Halifax Drops Rates on Fixed Rate Cash ISAs

Written by Karen Bryan

Halifax_isas_125x1252v2I’m glad that we acted fast in opening Cash ISA accounts at the start of the new tax year earlier this month. I though that the rates weren’t great on the 6 April, but we plumped to put our annual allowances of £5,760 into a Halifax ISA Saver Fixed Account which was paying 3%. When I went to the Halifax site to log on yesterday evening, I noticed that the interest rate paid on their 3 year fixed rate Cash ISA has now plummeted to 2.25%.

If you want to build up your tax free savings and are a Santander 123 customer, i.e. hold a Santander 123 Current Account or 123 Credit Card, I’d grab their 123 Exclusive Major ISA  two year fixed rate account, which is currently (24 April 2013) paying 3%. I have the feeling that rate won’t last for long.

The other highest paying two year fixed rate Cash ISAs I could find were:

  • If you’re a Co-op customer you can get 2.6% on a Britannia Fixed Rate ISA.
  • Coventry are offering 2.55% but the minimum deposit is the current tax year’s full allowance of £5,760.