Halifax 5 year fixed ISA

Options
rhionm
rhionm Posts: 246 Forumite
in ISAs & tax-free savings
My girlfriend took out a Halifax 5 year fixed ISA in 2004 which matures in 2009 (£3000 in it). She has now decided she want's to get on the property ladder but need's this money as deposit! Im sure she will be able to gain access to the money from Halifax (please correct me if im wrong!!) but would she loose all the interest she has gained on it in the 2 years?

Thanks people!

Comments

  • grumbler
    grumbler Posts: 58,629 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Options
    rhionm wrote:
    ...would she loose all the interest she has gained on it in the 2 years?
    For current Halifax fixed-rate ISAs
    early closure or transferring out to another ISA manager is allowed with loss of interest
    They don't specify on the website whether all interest is lost or only part of it. I suspect that it is all interest. This information should be included in your gf's original paperwork.
  • alared
    alared Posts: 4,029 Forumite
    Options
    Yes she will be able to access it but with a heavy penalty which I`m sure Halifax will tell you about.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Options
    I'm thinking of fixing for a year and when I asked the same question of Halifax yesterday, they told me the 'penalty' was a maximum of 180 days interest.
  • Mikeyorks
    Mikeyorks Posts: 10,369 Forumite
    First Anniversary Combo Breaker
    Options
    rhionm wrote:
    Im sure she will be able to gain access to the money from Halifax (please correct me if im wrong!!) but would she loose all the interest she has gained on it in the 2 years?Thanks people!

    Yes - she can close the account. No - she won't lose all the interest. But there will be a penalty of 180 days (Halifax don't appear to have changed that since '99) loss of interest at the applicable fixed rate, which was 5.7% towards the end of 2004-05. But can't confirm the fixed rate was that throughout 2004-05.
    If you want to test the depth of the water .........don't use both feet !
  • dealseeker
    dealseeker Posts: 228 Forumite
    Options
    Mikeyorks wrote:
    Yes - she can close the account. No - she won't lose all the interest. But there will be a penalty of 180 days (Halifax don't appear to have changed that since '99) loss of interest at the applicable fixed rate, which was 5.7% towards the end of 2004-05. But can't confirm the fixed rate was that throughout 2004-05.
    Was 5.8% earlier that year. :money:
    Since light travels faster than sound, some people appear bright until you hear them speak. :p
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards