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Halifax ISA (Transferring Funds)

Halifax ISA (Transferring Funds)

Old Dec 13th 2014, 5:25 pm
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Question Halifax ISA (Transferring Funds)

I have some cash funds in my Halifax ISA (Individual Savings Account) which has matured and not gaining any interest.

I want to transfer it to my account in the US, but last year when I took money out of it I went to the bank physically where they asked me 2 forms of ID to withdraw the money.

Obviously since I'm not in the UK I can't do that now, but was wondering if there was any way of doing it online? I gather I might have to setup an online banking account first, but was wondering if it was possible?

I have an online account with my main bank, but not with Halifax from where I want to transfer funds!!
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Old Dec 13th 2014, 6:40 pm
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Default Re: Halifax ISA (Transferring Funds)

It'll probably be easier to transfer the money to your bank account, then use xe.com, worldfirst.com or similar to transfer the money to your account in the US.

If you used your bank to transfer money to the US then you were scrëwed. Sorry.
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Old Dec 14th 2014, 10:23 pm
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Default Re: Halifax ISA (Transferring Funds)

Yeah, I second the motion, try doing it through XE - The World's Favorite Currency and Foreign Exchange Site

Bear in mind the tax free nature of the ISA only applies to people resident in the UK, not that it matters as you've only got cash in it.
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Old Dec 15th 2014, 11:57 pm
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Default Re: Halifax ISA (Transferring Funds)

Thank you both, on a side note- is there something similar to ISA or National Savings and Investment in the USA?
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Old Dec 16th 2014, 12:00 am
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Default Re: Halifax ISA (Transferring Funds)

Originally Posted by brit_usa2014 View Post
Thank you both, on a side note- is there something similar to ISA or National Savings and Investment in the USA?
Nothing close, at least not that I've ever heard of. There is no equivalent to Post Office accounts nor National Savings.
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Old Dec 16th 2014, 12:02 am
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Default Re: Halifax ISA (Transferring Funds)

Originally Posted by Pulaski View Post
Nothing close, at least not that I've ever heard of. There is no equivalent to Post Office accounts nor National Savings.
Doesn't sound good!!
Was thinking of investing somewhere which will gain interest...
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Old Dec 16th 2014, 12:03 am
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Default Re: Halifax ISA (Transferring Funds)

Originally Posted by brit_usa2014 View Post
Thank you both, on a side note- is there something similar to ISA or National Savings and Investment in the USA?
If you have earned income you can save money in an IRA (Individual Retirement Account). A ROTH IRA is a type of IRA where you put after-tax money, and then it grows tax-free and is paid out tax free.

As for NS&I, I use Treasury Direct to buy Inflation protected savings Bonds (I-Bonds). You buy them online and cannot cash them in for the first year. If you cash them in within 5 years you lose 3 months interest. You don't pay tax on the interest until you cash them in.

Last edited by durham_lad; Dec 16th 2014 at 12:07 am.
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Old Dec 16th 2014, 12:04 am
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Default Re: Halifax ISA (Transferring Funds)

Originally Posted by brit_usa2014 View Post
Doesn't sound good!! .....
Welcome to America.
Originally Posted by brit_usa2014 View Post
..... Was thinking of investing somewhere which will gain interest. ....


People here have debts not savings! /

Last edited by Pulaski; Dec 16th 2014 at 12:07 am.
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Old Dec 16th 2014, 12:05 am
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Default Re: Halifax ISA (Transferring Funds)

Originally Posted by Pulaski View Post
Welcome to America.

People here have debts not savings! /
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Old Dec 16th 2014, 12:07 am
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Default Re: Halifax ISA (Transferring Funds)

Originally Posted by durham_lad View Post
If you have earned income you can save money in an IRA (Individual Retirement Account).

As for NS&I, I use Treasury Direct to buy Inflation protected savings Bonds (I-Bonds). You buy them online and cannot cash them in for the first year. If you cash them in within 5 years you lose 3 months interest.
Interesting, about Treasury Direct!

Last edited by brit_usa2014; Dec 16th 2014 at 12:10 am.
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Old Dec 17th 2014, 7:24 pm
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Default Re: Halifax ISA (Transferring Funds)

Originally Posted by brit_usa2014 View Post
Interesting, about Treasury Direct!
It's easy to use, completely on-line, but like banks and money market funds the interest rates are very low. (I-Bonds currently at 1.48%, rates change every 6 months in line with inflation).
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