Halifax Unveils Headline Rates for ISA Season

    MANCHESTER, ENGLAND, March 18, 2012 /24-7PressRelease/ -- Halifax has today introduced new savings rates as ISA season gets under way prior to the end of the tax year. The savings accounts - available to new and existing customers from

Monday 5th March - include a 3.00% Online ISA, a 2.75% Variable Rate ISA, and fixed rates which stretch up to market leading 4.50% for the Five Year ISA Saver Fixed1.

Customers opting for the new rates will also benefit from the reassurance of the Halifax ISA Promise2 which revolutionized the ISA market on its introduction in 2010. At its launch Halifax estimated that Cash ISA transfer delays cost customers GBP24 million each year across the industry and thus promised to pay interest from the day that a customer's completed ISA transfer application form is received. As a consequence, the bank has so far saved customers who have switched to a Halifax ISA more than GBP10 million in otherwise lost interest.

The new ISA rates available from Monday March 5th:

Variable: 2.75%
Online: 3.00%
1yr Fixed Rate: 2.25%
2yr Fixed Rate: 3.70%
3yr Fixed Rate: 4.00%
4yr Fixed Rate: 4.20%
5yr Fixed Rate: 4.50%

Richard Fearon, Head of Halifax savings, explains: "ISAs really are the best place for customers to keep their savings and we are therefore very pleased to be able to offer such competitive rates for new and existing customers. All accounts accept the transfer of previous years cash ISA balances, and with great rates available on variable, fixed and online accounts, savers can be sure of finding the right ISA for them at Halifax."

The new rates follow quickly on the heels of the bank's recent announcement that it will be offering ten prizes of GBP100,000 in its May and June Halifax Savers Prize Draws in an effort to further encourage savers to take advantage of their tax free ISA allowance3.

Richard Fearon continues: "When times are hard, and there is no doubting they are for many households, it is even more important to take advantage of tax free savings. At Halifax we want to encourage customers to save not only through competitive rates, but by offering that something extra, whether it's the added bonus of the Halifax Savers Prize Draw or ensuring savers benefit through our ISA Promise, which has already saved our customers more than GBP10 million in interest".

Halifax also announced this month that it will boost its Junior Cash ISA rate from 3% to 6% when the person with parental responsibility for the child also has their ISA with Halifax.

Key features of Halifax's new ISA rates:

ISA Saver Fixed

- Minimum balance of GBP500. Account must be funded within 60 days of opening
- Maximum deposit up to current annual ISA allowance plus transfers of previous years' allowance
- Available in branch, over the phone and online
- Terms available: 1, 2, 3, 4 and 5 years
- Interest paid annually
- Part withdrawals are not allowed
- The customer will receive a maturity letter approximately one month before the account matures, informing them of their options and asking them to provide maturity instructions.

ISA Saver Variable

- Minimum Opening Balance GBP1
- Maximum deposit up to current annual ISA allowance plus transfers of previous years allowance
- Interest paid annually on the 5th April
- Unlimited withdrawals
- Manage your account in branch, by telephone and online
- The customer will receive a letter approximately one month before the account reaches the end of the bonus period

ISA Saver Online

- Minimum Opening Balance GBP1
- Maximum deposit up to current annual ISA allowance plus transfers of previous years allowance
- Interest paid annually on the 5th April
- Unlimited withdrawals
- Manage your account online
The customer will receive a letter approximately one month before the account reaches the end of the bonus period

For further details, and to apply, visit a branch or go to http://www.halifax.co.uk/savings/

Rates and product detail quoted are correct as at 05.03.12 and are subject to change.

Notes to editors

Referencing Moneyfacts five year fixed rate ISA best buy table, 05.03.2012

The Halifax Cash ISA Promise offers new and existing cash ISA customers a simple three point commitment. The ISA Promise forms part of cash ISA terms & conditions. It reads as follows:

When you switch your cash ISA to us we will not wait for your current provider, we pay interest from day one of receiving your completed transfer application.

We'll keep you informed: while switching your cash ISA to us when your reward or fixed rate cash ISA offer is coming to an end of your cash ISA interest rate

All Cash ISAs will be available to all customers, new and existing

Key facts for The Halifax Savings Prize Draw include:
- The Halifax Savers Prize Draw launched on 3rd October 2011
- The Halifax Savers Prize Draw is open to both new and existing customers
- The scheme will run for a minimum of 12 monthly draws from December 2011
- The first monthly prize draw was held in December 2011
- There have been 9 winners of the top prize of GBP100,000
- Over 3,000 customers have scooped a prize of GBP1,000 or GBP100
- With the exception of the May and June super draws, prizes each month are: three x GBP100,000, 100 x GBP1,000 and 1,000 x GBP100
- Monthly draws take place in the first three working days of each month
- All prizes awarded are in addition to any interest paid
- Customers must maintain the GBP5,000 minimum balance for the full calendar month prior to the draw
- Customers must be 18 or over at the end of the month prior to the draw

For further information please contact:

Halifax Press Team:
Clare Mortimer: 01902 302252 / 07768 541555 [email protected]
Emma Partridge: 01902 325180 / 07824471951 [email protected]
Nick Osbourne: 0207 356 1714 / 07872819065 [email protected]

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