currently Available List

footboy

Kazza242 wrote: »

[*]Halifax ISA Direct Reward - 3.00%*

Important: After 12 months the Halifax ISA Saver Direct rate and conditions will apply to this account. A balance of at least £1 must be maintained for the 12 month reward period, otherwise the Halifax ISA Saver Direct variable interest rate and conditions will apply.

So does this mean if one transfers out mid year Halifax will only give you the Saver Direct rate (currently 0.5%) up to that point?

Surely that amounts to a Transfer Out Penalty where the MSE page says there isn't one?

And how many people will be stung opening 2012/13 ISAs when transferring Halifax money just a bit too early (maybe even a day early) to find their expected interest plummet to 0.5%?

Are these assumptions correct? If so I think for peace of mind it's going to be Nationwide this year!

Thanks
Steve

10_66

footboy wrote: »

So does this mean if one transfers out mid year Halifax will only give you the Saver Direct rate (currently 0.5%) up to that point?...

Only if you close the account completely (ie transfer all of the funds), but not if you leave £1 in for the 12 month period.

Baldur

10_66 wrote: »

Only if you close the account completely (ie transfer all of the funds), but not if you leave £1 in for the 12 month period.

Unfortunately, if the ISA only contains current tax year subscriptions, you would be unable to leave the £1 in the Reward a/c and transfer the balance to a different provider as, to comply with ISA rules, current tax year funds must be transferred in full - no partial transfers permitted.

rb10

footboy wrote: »

So does this mean if one transfers out mid year Halifax will only give you the Saver Direct rate (currently 0.5%) up to that point?

No, it does not.

I agree that the quote that you have given is slightly ambiguous here, but the T&Cs of the account make it clear that the ISA Saver Direct rate (0.5%) only applies from the point at which the balance of the account falls below £1.

Thus, if you transfer out after six months, you still get six months' worth of interest at 3%.

Note that if doing this, you will lose the bonus 0.2% if you have a bank account, as that extra bit is dependent on you keeping the account open for a full year.

10_66

10_66 wrote: »

Only if you close the account completely (ie transfer all of the funds), but not if you leave £1 in for the 12 month period.

Baldur wrote: »

Unfortunately, if the ISA only contains current tax year subscriptions, you would be unable to leave the £1 in the Reward a/c and transfer the balance to a different provider as, to comply with ISA rules, current tax year funds must be transferred in full - no partial transfers permitted.

Yes, sorry I should have made my post clearer. I was referring to previous years' subscriptions (as we're so close to the new finanacial year).

blueberrypie

As this has fallen off the front page, and I'm sure there will be people looking for it tonight/tomorrow, I'm bumping it again.

frivolous_fay

Is it worth mentioning that Nottingham's highly tempting 5% rate is only available in branch? I was all excited until I found my nearest branch is 106 miles away

Unless I'm missing some fabulous loophole!

Thanks for your continuing work Kazza.

archery

yes i was tempted also but 88 miles to nearest branch:mad:

harz99

BM were still taking applications for the 5 year/5% fix 5 hours ago (1800) as my wife and I have just put ours in online and been accepted.

Wobblydeb

Just a note to say there is 3.35% easy access available at the AA. No notice withdrawals but doesn't allow transfers in.