Fixed rate Halifax ISA Saver

SuperPlay

I am looking to consolodate my ISAs into a single account. I have seen the "Fixed rate Halifax ISA Saver"

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

Howver I am a confused as to if I can Transfer 6.5kish from 2 exsisting ISAs and the 08/09 contribution of £3600 in Cash when I open the account. Can someone clarify?

Details from the site state:

* Open from £500 - this can come from your current tax year subscription and/or transfers from previous tax years' Cash ISA savings with other providers.

*Only one deposit on account opening - No additional deposits or withdrawals

*If you are currently with another provider and would like to move your savings, we'll help you transfer your ISA.

Its the second point that is confusing me as it seems to contridict points 1 and 3.

Cheers

10_66

You can contribute this year's ISA allowance and transfer previous years' ISA's into the fixed rate ISA. I think, from memory, someone mentioned that if you're transferring several ISA's into the Halifax fixed rate, Halifax arrange for the previous years' ISA's to be transferred into one of their "easy access" ISA's first along with this year's allowance, and then when all is accumulated they transfer the lot into the fixed rate ISA.

Mikeyorks

Yes - you can open this product with the combined £10k'ish, as you mention. Procedure to combine it is as previous post.

smash

What's the general opinion on this ISA? I'm thinking that 6.2% fixed for 4 years will be good especially if rates start dropping. Obviously it doesn't pay quite as well as the top ISAs at the moment (6.5%), but in the long term?

macca64

Depends if you will need access to the money in the 4 year period? If not it is the best 4 year ISA. Lloyds do a 1 year fix at 6.5% if you have over £9k.

There are also 2 and 3 year fixes with Nationwide and Leeds BS at 6.15% and 6.2% (I think).

smash

I tend to leave any tax-free savings to get the full benefit, so leaving it for 4 years will be OK. Seems to suit my circumstances.