How Easy Is It To Switch Cash ISAs?

by David Tamplin on 30 Oct, 2012

If you’ve got a cash ISA, you might be thinking about switching. This could be because you’ve spotted a better deal or rate of interest. Perhaps you’re not happy with the service you’ve been getting. Or you simply want more flexibility and to be able to get hold of your money quickly for those unexpected expenses.

Whatever your reasons, the good news is, switching your cash ISA to a different provider could be simpler than you think.

Of course, it can sometimes feel easier to keep things just as they are and not move your cash ISA. After all – lots of us might believe that the switching process could be a time-consuming hassle. This isn’t the case with all providers such as the Halifax.

Halifax has created the Halifax ISA Promise, which means that once you’ve applied to switch to Halifax, your cash will start earning its keep straightaway in its new home – so you won’t lose out on any valuable interest during the switching process.

So how exactly does Halifax make things easy? Here’s what the Halifax ISA Promise offers:

Interest

Halifax promises to pay interest from the day they receive your completed transfer application, as long as your funds are free to move. Even if your transfer is delayed because your existing cash ISA has a notice period or restriction, once your current provider has told them when it will be free to move, Halifax will pay interest from that date.

Fully informed through the process

They’ll keep you fully informed at every stage of the process. So you know exactly what’s happening with your ISA switch, the date you start earning interest and when the funds have been transferred to Halifax. They’ll also tell you when your reward, bonus period or fixed rate cash ISA offer is coming to an end – and keep you posted on its interest rate.

New and existing customers

Halifax always make all of their cash ISA deals available to every customer – whether they’re new, or they’ve been with them for years.

If this all sounds simple – that’s because it is. You’re free to get on and enjoy life, knowing your cash ISA savings are earning tax free interest. If you’d like to find out more about switching your cash ISA, or would like to compare savings accounts, just go to Halifax’s website.

About the Author

David Tamplin


David Tamplin has been writing for Uk Money Market for 3 years and is the current editor of the site. He has an insurance background and achieved his ACII professional insurance exams in 1993.