Wondering about initial funding of possible new Halifax 1 Year fixed Cash ISA.

Mum161111

I have a fixed savings account (not with Halifax) which is not an ISA, and it matures on 26 April.  Withdrawals are not allowed until it matures.  I hope to put the proceeds into a new fixed ISA for the year 2025 to 2026. 

I did telephone Halifax to ask but I don't think I was good enough at explaining what I meant and it came across as if I wanted to transfer funds from an existing ISA.  The lady said I would have 10 days to fund the new ISA but I was trying to explain that it was not from a maturing ISA.  The lady I spoke to was not sure and tried to put me through to their Savings Department but it was just about to close.

The Fixed one year ISA from Halifax sounds suitable apart from one thing.  It says it needs to be opened with a minimum deposit of £500.  I have a small amount in my Halifax Current Account which I would prefer to keep there and £400 in a Halifax everyday savings account which I would also like to keep there in case it is needed at short notice.  

I wonder, if allowed, I opened the new Fixed ISA on Thursday 3rd or Friday 4th April (during this tax year) would I be allowed to delay paying in the minimum £500 until 7th April?  By 7th April I could pay £500 into to the new ISA.  

My intention would be (if allowed) to pay in £500 on 7th April (hoping that the Account would be set up and open in advance with the fixed rate secured) but only fund it on 7th April followed by the proceeds of my maturing fixed non ISA savings account by the end of April?  Funds are allowed to be added up to 60 day from account opening but I would not have the £500 available until Monday 7th April then more "new money" at the end of April.

If anyone knows if what I have in mind would be allowed I would not 'phone Halifax again but could ahead and open the new ISA later this week.  Thank you.
 

JGB1955

It may be that the 'minimum' deposit can be fully paid by your transferred ISA?

masonic

This should be ok, but why not open it online on 6th April? It is highly unlikely it will be pulled on a Saturday or Sunday.

Mum161111

Thanks JGB1955.  I would like the maturing ISA to stay with it's current provider and have a separate new ISA with the Halifax.

Mum161111

masonic said:

This should be ok, but why not open it online on 6th April? It is highly unlikely it will be pulled on a Saturday or Sunday.

Thanks very much masonic.  I suppose I am being a bit concerned in case the Halifax ISA fixed rate does change.  Maybe I am just being a bit anxious and I'll have my Pension paid into my current account on 7th April..

winkowinko

How much is in the fixed savings account which is due to mature on the 26th April?

I'm struggling to see any benefit in trying to open the ISA this tax year rather than just waiting until the 26th April and doing it then, unless of course, you have more than £20k maturing?

winkowinko

Mum161111 said:

Thanks JGB1955.  I would like the maturing ISA to stay with it's current provider and have a separate new ISA with the Halifax.

Your OP says it's a maturing savings account, NOT an ISA.

Mum161111

Thanks winkowinko.  I could pay £500 in, comfortably, on 7th April and add about £2000 from the non ISA maturing savings account on 26 April.  If I can add any more within the 60 days allowed from opening the Halifax Fixed Savings Account I would like to do that. 

I am sorry - I seem to be far from good at explaining this.  I have a maturing ISA account which I am planning to keep with its present provider.

Separately I have a non ISA savings account maturing on 26 April.  I would leave the maturing ISA with its present provider, hope to have the new Halifax ISA open and fund £500 on 7th April then, on 26th April add the proceeds from my non ISA maturing account to the new Halifax ISA.

I'm really sorry.  I am definitely less than articulate in trying to explain because, even the lady at The Halifix misunderstood - or rather I was not good enough at explaining what I meant.   Thank you all for your patience.

masonic

The risk is that the account will be closed because it wasn't funded by the end of the tax year. But I don't think Halifax do that, it is uncommon for a provider not to allow a newly opened account to cross over into the next tax year, subject to the normal funding window.

Mum161111

Thanks very much masonic.   I really do value the good information, given so freely, on MSE. 

 

I think I'll risk trying to open the new Halifax ISA on Friday afternoon 4th April and send the £500 early on Monday 7th April when I know my pension is in the bank to let me fund the £500 comfortably.

UPDATE:  6 p.m. 02 April 2025:  I opened the Halifax 1 Year Fixed Cash Isa this afternoon.  I have up to 60 days to pay new money into it and it is OK not to pay in until 6th April.  The ISA matures on 02 April 2025.

Thank you, again, for all your interest and answers.