Asked To Re-Activate Halifax ISA

drlabman

One of my existing fixed cash ISAs is with the Halifax - it's "matured" and become an ISA Saver Variable with a pathetic rate. I intend to transfer it out in due course. When I view it online it asks me to re-activate it because I haven't paid into it for a full tax year. As part of the re-activation process it has this check box at the end which says

I agree to open a Halifax cash ISA (Individual Savings Account) ("cash ISA") for the 2013/14 tax year, and for each subsequent year until further notice.

Firstly, I don't know if I have to re-activate it before it'll allow me to transfer out.

Secondly, can anyone explain what I'm letting myself in for here. I particularly don't like the "...and for each subsequent year until further notice".

Thanks.

Clever_with_finance

You only have to re activate if you are going to fund it. If you fail to fund an Isa for a given tax year an isa declaration is required but only if you intend to fund. Merely find a better rate and transfer the thing some where beta

drlabman

Cheers. It'll be winging its way to Santander on Monday if rumours are to be believed!

Clever_with_finance

Santander fix rate for 123 customers 2.3% and 2% without. Transfers accepted as well as 13/14 & 14/15 allowance. Instant access 1% surprisingly low but guess the 2 year fix theme being the best rate may appeal more to existing isa customers with the maturing major isa @ 4% + Rory 0.1% bonus from 2012.

itsanne

According to Moneybox today, new easy access rates will be unveiled next week. 2% or 2.3% for 123 account holders: http://www.bbc.co.uk/programmes/b03xcrzm