Halifax Reward has just matured - wrong interest!?

10_66

alared wrote: »

My reward matured today and the interest has been added.
The interest rate is still showing online as 5% but I would imagine it`ll changed tomorrow to the variable rate without card which is a miserly .1% to .2% (depending how much you have in)

Same here. I spent ages this morning trying to transfer, by FP, to my LTSB Vantage accounts. I first transferred the funds to one of my Halifax Reward accounts, but I could only transfer £1,000 out of each of my 4 Halifax Reward accounts to LTSB. Eventhough I tried off and on during the morning, I couldn't get more FP's out. The rest had to go by BACS.

alared

10-66
Is your reward still showing the old rate of 5%?
I have spoken to halifax today and they did confirm this will change tomorrow to 0.2%.
I have transferred some to Cov. but as you say this has to go by BACS and will leave Halifax tomorrow and should arrive Thursday.
Was going to put rest in Halifax 1year fix but the rate changed last Thusday from 3.5% to 2.35%.
Don`t want to fix for more than a year so looking about.

D1zzy

alared wrote: »

10-66
Is your reward still showing the old rate of 5%?
I have spoken to halifax today and they did confirm this will change tomorrow to 0.2%.
I have transferred some to Cov. but as you say this has to go by BACS and will leave Halifax tomorrow and should arrive Thursday.
Was going to put rest in Halifax 1year fix but the rate changed last Thusday from 3.5% to 2.35%.
Don`t want to fix for more than a year so looking about.

This 1 for just over a year doesn't look bad
http://www.scottishbldgsoc.co.uk/view_Subproduct.asp?fld_product_id=4&fld_sub_product_id=139


[FONT=‘Times New Roman‘][FONT=arial, helvetica, sans-serif]3.75% Gross/AER fixed until 18th February 2011. Reverts to the Thistle Bond variable (Year 2) after maturity date.

I'm getting Halfax to give me 2 cheques tomorrow( & will walk down the road to open 2 Britannia 3 year bonds ( 2 so that I can get out of 1 early if needs be and stil leave the other getting 5%). Will leave the rest in halifax 2 year
[/FONT][/FONT]

10_66

alared wrote: »

10-66
Is your reward still showing the old rate of 5%?
I have spoken to halifax today and they did confirm this will change tomorrow to 0.2%.

Yes, mine still shows 5% but, as you say, this drops to the variable web saver rate after 12 months, so I expect they just haven't updated the page yet.

rb10

10_66 wrote: »

Same here. I spent ages this morning trying to transfer, by FP, to my LTSB Vantage accounts. I first transferred the funds to one of my Halifax Reward accounts, but I could only transfer £1,000 out of each of my 4 Halifax Reward accounts to LTSB. Eventhough I tried off and on during the morning, I couldn't get more FP's out. The rest had to go by BACS.

Seems they don't want to get rid of Web Saver Reward money! I managed £1500 from each of two accounts, and only £200 from a third on Saturday, but haven't been able to do even a tenner since then!

10_66 wrote: »

Yes, mine still shows 5% but, as you say, this drops to the variable web saver rate after 12 months, so I expect they just haven't updated the page yet.

Halifax internet banking will never update interest rates until after an overnight processing run.

jem16

alared wrote: »

10-66
Is your reward still showing the old rate of 5%?
I have spoken to halifax today and they did confirm this will change tomorrow to 0.2%.

Mine matured yesterday and still showed the 5% rate. Today it shows 0.2%.

noh

rb10 wrote: »

Seems they don't want to get rid of Web Saver Reward money! I managed £1500 from each of two accounts, and only £200 from a third on Saturday, but haven't been able to do even a tenner since then!



Halifax internet banking will never update interest rates until after an overnight processing run.

Same here.
Mine matured on Sunday.
Managed £1500 by FP from each of my five accounts (2 different payees £1000 to one £500 to the second).
Won't even allow £1 by FP on any of my accounts today.

ed123_2

....Halifax are rather strange re interest....I have a four year fixed rate cash ISA with them and they credited the first years interest but did not show credit re last April's interest....I rang them up & they said it would show at the end of the four years......?

rb10

ed123 wrote: »

....Halifax are rather strange re interest....I have a four year fixed rate cash ISA with them and they credited the first years interest but did not show credit re last April's interest....I rang them up & they said it would show at the end of the four years......?

Off-topic, but never mind!

If it was another ISA previously (e.g. ISA Saver Direct) that you then changed over to a fixed rate ISA, then the interest paid in the first April could have been for when it was still the ISA Saver Direct.

Interest on fixed rate ISAs is (I believe) always paid on maturity (although it is still compounded annually).

johnieutah

dllive wrote: »

Ive noticed that Halifax are are offering 3.5% fixed for a year, so Im probably just going to go for that rather than go to the hassle of switching banks to try and get an extra .2%.

Have you got a link for this? Can't find it...

Cheers.