Halifax Knockout ISA – 6.2% AER for 4 years
Halifax have launched a ‘knockout fixed rate ISA that really packs a punch’ offering 6.2% AER for four years, and as with all ISA’s the interest will be tax free, the taxman grabs nothing! You have to use all of your cash allowance of £3000 and you can’t invest any more over the next 4 years, just sit back and watch the interest accumulate. You can take money out, but there’s a nasty sting in the tail – you’ll lose 180 days interest!
Halifax provide an easy switching service so you can move from your current ISA provider, but check their terms and conditions as some companies will charge an administration fee for the privilege of dropping them. Sounds like a chance to make a few more £££, but that’s my opinion. Check www.halifax.co.uk/fixed for the full terms and conditions on the Halifax Fixed Rate ISA before committing to anything and if you need advice – get some.
You have to act reasonaly quickly as you have to get sorted by the end of the tax year – 5th April. Other ISAs are available from Halifax for shorter terms, but you’ll get a lower interest rate. Visit www.halifax.co.uk/fixed for more details. Check out some other ISA providers to make sure your getting the best deal
This review was posted on Wednesday, March 5th, 2008 and the offer details may have changed or ended since writing or updating. Check the company website for up to date information on offers.
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March 28th, 2008 at 8:45 am
I am very interested in switching my ISAs to the Halifax. I currently have them with Abbey to the value of 22,000 pounds. Could you email me with information as to how I could do this.
Many thanks
March 28th, 2008 at 9:18 am
Angela,
If you visit http://www.halifax.co.uk/fixed you’ll see a link to the Halifax ISA transfer service. From the looks of it, you just give them your details and they sort the rest. Hope you find a nice home for your nest egg!
April 18th, 2008 at 2:48 pm
“Just give them your details……”? Moving my ISA from Natwest to Halifax has been like watching paint dry. The Halifax’s business processes and customer relations seem to be stuck in the 1950s and you will experience neither speed nor apologies as you fill in form after form and your money trundles through their system. I applied on 6 March and it took 5 weeks for them to clear the money out of my Natwest account. Nearly two weeks on it has still not reached the Halifax’s Fixed Rate deal. The call centre staff tell me I don’t understand how complex the process is, that my application is in a queue, everything is going smoothly and, in effect, don’t be so impatient.
April 21st, 2008 at 7:45 am
David,
Thanks for the review, seems like Halifax are either heavily subscribed or not very good at setting up ISAs!