New Halifax ISA 2.8%-3.0%

rb10

Pastyman wrote: »

Miller pointedly asked me to show where it is written down that Halifax will only pay their 'promise interest' from the end date of the notice period. I can't find anything in their T&Cs but I have it in black and white in a reply letter they sent us when we queried the interest. I quote, "interest will be calculated from the date your notice period ends up to the date the funds show in your ISA".
It was certainly not mentioned when they introduced their ISA promise, the wording of which seems clear to me that they would calculate from receipt of the transfer form.
As Miller says, the goalposts seem to have moved (for some people).

But if they did pay it from receipt of the form (even if the account is subject to a notice period) then does that mean that I could now hand in a transfer form for an account that doesn't mature until April, and get an extra 10 weeks interest on it??

Pastyman_2

Halifax may have woken up to the fact that this is exactly what they have laid themselves open to because they did not qualify their promise to cater for fixed term ISAs.
My wife and I had identical fixed term ISAs transferred to Halifax on the same day. I got 33 days 'promise interest' and my wife was given 5 days worth.

miller

To qualify for the reward interest rate the account must have >£1 within 60 days, so on the initial transfer at least if it exceeds this period they would only be obliged to pay at the lower rate.

And nothing to stop this once the account is opened (I've got a Barclays Golden ISA which will be heading this way in April, although I exepct Halifax will have "clarified" their position by then).

Personally I think the letter received from the transfer team is unambiguous as is other wording which has been quoted. I think the ombudsman would see it that way too, if it gets that far.

millie

I opened the Halifax Reward ISA at the end of December. the transfer from my previous proveder has gone through and is showing in my Halifax account, but I have had no letter of confirmation from Halifax or the interest that was promised while the transfer was going through. I am also struggling to find out how I withdraw funds if I need to, and transfer it to my none Halifax current account. I seem to be going round in circles which ever option I try.

jennifernil

It does take some time before they send out a letter/certificate of deposit. How long is it since your transfer? Our certificates came about 3 weeks after the money hit the accounts.

millie

jennifernil wrote: »

It does take some time before they send out a letter/certificate of deposit. How long is it since your transfer? Our certificates came about 3 weeks after the money hit the accounts.

The date on the account says 7th January, bu then it says that it is available from 15th January. That is when I work out how to make it available.

opinions4u

millie wrote: »

I opened the Halifax Reward ISA at the end of December. the transfer from my previous proveder has gone through and is showing in my Halifax account, but I have had no letter of confirmation from Halifax or the interest that was promised while the transfer was going through.

This is triggered by the first credit. So you should get it within a couple of weeks of the first credit being made.

Interest under the "Isa Promise" is calculated and added manually and should show as "interest adjustment" once sorted.

I am also struggling to find out how I withdraw funds if I need to, and transfer it to my none Halifax current account. I seem to be going round in circles which ever option I try.

Online you would need to transfer it through either:

a) a Halifax current account or
b) a Halifax Web Saver account.

Both these will then let you send money externally, the current account gives you a chance of them going via faster payments.

Alternatively, ring them up. I'm pretty sure that a phone withdrawal can be arranged to send your withdrawal to the bank of your choice.

millie

I phoned them today and I do need to do the withdrawal transfers via the telephone if its to a bank other than Halifax. It was a bit of a hassle setting it up, but hopefully it will be easier when I need to do it again.

ANGLICANPAT

Just another warning to people transferring isas to Direct Reward 3 - (as per complainsts long ago in this thread), watch out when Halifax saying your transfer goes into the isa saver account for one day and then moves the next to Direct reward 3 . My OH and I did ours in branch on the same day. His went according to plan - but mine was still showing on line on the accounts page as 'Isa saver' six weeks later. In branch today they confirmed it was getting .1% --GULP!! and HADNT been moved to reward 3 after its day in 'isa saver'. They remedied it with a letter whilst I stood over them , to their isa transactions dept, but it shows that its still happening to people . So - worth a check.

christinejp

Thanks for posting Pat. I can't believe they are still doing this. (See my post back in October, number 98).

They say there will be no loss of interest and the correct rate will be backdated, but I shall believe it when I see it. Damn nuisance that you have to contantly check that they have done what they were supposed to.