3% Halifax ISA?

Trunk_z

Hi guys,

Just a quick question. Well, I hope...

Logged in to my online Halifax account, wanted to check how much money I had since interest paying out over the weekend (£10.38 - better than nothing).

Anyway, the interest rate states that it is at 3% gross interest.

Having a look at the best buy ISA guide, it would appear to beat them?

Basically, if I put money into that ISA saving account (and thus choosing to use that ISA for the coming year), surely I will be getting the 3% interest?

Or does it show that rate which I was getting?

Any help would be much appreciated!

Regards,
Chris

penny_pincha

If you are a non tax payer and you have completed an R85 form you will receive the gross interest rate. If you are a tax payer at 20% then this will be deducted from you so at 3% gross, you will get 2.4% net. (If you pay a high rate tax then you can work out the deduction accordingly too.)

innovate

It sounds as if you have a fixed term ISA that you started before the current tax year. Therefore it is unlikely that you can make further deposits into it.

Best to check the T&Cs.

innovate

penny_pincha wrote: »

If you are a non tax payer and you have completed an R85 form you will receive the gross interest rate. If you are a tax payer at 20% then this will be deducted from you so at 3% gross, you will get 2.4% net. (If you pay a high rate tax then you can work out the deduction accordingly too.)

I thought the OP was talking about an ISA, probably a fixed term one.

Don't think Halifax had a non-ISA account @ 3% AER in many moons now.

penny_pincha

Trunk_z wrote: »

Logged in to my online Halifax account, wanted to check how much money I had since interest paying out over the weekend (£10.38 - better than nothing).

Anyway, the interest rate states that it is at 3% gross interest.

Sorry, just read your OP again and not sure whether the on-line Halifax account you logged into was an ISA or not I supposed it wasn't on the first read through.If the account of which you speak is an ISA you will receive the 3% gross as ISAs are tax free.

MisterMotivated

I assume you opened the ISA last tax year. If so, what date was it on? I believe it's normally kept at the same rate for a year (though not technically a fixed rate account). I had a 3% ISA Saver Online with Halifax which paid 3% gross even after 6 April. However, as I opened it on 13 April 2012, the rate dropped to 0.25% at the weekend there. You'll still be getting 3% for now, but for how much longer depends on how long it's been open.

Trunk_z

Thanks for the suggestions!

Having waited, it's now back down to 0.25%. Whilst bad interest wise, it's no longer worrying me!

Thanks for all of your help!

Chris

opinions4u

If you want to switch it over to another Halifax ISA you an do that online.

http://www.halifax.co.uk/savings/transfer-isa/transfer-existing-variable-isa/

Anagran

I have a similar issue, in my Isa online account the interest rate is still stated at 3.5%. It was a fixed rate account but the fixed period ended months ago. How do I know if this is actually the rate I am getting? Do they have to honour it if it is a mistake on my online account? Also, if it is a mistake and it is not noticed until after interest is paid, can they take the interest back again?