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Bank Claims: Halifax promises to pay lost ISA interest

Halifax announced today (September 29th) that it will be paying interest from the day an Individual Savings Account (ISA) application is processed.

From October 2nd, Halifax will not only pay interest from day one but it will also offer cash ISAs to both new and existing customers and clearly display interest rates on online and bank statements.

This is due to the fact that consumers lose around £24 million each year in cash ISA transfer problems.

Most banks will not start paying the higher rate of interest, which is tax-free, on an ISA, until the transfer is complete. Instead the lowest rate is paid.

According to the Office for Fair Trading (OFT), these transfers can take as long as 30 working days, which means customers are missing out on money.

Russell Galley, managing director of savings at the bank, said: "Improving the transfer process between providers is vital.

"When a customer chooses to move their money from one cash ISA provider to another they cannot do so themselves without losing the tax advantage of a cash ISA." 

The OFT has recently warned 129 debt management companies they risk losing their consumer credit licences unless they prove they are adhering to the OFT's debt management guidelines within six months.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800090086-ADNFCR



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