Halifax Instant Access ISA
Halifax is a British bank operating as a trading division of Bank of Scotland, itself a wholly owned subsidiary of Lloyds Banking Group. It is the UK's largest provider of residential mortgages and savings accounts and came 5th overall in the British Bank Awards 2016.
Is an Instant Access ISA right for you?
Instant Access ISAs offer a flexible way to save but generally offer low interest rates as a trade-off for that freedom. If you think you’ll need constant access to your savings then this account is perfect for you as many other accounts require you to tie up your money for a period or have restrictions regarding withdrawals.
They also generally require lower minimum deposits, often just a £1. Meaning anyone can begin saving. Check with your provider for further details.
Halifax Instant Access ISA Review
- Opening balance of £1
- No restriction on withdrawal
- Transfers accepted
- ISA transfers into their cash ISAs benefit from our ISA Promise. As part of this, we'll pay you interest while your funds are being transferred
- Flexible ISA rules allow you to withdraw money and replace it later in the same tax year, without losing any of your tax-free entitlement.
- Qualifying account for the Halifax Savers Prize Draw
- Manage and top up your ISA online, in branch or over the phone
Overall this account offers a flexible option for saving and chance to win prizes every month offers a fine incentive. The ISA promise means you can start earning interest immediately and few accounts offer this sort of guarantee.
How to Choose an Instant Access ISA
There is a wide range of instant access or easy access ISA account deals to choose from, so we have highlighted some of the features to look out for:
1.You must be UK resident of 16 years or over for tax purposes and have a UK national insurance number to qualify for this sort of account
2.To qualify for a cash ISA you can’t have taken out another cash ISA or used your full annual ISA allowance in a stocks and shares ISA and/or an innovative finance ISA during the current tax year
3.The interest rates paid on instant access ISAs tend to be comparatively low compared to fixed-rate ISAs or other types of savings accounts. The trade-off is that you get easy, fast access to your cash whenever you need it. Make sure you shop around to find the instant access ISA with the best current rates, and be prepared to switch providers if rates change
4.Some instant access ISA providers offer incentives to those opening a new account. This may mean that you'll be offered an increased rate of interest for a fixed duration or a bonus if you transfer your old cash ISA balance to the new provider. Savers should bear in mind that the ongoing interest rate may not be competitive, so get ready to switch to a different ISA provider once any incentives or bonuses have been paid.
5.Some instant access cash ISA providers pay interest on a monthly basis, while others do so on a quarterly or annual basis. Make sure you know which calculation method will be used before signing up for an instant access ISA