Spotlight On: Halifax's ISA promise

The deal

Halifax has improved terms and conditions on its individual savings accounts.

The good points

From today Halifax will pay interest from the day a customer's completed ISA transfer application form is received. It's also making all its cash ISA accounts available to new and existing customers.The bad points

This should have been done long ago. The OFT says it takes on average 26 days to transfer ISAs, during which savers lose out on interest.

Conclusion

Fair play to the Halifax for making the promise which is good news for savers. It estimates delays are costing customers up to £24m each year in lost interest, which is inexcusable. Other ISA companies must follow the Halifax's lead, and soon. The OFT's new rules on ISA transfers come into effect at the end of the year, but there's no reason for other banks and building societies to wait until then to introduce fairer deals for savers. Speeding up the transfer process would also help.