What happens if I go below the ISA Direct Reward (Halifax) minimum balance?
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Written on: 20.11.2009 [12:01]
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Abigail
Abigail
Topic creator
Posts: 1
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I have around £1300 in an ISA (Direct Reward Halifax) and I know that the minimum balance I am allowed to have is one thousand. But I wasn’t sure what happened if I do go below this amount. I tried to look online but I think as they don’t offer this ISA anymore I can’t seem to find the information anywhere. I really need to take some money out but I don’t want to have to close the ISA, I don’t mind paying a penalty but I would like to keep it in and then add more money to it next month to make up for it. Is this possible? |
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Written on: 22.11.2009 [15:59]
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Robson
Robson
Posts: 4
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Well its good and bad news, they won’t charge you a penalty nor will they force you to close the ISA. However, bad news, they do automatically turn your account in to a Savers ISA if you either go below the minimum or take money out more than 4 times. That means your rate goes down from 3% to 0.5%.......bit of a drop huh? |
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Written on: 26.11.2009 [09:40]
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Chris
 MONETOS Experte:
Posts: 4
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Yeh that completely sucks!!! I used to have the Halifax Direct Reward ISA and I can confirm you have to make sure you stay above it otherwise you will definitely lose out on the rate they gave you. Perhaps for this reason it is better to use a credit card or an overdraft of another account if you really have no money and need some. Or perhaps you could speak to a bank advisor to see if they can allow you some money for a set period of time out of your ISA if you ensure you will put it back, not sure if this is possible or if they really stick to the rules but you could check. |
