Halifax ISA Upgrade

compbren

I current have the Instant ISA Saver with Halifax which pays a paltry 0.25% interest. I have about £14,000 in this account but have seen on the Halifax Website that I can upgrade to the Online ISA with a slightly better 1.0% (and 0.80% 12 month bonus).

As the Tax year is almost ended, i'm just wondering as to whether I should upgrade now or wait until after April 5th. Will I still get the 0.25% interest if I upgrade? Also, does upgrading the account mean that you are using up your £15k allowance, therefore i'll only be able to put £1,000 in by the 5th of April? It takes 5 working days for the upgrade.

Thanks.

eskbanker

compbren wrote: »

As the Tax year is almost ended, i'm just wondering as to whether I should upgrade now or wait until after April 5th. Will I still get the 0.25% interest if I upgrade?

Yes, interest will be earned daily.

compbren wrote: »

Also, does upgrading the account mean that you are using up your £15k allowance, therefore i'll only be able to put £1,000 in by the 5th of April?

Upgrading/transferring the account has no effect on the annual allowance for new contributions.

jimjames

Are you aware you can get 3% with Santander? It's not an ISA but way better than the 1% you're quoting.

frank777

Maybe a Halifax Prize Draw Fan -TWO ADDITIONAL TOP PRIZES OF £500,000 IN THE JUNE 2015 SUPERDRAW Hold £5,000 in qualifying accounts for the whole of the calendar month before a draw, and meet our other qualifying conditions

To renew existing ISA use this LINK -

http://www.halifax.co.uk/isas/options-for-existing-customers/convert/

takes up to 5 working days and the new interest will apply from that point