New Halifax ISA 2.8%-3.0%

jennifernil

Yes, that is my next task......find new accounts for our non-ISA savings. As you say, it is easier when there is no paperwork to worry about.

I don't mind moving accounts to get the best rates, but it is very frustrating when you cannot just organise it yourself!

miller

Is the "ISA promise" interest paid at the end of the term? I have read a couple of differing thoughts further up this thread.

rb10

miller wrote: »

Is the "ISA promise" interest paid at the end of the term? I have read a couple of differing thoughts further up this thread.

No - it is paid a few days after the money is received in the ISA.

The bank will write to you at this stage to confirm the amount & date of receipt, and the amount of interest added.

miller

rb10 wrote: »

No - it is paid a few days after the money is received in the ISA.

The bank will write to you at this stage to confirm the amount & date of receipt, and the amount of interest added.

I've got that letter, but there is only a "transfer in" amount shown on page 2. I don't think they have credited the extra.

Edit: I've just called them and they say the ISA promise interest will be paid in April is this definitely wrong?

jennifernil

We got letters today to say that we had been given interest on our transfer amount from when they received our transfer forms (30/11/2010) to when they credited the money (16/11/2010), and giving the amounts.

When we checked our accounts today, it had been added, dated 16/12, saying "interest adjustment".

Since our transfers from NR to Halifax left NR the day our 1 year fixes ended (15/12) and arrived with Halifax the next day, everything has been done very efficiently, and we have not lost any interest, rather we have gained. I was not actually expecting that we would get any extra interest as we lost nothing, so I was very surprised.

Well done both NR and Halifax!

EDIT: having looked at the amounts, it seems we have been credited with 21 days interest @ 3%, (forms handed in at branch 27/11) which is more than they said!

Consumerist

miller wrote: »

Edit: I've just called them and they say the ISA promise interest will be paid in April is this definitely wrong?

All the evidence suggests they are definitely wrong. So nothing new there then.

lisyloo

I've just called them and they say the ISA promise interest will be paid in April is this definitely wrong?

I was told this too and then it got credited.
I think the people that operate the phones don't understand the ins and outs.
Be patient and it may show up.
Ours took weeks not a few days.

miller

lisyloo wrote: »

Be patient and it may show up.

I've fired off a complaint - I'll be patient now because the ball is in their court

I wouldn't have minded if they had got the info correct and said there might be a delay, but I trust MSE'rs more than them!

miller

Has anyone calculated what interest rate was applied to the "ISA promise" adjustment?

I've worked mine out at about 0.85%

rb10

miller wrote: »

Has anyone calculated what interest rate was applied to the "ISA promise" adjustment?

I've worked mine out at about 0.85%

It should be paid at 2.8% or 3%.

Could you post on here the amount that you transferred, the date you handed in your form and the date that the money was received by Halifax?