no interest on my isa statement,whats going on?

isotonic_uk

Hi

I recently transferred my nationwide cash ISA to a fixed rate cash isa (which allowed transfers) with A&L.

I did this about 2 months before the April deadline as the A&L was the most decent one bearing in mind I was transferring my ISA.

I was under the impression that I would get some interest by transferring it to A&L but was shocked when I received my ISA statement that no interest was paid on 1st April 2010.

Have I missed something here? I was under the impression that I would get some interest as I transferred it before the deadline I be honest I am no expert on ISA so may have missed something out.

If someone could advise as I am not sure if I should phone and complain as I am not 100% sure what I could complain about. I need to get my facts right first. The A&L website doesnt give me any helpful information about this.

Also does anyone know of a freephone or landline no for A&L customer services. Seems to be only a 0844 no and i have tried saynoto0870 website to see if there is an alternative and couldn't find one on there.

Many thanks

Mikeyorks

isotonic_uk wrote: »

I was under the impression that I would get some interest by transferring it to A&L but was shocked when I received my ISA statement that no interest was paid on 1st April 2010.

Look at the T&Cs and see when interest is due. If it's a fixed rate product ....... it's normally annually on the anniversary of the deposit (if multi-year) or on maturity.

Spiggle

I would think it's going to be paid at maturity or annually.

Actually just checked the A&L site, clicked on fixed rate ISA tab (on the savings page) and (you don't say which term you went for) it does say in the At A Glance features:

Interest PAID annually.

Hope that helps,
Spigs

isotonic_uk

So annually, does that mean the start of 2011? I thought when they met annually then meant April (when the ISA starts again)

MacsReturns

isotonic_uk wrote: »

So annually, does that mean the start of 2011? I thought when they met annually then meant April (when the ISA starts again)

It usually means when your money has been in the account for a year, alas...

LucyTheDwarf

A&L pay interest on the 1 year anniversary of your account first being funded. So whatever date you put the money in this year, you will receive interest on that same date next year.

Mikeyorks

isotonic_uk wrote: »

So annually, does that mean the start of 2011? I thought when they met annually then meant April (when the ISA starts again)

You're confusing this with the start of the tax year (which starts 6th April ..... not the 1st).

No - it doesn't meant the start of 2011 - it will generally mean when your ISA (for fixed rate products) is a year old.

PC_Gabriel_Kent

Why not ask the bank?? All you can get on here is speculation and guess work. I was watching a cricket match last night and the bowler appealed for LBW, the umpire gave not out. Any ideas why? Can the umpire do that??

10_66

isotonic_uk wrote: »

...I recently transferred my nationwide cash ISA to a fixed rate cash isa (which allowed transfers) with A&L.

I did this about 2 months before the April deadline as the A&L was the most decent one bearing in mind I was transferring my ISA.

I was under the impression that I would get some interest by transferring it to A&L but was shocked when I received my ISA statement that no interest was paid on 1st April 2010...

I'm not sure that I've understood you correctly here, but if you transferred out of N'wide to A&L, then it's N'wide that would have paid you the closing interest on their account on closure and transfer to A&L (providing there were no penalties for early withdrawal etc).