Halifax one year fixed isa interest rate

Keepbusymum

Hi

Can anyone tell me what the interest rate is for monthly paid interest on the 1 year fixed online ISA. It pays 1.6% on yearly paid interest

Thanks

colsten

They haven't publish a gross rate, but the AER is 1.6% whether the interest is paid monthly or annually.

How much are you planning to put into this account? What is your tax rate? Have you maxed all the interest paying current accounts?

Keepbusymum

Hi Colsten

I thought it was 1.60% gross being as it was an ISA. I have the max in the Santander 123 account.
My 18 month fixed ISA (2%) matures the beginning of October and I was looking at transferring the money to the 1 year fixed but with monthly paid interest.

YorkshireBoy

It's 1.59% gross p.a. if paid monthly.

But unless you're having the interest paid away (are you?) it's irrelevant as it'll still compound to 1.6% AER if left in the account.

Keepbusymum

The interest would remain in the the account but I liked the idea of monthly paid interest the same as the Santander 123 account.

Do you know if I am allowed to add any funds to this 18 month fixed ISA when it matures if I have opened a new ISA in the current year with Santander

darkidoe

Keepbusymum wrote: »

The interest would remain in the the account but I liked the idea of monthly paid interest the same as the Santander 123 account.

Do you know if I am allowed to add any funds to this 18 month fixed ISA when it matures if I have opened a new ISA in the current year with Santander

You're only allowed to open 1 cash ISA per year. So if you have opened a new ISA this year and put cash into it your not allowed to open another one. It would be best to transfer ur maturing fixed rate ISA to the Santander ISA.

Archi_Bald

darkidoe wrote: »

You're only allowed to open 1 cash ISA per year. So if you have opened a new ISA this year and put cash into it your not allowed to open another one.

You can actually open as many cash ISA as you want, whenever you want to.

You can also transfer your cash ISA whenever you like (this may not make sense for fixed term ones, because of the penalties). When transferring current year ISAs, you must transfer all deposits you made in the current year.

What you can't do is subscribe (i.e. deposit new money) to more than on cash ISA per tax year.

darkidoe

Archi_Bald wrote: »

You can actually open as many cash ISA as you want, whenever you want to.

You can also transfer your cash ISA whenever you like (this may not make sense for fixed term ones, because of the penalties). When transferring current year ISAs, you must transfer all deposits you made in the current year.

What you can't do is subscribe (i.e. deposit new money) to more than on cash ISA per tax year.

So if I follow you correctly, and say I have a cash ISA from the previous tax year and I have deposited a small sum into the cash ISA this tax year. After a few months, I can transfer the cash ISA to another provider and continue to pay in the remaining ISA allowance for this tax year? Complicated stuff but useful to know. :shocked: