Halifax ISA Maturity Instructions

anotherginger

Does anyone know how the Maturity Instructions work?

http://www.halifax.co.uk/savings/maturity-instructions/

I filled in the first form expecting to be able to choose which account I wanted to use after the maturity of my ISA.

Will they contact me to find out which account I want my next ISA to be? Or will they just put it in the equivalent of the ISA I already have?

innovate

You do not have to stick with Hailfax with your ISA

Check out the best available cash ISAs thread. I doubt Halifax will figure amongst your best options.

You may do a lot better transferring your ISA. Check the main site article for more.

anotherginger

I currently have an offer accepted on a property so I might need access to the money in the near future, probably around the time that my ISA direct reward matures. I don't want the money to be missing in the ether for a few days, and then have to go through getting online banking set up etc...

I diary date the maturity of my ISA each year, and usually try to find the highest interest, but this is the first occasion where I'll need it, and I don't want it to revert to their ISA Saver Direct which is at 0.5%.

Anyone have any idea if Halifax contact you to ask what specific account you want?

innovate

anotherginger wrote: »

Anyone have any idea if Halifax contact you to ask what specific account you want?

Other than by accident, any bank is unlikely to tell you what the best available alternative is. All they have to tell you, according to their T&Cs, is the interest rate of the account they migrate you to. You will have to check what Halifax suggested, by it is rarely the best Halifax rate, and most certainly not the best industry rate, since Halifax don't appear to ever to top the league.

If you are likely to have very near term needs for your funds, interest rates of Halifax or any other bank are most likely completely irrelevant.You'd get a few pennies from anywhere, at max - no point in moving your funds for better interest rates.

If you don't need your ISA funds in the near or medium term, opening a new ISA and asking the new ISA provider for a transfer might be a good idea. See the previous link for the best available rates.

anotherginger

Thanks for your replies, but I sense you don't get what I'm asking.

My question is specifically in relation to what Halifax do when this form is completed - http://www.halifax.co.uk/savings/maturity-instructions/

I already know what my ISA will become on maturity of the account, and I already know which account I would prefer my ISA to become. I don't expect the bank to tell me what the best alternative is, I've found it.

I have had a variety of ISA's over the past decade and have never had a problem in choosing the best account for me, whether it be short, medium or long term.

Again, in relation to my original question, when the online form is filled out, what action do Halifax take?

bryanb

Halifax look good for fixed ISAs today. Can't really better it in a high street bank.

bryanb

When you fill in maturity instruction form they will do as you've asked on the form

innovate

anotherginger wrote: »

Thanks for your replies, but I sense you don't get what I'm asking.

What is your question?


If you want to know what action Halifax will take [based on whatever your request is], you will have to ask them.

innovate

bryanb wrote: »

Halifax look good for fixed ISAs today. Can't really better it in a high street bank.

Are you sure????????

bryanb

innovate wrote: »

Are you sure????????

They are offering 4-4.5 % based on how long you fix for. Equalled by Santander but I'm prejudiced against them.

innovate

bryanb wrote: »

Halifax look good for fixed ISAs today. Can't really better it in a high street bank.

Sorry, meant to do a John MCenroy - ARE YOU SEROIUS???


https://forums.moneysavingexpert.com/discussion/401374