Halifax

Halifax ISA Promise gets NISA

12 May 2014

·         Halifax expands ISA Promise to cover stocks and shares ISAs in line with new rules in July

·         New and existing customers will get interest from the first day the bank receives the completed transfer application

·         Transparent and timely information provided to customers on rates

·         No cash ISA products offered to new customers only

Halifax is leading the industry by helping drive a fairer deal for customers when they transfer their stocks and shares ISAs into cash ISAs. 

Thanks to its expanded ISA Promise, from July customers transferring their stocks and shares ISAs into cash ISAs will get interest from the first day their completed transfer application is received, as long as their funds are free to transfer.

Richard Fearon, Head of Halifax Savings, said:

“The essence of the ISA promise is fairness. It ensures our customers get interest from the moment they instruct the transfer. It gives them the right information to make the right decisions about their own savings, and let’s them know we won’t offer any of our cash ISA products to new customers only, challenging the stance taken by many other providers.

“The new ISA rules starting in July are great news for savers, and extending our ISA promise to include stocks and shares as well as cash ISAs helps ensure customers get the full benefit of these changes.”

Notes to Editors

Halifax ISA Promise means that:

  • When customers switch their cash or stocks and shares ISAs to Halifax, the bank won’t wait for the current provider but will pay interest from the first day it receives the completed transfer application as long as the funds are free to transfer.
  • Halifax will keep customers informed about: the switching process when customers move their cash ISA or stocks & shares ISA to Halilfax; when any introductory rates, bonus periods or fixed rates ISA offers come to an end; and of the personal interest rates being paid.
  • Further, Halifax won’t offer cash ISA products only to new customers.

Halifax was the first bank to change its rules so customers can take advantage of the increased £15,000 limit, announced in the budget in March. Savers opening a fixed rate ISA before the new limits begin in July can benefit from tax free savings from the beginning of the tax year and still be in a position to top up to the £15,000 limit when it becomes available in July 2014, less any subscriptions already made to a stocks and shares ISA.

Best buy ISAs from Halifax

Halifax ISA range includes an 18 month fixed rate ISA paying 2%, a 2 year at 2.05% and a three year at 2.25%.

The Halifax Junior ISA remains market leading two years after its launch, continuing to offer the same best buy rate of 6%.

Our full range of ISAs are:

•          Fixed rate ISA Saver 1 year – 1.65%

•          Fixed rate ISA Saver 18 months – 2%

•          Fixed rate ISA Saver 2 year – 2.05%

•          Fixed rate ISA Saver 3 year – 2.25%

•          Fixed rate ISA Saver 4 year – 2.4%

•          Fixed rate ISA Saver 5 year – 2.5%

•          ISA Saver Variable - 1.5%. Includes 1%,12 month fixed bonus

•          ISA Saver Online - 1.55%. Includes 1.3%, 12 month fixed bonus (opened online)

•          Junior ISA – 6.00% if an adult cash ISA is held or child is 16 and over, otherwise 3%.

Key features of Halifax’s ISA Saver Fixed products:

•          Minimum balance of £500. Account must be funded within 60 days of opening

·                   Customers opening their accounts in the new tax year have until the end of September to make their full deposits.

•          Maximum deposit up to current annual ISA allowance plus transfers of previous years’ allowance

•          Available in branch, over the phone and online

•          Terms available: 18 months, 1, 2, 3, 4 and 5 years

•          Interest remit is allowed or it can be capitalised to the account.

•          Interest paid annually or monthly

•          Part withdrawals are not allowed

•          The customer will receive a maturity letter approximately one month before the account matures, informing them of their options and asking them to provide maturity instructions.

•          For further details, and to apply, visit a branch or go to www.halifax.co.uk/savings

Key features of Halifax’s Variable Rate ISAs

•          Minimum investment £1

•          Maximum deposit up to current annual ISA allowance plus transfers of previous years’ allowance

•          Interest paid annually

•          The interest rate is variable, but for the first 12 months the rate also includes a fixed bonus which will not change during the 12 month bonus period

•          No notice for closure is required. Closure can be made by branch or post

•          Transfers in allowed

•          For further details, and to apply, visit a branch or go to www.halifax.co.uk/savings Rates and product detail quoted are correct as at 12.05.14 and are subject to change.

 

 

Halifax ISA Promise