New Halifax ISA 2.8%-3.0%

Nessie23

jennifernil wrote: »

I was more thinking of whether they would let us know they had received the transfer forms and were acting on them. Just so we know that things ARE happening and the forms have not been lost somewhere.

Halifax used to inform you of pretty much every step of the process by letter a few year ago. They have changed their procedures and if I remember correctly now they only inform you at the end.

You can ask them for progress over the phone (0845 7263646 // 0113 380 9574, from saynoto0870) or in branch where they should by able to acess the account notes and check on progress to date.

Nessie

jennifernil

I checked in the branch earlier this week and the transfer forms were showing as received 30/11, with "action" diarised for 20/12. Nobody seemed to know what this meant or when our interest would run from.

Yesterday, in our my on-line banking I noticed that the full amount of the transfer was showing in my ISA dated 16/12, but saying "available 24/12" . My husband's is showing likewise. Our 12 month fix with NR ended 15/12.

What does this mean, and when can we expect the "promise" interest to be paid from?
Also, when will the 12 month period expire? The branch staff don't seem to know much about all this.

Consumerist

In my case the transfer interest went into the account at the same time as the transferred funds.

You can't access your ISA funds immediately - probably time to do the paperwork.

The 12-month "Reward" period ends 12 months from the date the funds were received (credited to the ISA account). So that's 16/12/2011 in your case.

Edit
You should be paid (additional) interest from 30/11 to the date the funds are credited to the ISA account (16/12 in your case).

Edit2
Just an observation but both banks seem to have got their finger out to complete the transfer. Let's hope this is a sign of things to come more generally.

Mr_K

It means they've received the cheque from your other provider. The 24th is when they reckon it will clear and you are able to withdraw funds.

Interest, AFAIK, should be paid from when they requested the transfer, it'll be added as a separate payment in a few weeks.

lisyloo

Interest, AFAIK, should be paid from when they requested the transfer

Do you know when the 2.8% deal ends?
Is it 12 months from the date of the deposit or the start of the interest period?
In my case it's 6 weeks difference.

Halifax have told me they would backdate my product by 6 weeks and I'd get all interest in April.
That's not what they have done. They have paid 6 weeks interest as an extra payment.
Hence the question as I cannot trust what they say.

They initially said the deposit would be backdated but that isn't what they have actually done.

The way I read their website it's 12 months from the deposit i.e. the latter date.

opinions4u

jennifernil wrote: »

I checked in the branch earlier this week and the transfer forms were showing as received 30/11, with "action" diarised for 20/12. Nobody seemed to know what this meant or when our interest would run from.

"Action" is basically a diary note to follow up.

Yesterday, in our my on-line banking I noticed that the full amount of the transfer was showing in my ISA dated 16/12, but saying "available 24/12" . My husband's is showing likewise. Our 12 month fix with NR ended 15/12.

So the credit to the account is dated the day after your NR account finished. That looks pretty impressive to me. The "available" date suggests NR have provided a cheque that is clearing.

when can we expect the "promise" interest to be paid from?

I don't think it applies if the maturity date of the NR product was 15th December and your Halifax account was credited with the funds the next day.

Also, when will the 12 month period expire? The branch staff don't seem to know much about all this.

15th December 2011 would be logical.

opinions4u

lisyloo wrote: »

Do you know when the 2.8% deal ends?
Is it 12 months from the date of the deposit or the start of the interest period?
In my case it's 6 weeks difference.

Halifax have told me they would backdate my product by 6 weeks and I'd get all interest in April.
That's not what they have done. They have paid 6 weeks interest as an extra payment.
Hence the question as I cannot trust what they say.

They initially said the deposit would be backdated but that isn't what they have actually done.

The way I read their website it's 12 months from the deposit i.e. the latter date.

I'm trying to unpick accounting systems that may have changed since I stopped working for them. There would be different ways for them to honour the Promise in these circumstances and I'm quite interested in identifying the method that they've used.

To help me give an educated answer, please can you clarify the following from your online banking:

1) What date is the first credit to the account showing as?
2) What date does the interest shows as, and how is it described on the online banking?

rb10

opinions4u wrote: »

I'm trying to unpick accounting systems that may have changed since I stopped working for them. There would be different ways for them to honour the Promise in these circumstances and I'm quite interested in identifying the method that they've used.

As far as I am aware:

1) The 'Promise' interest is calculated manually, and applied to the account manually shortly after the transfer amount is received. It lasts from the date that Halifax received the transfer form until the start of the account term. No 'As-dating' or anything like that goes on here - it's just a manual calculation of the interest that would have been received.

2) The 12-month term starts from the date that's shown on the statement as the date that the money is credited. Where the transfer takes place by cheque, this'll be the day after the date on the cheque. Where it takes place by BACS, it'll be the day the credit is received by Halifax. This interest is paid annually in April.

Where the old account is a fixed term, and the transfer request form is handed in before the end of the term, is an interesting one. I have not seen anything to suggest that they do anything different here (unlike Nationwide, who with their promise make it clear that it doesn't apply to future dated transfer requests). I think that Halifax would treat this in the same way as any other transfer. (Note that it's limited by the 60 days within funds must be received to guarantee the interest rate).

lisyloo

1) What date is the first credit to the account showing as?

Posted as 16/11 (available 24/11).
Form handed in at branch on 5/10 which I calculate as 42 days.

2) What date does the interest shows as, and how is it described on the online banking?

Interest is shown as "interest adjustment" on 16/11 (it has only appeared recently).
I calculate the interest given as 45 days (which I'm obviously happy with).

What the customer relations guy told me on the phone was that my product would be backdated to 5/10 and I would not get manual interest. Interest paid in April and rate runs out on 5/10/11.
This does not appear to be what's happened.
Note he was someone from customer relations dealing with my complaint and not knowledgeable in the workings.

rb10

lisyloo wrote: »

What the customer relations guy told me on the phone was that my product would be backdated to 5/10 and I would not get manual interest. Interest paid in April and rate runs out on 5/10/11.
This does not appear to be what's happened.
Note he was someone from customer relations dealing with my complaint and not knowledgeable in the workings.

That seems to be incorrect.

You will get 2.8/3% until 16/12/2011. The 'Promise' interest is on top of the normal term of the account.