The Halifax Cash Isa Promise explained

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The Halifax Cash Isa Promise explained

Thu 30th Sep 2010

Consumers wondering what the Halifax Cash Isa Promise entails are likely to be happy when they hear that it could mean extra money in the pockets of savers.

The pledge was announced yesterday (September 29th) and takes effect from October 2nd 2010.

It means that customers will earn the headline rate of interest on their money from the day that their application is received by the financial institution.

Halifax cited research by the Office of Fair Trading showing the average time it takes to switch an Isa is 26 days and people can often earn a lower rate during this period.

This is one of several issues the firm hope to remedy with this new promise.

The other details of the Halifax Cash Isa Promise have been designed to ensure new and existing customers receive the same offers, advanced notice is sent out if a bonus is coming to an end and clear indication of the interest rate being earned on a product appears on statements.

Andrew Hagger of Moneynet.co.uk described the firm as having "set the benchmark".

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