Halifax cash ISA transfer procedure

david78

Does anyone know what their exact procedure is to transfer a cash ISA to them? There is already a basic thread on this somewhere else but it does not specifically say what the process is.

I have applied by telephone to open their fixed rate account (the 4 year one at 6.2%), stating that I wanted to fund the account by transfer from my NS&I cash ISA. (the "ISA Saver Direct" account).

My NS&I cash ISA contains savings from two previous years' cash ISAs (formerly "Mini cash ISAs") plus savings made this tax year of £3600 (plus interest earned). I have already topped up my NS&I account to use my maximum cash ISA allowance this year as I won't be able to make additional payments to the fixed rate account once its opened and funded.

The lady on the telephone took some details (name, address, NI number) so I think she was opening the account over the 'phone (but I'm not really sure -- she could have just been asking "security" questions to check who I am). She said I should get two forms in the post to complete:

(1) a transfer form I complete to authorise NS&I to move the cash ISA to a Halifax "ISA Saver" variable-rate account, and

(2) a re-designation form that I use to change the "ISA Saver" variable-rate account to a fixed-rate account.

However, all I've been sent is a form to sign to accept the T&Cs for an "ISA Saver Direct" account (with a variable interest rate). Do I sign this and send it back? Assuming I get the other two forms, do I need to complete the transfer form first, then wait until the transfer is complete before send in the re-designation form, or do I just complete them both and send them back together?

I rang the Halifax to try to get answers but I couldn't speak to the person who set up my account transfer. The people I did speak too were unsure of the procedure.

David.

Mikeyorks

Can't help with the entity of it (I've opened several - but never with transfers). But I do know they open a variable ISA first - then translate it into fixed once the funds are received.

So I would send back the document you have. Then send back both the other documents once you receive them (but I would attempt to try to get back to the initial contact if no docs in the next few days ..... as nothing much can happen without the transfer document).

This doesn't really throw much light? :-
http://www.halifax.co.uk/isas/transferringyourisa.asp

.... as it implies it's 'paperless'! But Halifax e.g. will only set up an R85 to get gross interest in that way - they just take details on the 'phone and then write to you telling you what you've signed up to! So - I would check there are other documents en route?

10_66

I transfered my Abbey ISA to them in January, but did so at a branch. There seemed to be more forms to sign than the usual forms involved with transferring an ISA. I didn't feel very confident with the process, it was a bit hotch-potch, but I have to say it all worked out eventually. I would assume you send all the forms in together.

regularsaver1

I didnt think that you could do an isa transfer from NS&I?? you'll need to check this

An Isa would have needed to be opened as varialbe in order to get an account number, and then you will need to sign an authority form for the ISA transfer (as a copy is sent to donor bank), which will come through the post separately. To be honest, in the branch its all done the samer day and the branch send the forms there and then to the Transfer in Team, asking them to redesignate to the fixed rate once the funds have been received by the donor bank.

The donor bank have 30 days to send the funds over.

Mikeyorks

regularsaver1 wrote: »

I didnt think that you could do an isa transfer from NS&I?? you'll need to check this

Oh but you can . It's the other way round you can't do it (to their Direct ISA).

david78

Thanks for the replies.

I have signed and sent them back the application form (slightly concerned I may now have opened two ISAs this year). I have not received the "transfer in" or "account re-designation" forms yet. I will give it until Monday, and chase them up if nothing has arrived by then.

I intend to send both forms in together (assuming I receive them together) with a covering letter explaining that the account should be re-designated to a fixed rate (keeping same account number) once the transfer has completed.

David

maple41

Transfered an ISA to the Halifax 2 years ago and had exactly the same problems. The catch is they want to open a variable rate ISA so that when the funds are recieved you can then "fix" it so that they don't /can't fix the rate on the day you open the account and ask for them to process the transfer. The rate may have gone down by the time the transfer goes through in the current climate. Sneaky or what?
The branch staff don't seem to know what to do either.

regularsaver1

david78 wrote: »

Thanks for the replies.

I have signed and sent them back the application form (slightly concerned I may now have opened two ISAs this year). I have not received the "transfer in" or "account re-designation" forms yet. I will give it until Monday, and chase them up if nothing has arrived by then.

I intend to send both forms in together (assuming I receive them together) with a covering letter explaining that the account should be re-designated to a fixed rate (keeping same account number) once the transfer has completed.

David

You won't have funded 2 isa's this year if you don't fund this isa and simply transfer in. If you don't get the forms by nexdt week, pop to branch so they can complete them. Account redesignation form does not exist anymore, so simply put it in writing with your transfer authority form

regularsaver1

maple41 wrote: »

Transfered an ISA to the Halifax 2 years ago and had exactly the same problems. The catch is they want to open a variable rate ISA so that when the funds are recieved you can then "fix" it so that they don't /can't fix the rate on the day you open the account and ask for them to process the transfer. The rate may have gone down by the time the transfer goes through in the current climate. Sneaky or what?
The branch staff don't seem to know what to do either.

An ISA has to be opened to create a roll number/sort code account number to receive the funds.

You can't add to a fixed rate ISA, hence why it has to be opened as variable first. In branch customers sign the transfer authority form and on the varibale application the adviser writes for this to be transfered to a fixed rate upon receipt of funds and the customer signs - this is honoured at that rate that the customer has signed for - and the interest is backdated to the date it leaves the donor bank.
There is a specialist transfer in team where these forms are sent to by the branch, who then contact the donor bank.
I guess the process has been tightened up since 2 years ago, which I agree with, in thr 6 years I have been there.

david78

I managed to speak to a member of ISA transfer team. Apparently, there is only one "transfer in" form to fill in now with a box to tick to say its a fixed rate account (this seems to agree with what regularsaver1 is saying).

The form was sent out Friday so I might receive it in todays post.

regularsaver1

Thanks david78 - i hope I'm right about something lol