Halifax Cash ISA now expired and in a an Instant ISA Saver account

TriumphStag01

My 2 year Halifax Cash ISA came to an end and Halifax have moved funds automatically to an ISA Save account a couple of weeks ago.
My intention was to take out another ISA for 2025 but now wondering if being my old ISA has lapsed, I can no longer use the previous allowance in addition to my allowance for 2025. As an example, £20k of old plus £20k allowance for 2025. Have I left it too late  

MeteredOut

You're fine. You can still open a new ISA (or add more funds to the ISA Save Account) to the limit of £20K this tax year. The yearly limitation is on new funds, not the number of ISAs.

Halifax are generally not top the league tables for interest rates in their ISA, so you might want to look at the other posts on this board and open an new ISA with another provider. You could also transfer your existing ISA to that new provider.

TriumphStag01

Thanks for quick reply. Stupid question, but with it still in that default low interest account, does that still qualify as an ISA fund to move elsewhere in addition to setting a separate brand new one up? Sorry if this is what you are implying. Thanks

MeteredOut

TriumphStag01 said:

Thanks for quick reply. Stupid question, but with it still in that default low interest account, does that still qualify as an ISA fund to move elsewhere in addition to setting a separate brand new one up? Sorry if this is what you are implying. Thanks

Yes, so long as it is in an ISA account, you can transfer it to another ISA provider. And, if the Halifax ISA Save Account is low interest, you SHOULD transfer it. You should be aiming for 4.5%+ interest.

Do not move funds out of the Halifax ISA (unless it is flexible, but it probably is not) - make sure you do it via a transfer initiated from your new ISA provider.

According to one poster on these boards, you could also raise a complaint against with the Financial Ombudsman Service if Halifax did mature your funds into a low interest ISA rather than a higher one, if they have a higher one, but that's yet to be proven.

TriumphStag01

Thanks for your help, very interesting  

MeteredOut

TriumphStag01 said:

Thanks for your help, very interesting  

Have a read of this: https://www.moneysavingexpert.com/savings/best-cash-isa/

35har1old

MeteredOut said:

TriumphStag01 said:

Thanks for quick reply. Stupid question, but with it still in that default low interest account, does that still qualify as an ISA fund to move elsewhere in addition to setting a separate brand new one up? Sorry if this is what you are implying. Thanks

Yes, so long as it is in an ISA account, you can transfer it to another ISA provider. And, if the Halifax ISA Save Account is low interest, you SHOULD transfer it. You should be aiming for 4.5%+ interest.

Do not move funds out of the Halifax ISA (unless it is flexible, but it probably is not) - make sure you do it via a transfer initiated from your new ISA provider.

According to one poster on these boards, you could also raise a complaint against with the Financial Ombudsman Service if Halifax did mature your funds into a low interest ISA rather than a higher one, if they have a higher one, but that's yet to be proven.

Any other ISA likely would be a fix term.also it is likely that what would happen at maturity would have been detailed on application Usally with 14 days cooling of period provided
Before you take it to the Ombudsman you need to have exhausted the Halifax complaints procedure