Just opened a Halifax Saver Direct ISA...help!!!

Aegis

crazyshady wrote: »

It says ISA interest rates available at 5.25% AER/gross pa tax-free on a balance of £1 and you get the convenience of managing your account by phone or online.

That good or bad lol

Pretty terrible rate all in all... The market leaders are offering a full percent above that at 6.25% gross (variable), which is much better.

ascsbe

Talking of ISA's - yesterday in the telegraph there was an article saying that money was not necessarily safe in foreign banks as may not be covered by english legislation. I have recently transferred ISA's to ICESAVE and also have money in ICICI - does anyone know if this is covered by the English rule that £35000 is safe should the bank run into trouble. Thanks for any info

debbie42

ascsbe wrote: »

I have recently transferred ISA's to ICESAVE and also have money in ICICI - does anyone know if this is covered by the English rule that £35000 is safe should the bank run into trouble.

ICESAVE are certainly covered under the FSCS scheme to £35K, so your money is as safe there as with any other UK bank giving the same guarantee. There is an interesting thread on this on the parent forum.

crazyshady

Aegis wrote: »

Pretty terrible rate all in all... The market leaders are offering a full percent above that at 6.25% gross (variable), which is much better.

Hmm well i think ill stick with it for now.

mango850

i currently have a varibale account wiv halifax rate at 3.9% pretty poor thinkin of changin to fixed account 5.25% over 1 yr is there any disadvange wiv that

Mikeyorks

mango850 wrote: »

i currently have a varibale account wiv halifax rate at 3.9% pretty poor thinkin of changin to fixed account 5.25% over 1 yr is there any disadvange wiv that

Significant disadvantage ... 'cos they don't do one at that rate!;)

You need to move from their basic variable ISA to at least the Direct ISA that's linked to at post #1. That gives you 5.25% currently .. but it is variable, so it can change. Easy enough to switch ... you just go into Branch with your passbook and the change is instant.

If you go for the fixed rate (5.8% for one year .. at the moment) ... it's a minimum £3k (you can transfer in) but the amount and interest rate is fully fixed from the moment you set it up. If you want your money out during the year - you can do so ..... but it will really cost you in terms of penalty (6 months, I think) interest.

Read about it :-

http://www.halifax.co.uk/isas/taxfreesavings.asp

mango850

my mistake its 3.51%

mango850

at the moment i have £7k in my varible account so thinkin of transferrin it all to a fixed account over 1 or 2 yrs as i dnt think i will be touchin it will be to my advantage to have a fixed account over 4 yrs

missile

I suggest you transfer it to one of the better ISAs. If you are worried about banks failing, then you might like NS&I which are backed by HM Treasury. See http://www.nsandi.com/

crazyshady

Sorry for having to open this back up again guys its just one last little thing i need clarified.Today i logged onto my online account and on the ISA Saver account it says

ISA Saver Direct ENQUIRY ONLY SERVICE

Amount left to invest * £3,000.00Balance £0.00Current rate NIL


Now i thought with it being online i could just transfer the 3 grand into the savers account,but obviously thats not the case.So can anyone tell me how i do go about it?