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Halifax ISA Reward coming to an end
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I phoned to re designate my direct reward 4 to the 2 year fix and was told to wait till my 1 year is up on the 27 Feb to get the extra 0.2%. The account can then be changed on the phone to the 2 year fix with the same account number and details.
For the interest, I understood the 3% is only ever paid on 5 April. So if you opened in May you get 11 months interest paid the next 5 April.
I checked my interest on 5 April 11 and it was correct within a few pence (I think the rate on direct reward 3 was 2.8% up till Feb?).
However the 0.2% interest is only paid on the 5 April after the account has been open for 1 year. So if you open in May you only get the 0.2% if the account is held to the next May, and then the 0.2% interest is paid on the NEXT 5 April.
At least that is how I noted down the terms when I opened the account. If anyone has proof of any difference I would be glad to know. It seems that Halifax invented the 0.2 to keep people in for as long as possible? There again you can always leave the account open with £1 for the required time to get the max interest when the total was high and transfer after 5 April if better deals are available.0 -
I too have been told I have to wait till the original maturity date of the ISA Reward for the 0.2% interest. I took advantage of the option to transfer early to the 2 year fixed 3.70 and have had the closing details which said my interest was 3%.
So I rang today to query this and was told the 0.2% interest would be paid on the original ISA maturity date of 15 April to the new ISA as it has retained the original account number.0 -
The trouble with inventing a clever ruse of extra interest to get to the top of the comparison tables but making it so complex that most investors may break the conditions unwittingly and thus not get it... is making sure all your staff are reading from the same hymn sheet when asked to explain it...
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So I rang today to query this and was told the 0.2% interest would be paid on the original ISA maturity date of 15 April to the new ISA as it has retained the original account number.
Precisely my understanding - albeit without talking to them - from fixing our ISAs a few days ago. The key is that the account number is unchanged.If you want to test the depth of the water .........don't use both feet !0 -
There again you can always leave the account open with £1 for the required time to get the max interest when the total was high and transfer after 5 April if better deals are available.
But you can't do that if you're trying to transfer out .... and the £1 is part of the current year subscription.If you want to test the depth of the water .........don't use both feet !0 -
But you can't do that if you're trying to transfer out .... and the £1 is part of the current year subscription.
Probably yes, I rolled over all my past cash ISAs into this account when it topped the table, and last years allowance all went into funds when they were low and a buying opportunity.0 -
I found a scan of a letter dated February 2010 in my Reward Current Account folder. The wording seems fairly clear
So I am now assuming the 0.20% will apply up to 12 months from opening (not 12 months from the transfer hitting the account). So I should be free to transfer out after the 15th (date account was opened) and will expect the 0.20% to be paid on transfer out...For new savings accounts (opened after 4 January 2010), your additional interest will apply to your account for 12 months from account opening.
Or am I expecting pigs to fly?0 -
glider3560 wrote: »So I should be free to transfer out after the 15th (date account was opened)
Wait till the next day and look online to see if the interest is there? If not phone and ask why not (for what it's worth from the various Halifax answers we have seen so far...)
My anniversary should be the 27th.0 -
But is interest paid on the anniversary of account opening or on the anniversary of account redesignation? I will be phoning in the next few weeks to find out what is happening if things don't fit together themselves.Wait till the next day and look online to see if the interest is there? If not phone and ask why not (for what it's worth from the various Halifax answers we have seen so far...)
My anniversary should be the 27th.0 -
What if your account was opened/redesignated on the 5th of April, like mine was? Do I have to wait an entire year for the extra 2%??
For the interest, I understood the 3% is only ever paid on 5 April...However the 0.2% interest is only paid on the 5 April after the account has been open for 1 year. So if you open in May you only get the 0.2% if the account is held to the next May, and then the 0.2% interest is paid on the NEXT 5 April.
I had a Direct Reward 3 from November 2010, then converted to a Direct Reward 4 on 05/04/2011 (although it didn't actually complete until June). So will I get 3.2% on 05/04/2012 or will I get 3% on 05/04/2012 and another 0.2% on 05/04/2013?0
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