Transferring non-halifax ISA to Halifax fixed ISA

Legacy_user

Hi all.

I am in a bit of a dilemma.
I have a fixed rate ISA with Nationwide maturing towards the end of this month.

I am thinking about transferring the ISA to Halifax and their 3 year fix at 3%. However on Halifax's website, it appears that I have to open the ISA first (min £500 deposit) and then I can do the transfer. Does anyone know if this is the case? Ideally I don't want to do this as once I have put £500 of new money in I won't be able to fund another ISA this tax year (in fact won't be able to add any more money as you can't drip feed a fixed rate product).

On a second thought, slightly off point, I also have an offset mortgage (rate 3.59%). What are readers' thoughts on forgetting about ISAs and putting all my efforts into offsetting the mortgage as much as possible bearing in mind that you can't currently get 3.59% in an ISA?

opinions4u

I'd bang it in the offset.

But you can open a Halifax FRISA with a nil balance and transfer in from Nationwide within 60 days.

System

opinions4u wrote: »

I'd bang it in the offset.

But you can open a Halifax FRISA with a nil balance and transfer in from Nationwide within 60 days.

Thanks - will now give it some thought.

I've always had it drummed into me from my parents to make use of my ISA allowance (and still do). But the way things are at the minute it seems far more rational to use the offset account.

brewerdave

teepee83, I've got a Halifax 3 yr fiix ISA open with a nil balance, just waiting for transfer from AA Savings to complete.

hufc2002

I have also opened this Fixed Rate ISA with Halifax but my question is different.

I am not transferring an ISA into it but instead I want to add £5760 as new money.

According to their website and the email I recieved when I opened the account, I can only add new money via Standing Order. As this will be a one off deposit, can I not add this money via a Faster Payment Service from my Bank (Lloyds TSB)?

AlwaysLearnin

teepee83 wrote: »

I've always had it drummed into me from my parents to make use of my ISA allowance (and still do). But the way things are at the minute it seems far more rational to use the offset account.

I know what you're saying, but the days of cash ISA's giving predominantly the best rates are gone. Putting it in your offset is essentially giving you a 3.59% tax free instant access savings rate - try beating that in the current climate. You can always look at ISA's throughout the year, including next Marchs "ISA season", to use the 2013/14 allowance if rates get better and/or it suits your circumstances at that time.

hufc2002 wrote: »

According to their website and the email I recieved when I opened the account, I can only add new money via Standing Order. As this will be a one off deposit, can I not add this money via a Faster Payment Service from my Bank (Lloyds TSB)?

Hijacking the thread a little there, but per the "Useful Info" tab on the below link, you should have other funding options:

http://www.halifax.co.uk/savings/accounts/cash-isas/isa-saver-fixed/

Sensory

I'd only use up the ISA allowance on April 5th 2014.

System

Sensory wrote: »

I'd only use up the ISA allowance on April 5th 2014.

Probably right. Think I will bash away at the offset for now and if rates take a turn for the better, use the ISA allowance.