halifax Isa

marc5180

Hi all, i'm looking at switching from my halifax isa which pays me 5.25% to the new 4 year fixed rate at 6.2%.
My questions are:

Come April the 6th 2008 i will be adding the £3600 to my isa but am i allowed to add to it the following 3 years (april 2009, 2010, 2011). I have been told that once i open it i cant add any more to it which doesn't seem right but i thought i'd better check.

Secondly if if i decide to switch isa's next year (april2009) will i incur any penalties or will i have to stay in for the full 4 years?

RocketMan

You can only make a deposit in this account when you open it, this could come from previous years allowance or new money, like the nationwide it may allow both.

Youre money will then sit there for the next 4 years at the rate of 6.2%, you are not allowed to make withdrawls, I assume this means you have to close the account if you want the money.

You wil be able to open other ISA's for the tax years of 09,10, and 11.

marc5180

So am i allowed to add to it the following 3 years?

marc5180

Or can i only add to it when i first open the isa?

RocketMan

You will only be able to add to the Halifax fixed rate ISA when you open it.

You will have to invest youre future years allowance in other ISA's

Mikeyorks

It's a 4 year fixed rate ......... so it's reasonable to assume you have to stay in the 4 years? You can get out earlier - but it will cost you 180 days interest.

And whoever told you that you can't add funds other than at the time you open it (transfer in / new cash or both) .... was quite right.

It's fairly clear on their webpage?

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