Halifax Help To Buy Isa - quick question

Westie983

No mention of rate dropping yet, still remaining at 4% for those customers that have that rate, (existing customers before rate dropped).

If I hear about it changing I will update, but at the moment no change to rate.

Lingua

I went into my local Halifax branch on the day I posted here to ask about the rate on my HtB ISA, and the lady there informed me the rate would drop after one year. She didn't know at first and so went to speak to one of the more senior members of staff. Knew that 4% wouldn't escape their beady eyes!

PeacefulWaters

Lingua wrote: »

I went into my local Halifax branch on the day I posted here to ask about the rate on my HtB ISA, and the lady there informed me the rate would drop after one year. She didn't know at first and so went to speak to one of the more senior members of staff. Knew that 4% wouldn't escape their beady eyes!

The rate doesn't change after 12 months.

It changes after they give you appropriate notice. In the case of an ISA that's just 14 days but LBG have a two month policy so you'll get two months notice of any reduction.

Westie983

Lingua wrote: »

I went into my local Halifax branch on the day I posted here to ask about the rate on my HtB ISA, and the lady there informed me the rate would drop after one year. She didn't know at first and so went to speak to one of the more senior members of staff. Knew that 4% wouldn't escape their beady eyes!

Like I say there is no mention of this on internal systems, or on the website, so can only assume that the 'senior' member of staff just made it up or made an presumption due to the current market.

As mentioned on another post, savers need to have at least 30 days notice of any rate change, so there will be letters sent if rate is changed, or indeed any changes to the T&C's and at the time of opening the account the rate was 4% that is what you are getting unless you are notified otherwise, (of course the rate is variable, so could drop)

My suspicions are if Halfax were planing to do this they would have dropped everyone to 3% when the new issue was launched, just like Kent reliance did with their regular saver.

I will keep you posted if I read or hear any different, just like I did when i posted the rate was due drop, and any applications needed to be done before the new H2B was launched.

Westie983