As you can switch your ISA at any time, it’s a good idea to keep an eye on your interest rates and constantly compare with other providers. Many banks offer variable rates of interest so the rate you signed up with may not be what you’re receiving now.
In addition, introductory bonuses are often used to attract new customers but once that stated period is over, the interest rates plummet. It’s good to make sure your money is working for you. Compare latest interest rates on our comparison tables.
It’s also much easier to manage your money if you have your ISAs together in one online account rather than several with lower amounts. By switching, you can make your life easier as well as find a higher rate of interest.
What does Halifax offer?
Halifax offer a simple transfer service and have made several promises to customers, such as:
- Not waiting for your current provider when you switch your cash ISA, stocks & shares ISA or innovative finance ISA, they pay interest from day one of receiving your completed transfer application as long as your funds are free to transfer
- Keeping you informed while switching so you are kept up to date with the switch
- Letting you know when any introductory or bonus periods are coming to an end
- Keeping you updated on your savings with paper statements, online and mobile banking
- Not offering any of their ISA products solely to new customers
They will pay interest if your transfer is delayed because your existing ISA has a notice period or restriction.
Useful to Know
Banks may charge some form of penalty, particularly if you’re switching from a fixed term ISA so it’s good to check your providers conditions as well any transfer minimums or conditions your new provider may have.
- For their fixed rate ISA, Halifax require a minimum deposit of £500.
- If you close your account early, you will lose the amount equivalent to 90 days tax free interest.
Before you switch, make sure you’re able to meet these requirements otherwise you could leave with less money than you started.
At the end of the term Halifax will transfer your amount to an instant ISA variable saver unless they receive instructions from you.