Halifax Investment ISA

Halifax Investment ISA

Halifax is a British bank operating as a trading division of Bank of Scotland, itself a wholly owned subsidiary of Lloyds Banking Group.

Choosing an Investment ISA

If you’d like to put some money away each month or invest some spare cash then an Investment ISA could be a tax-efficient way for you to do so. You can invest anything up to the tax threshold for that year either spread across a Cash, Stocks and Shares and Innovative Finance ISA or consolidated within one account.

You can only fund one of each type of ISA per year but as all providers must allow you to move your money you will be able to transfer. However, it’s worth checking if your current provider charges penalties. Otherwise you could receive back less than you originally invested.

Generally, Investment ISAs have the potential to provide better returns than a savings account but customers must be prepared for the risk element that is involved as your money could lose value depending on how the market performs.

Halifax Investment ISA Review

Features:

1. They invest in a wide variety of non-cash assets on your behalf, you simply choose how much risk you’re willing to take
2. You can take your money out at any time but bear in mind this investment is designed to be held for the medium to long-term so at least 5-10 years
3. You can invest minimum lump sum of £2000, invest monthly at a minimum of £100 a month, or a combination of the two.
4. Once you've invested, you can make lump sum top-ups of £250 or more at any time
5. You can transfer money in from an existing cash or investment ISA and keep its tax-efficient status as long as you use the correct transfer process

Useful to Know

There are two charges associated with the management of this ISA:

1. An annual ongoing charge of 0.45% of the value of each fund you invest in, which is taken directly from the value of the fund
2. An annual Service Fee of 0.24% of the value of your investment to pay each year. This is calculated monthly and collected on an annual basis

How to apply

If you don’t already have a Halifax account with online banking facilities, you’ll need to open an account first. However, some of their savings accounts can be opened online with a minimum deposit of as little as £1.

Once you have a Halifax account open then you will be able to apply online for an investment ISA or request a transfer form, if you are looking to switch.