Rubbish Halifax funds - what to do?

jimjames

As mentioned above unless you have another £9000 that you want to put in before April next year there is no need to transfer and you can just close the Halifax and open a new ISA with HSBC or another provideer of your choice.

The annual limit is over £11k and you have £1350 so plenty of spare capacity to just do as a new investment.

Any

There is nothing strange with not being able to transfer existing ISAs.. provider does not have to accept transfers in.

But as JimJames said, if you have only £1350 and you are planning to change funds anyway why not just withdraw and open brand new ISA?

The only drawback is that you will loose that of your annual allowance.. but were you planning to put more then £10k into it before April 2013 anyway?

Consumerist

The issue, as I understand it, is that the underlying fund is not performing well so why not sell the fund within the ISA and then re-invest the proceeds. Since you are choosing the investments in the ISA it shouldn't really matter who the manager is except in regard to their charges. If Halifax charges are comparatively high then transfer the ISA to a cheaper manager and buy your new investments within the same (transferred) ISA. This way you won't lose any of the ISA allowance for the current year.

The point is that if you want to change funds before the end of the fixed term then you will have to pay the Halifax exit charge either now or later. The question for you to decide on is whether any replacement investments are likely to recoup the cost of the early exit from the Halifax fund and, in addition, perform better than Halifax does over the remainder of their fixed term.