Halifax ISA 3.00% AER now available.

jennifernil

rb10 wrote: »

But not in percentage terms.

£100 is just an example; you can scale it up or down as you like. In fact, you could use 'x' and still get the same answer. It's just easier for most people to see what's going on if there is a concrete figure there.

If you want to calculate it on £53000 then just multiply the £ amount by 530. The final division, to make it into a percentage, will undo this meaning that it comes to the same result of 0.20004% ~= 0.2%.

The percentage is what allows you to work it out or compare accounts. What really matters to people is actual money. There is a big difference between 20p interest and £106 interest, and 3.2% interest (the following year) on that £106 is £3.39.......and so on.

OH and I have not been putting in our full allowances ever since "tax free savings" were started, but I do know some that have and they are now sitting with pretty large amounts in their ISAs. So to them it will be a much larger amount.

What you are quoting is not what we were told just today.

As I already said, they are making it far to complicated.

Why not pay the interest after 12 months? Most people understand that concept.

fannyadams

jennifernil wrote: »

He didn't know when all this would show up on our internet banking, has anyone any idea?

I just checked mine just now and the money I transferred from my old ISA is in there, AND the money I transferred from my current account is in there too. My guess is check in about 1 month and you'll be able to tell from the interest that's credited to the account (if that's what you have set up).

You can then refer them to your telephone call if they've made a mistake (but IMHO they rarely do).

HTH
FA
x

Stompa

shepstone wrote: »

Well I'm no financial expert. I just looked up what AER means and found a post on moneyguide.co.uk.
This says that if you invest 5 grand at 5.0% with interest calculated monthly you receive 3 pounds more than if it's paid annually.

For an ISA, if the monthly and annual AER's are the same, then the amount of interest paid out should be identical. For a taxed account there's a tiny advantage in opting to have interest paid annually (because you pay the tax at the end of the year rather than every month).

shepstone wrote: »

If it doesn't make a diifference why don't they just pay it monthly?

Because they get to hang on to the money for longer.

ANGLICANPAT

Tell you what, with all this swapping and changing to reward 4- in my case after only a couple of months of having reward 3 , for mathematically challenged people like me, it would be a nightmare trying to work out whether or not they had ACTUALLY paid me the right interest by the end of the year - Do they set it out on a statement exactly what % interest you get from this date to that date, and then at a new rate from that one to the next --- or will they just give a total for the year?
My swap to reward 4 today took 20 seconds. In branch ,no queue , asked to change, given a form to sign and date, did it , thanked them , left. Sure to go wrong though, Ive never had anything else go smoothly with Halifax, its been one mess up after another.

emeraldbugle

I changed mine from Reward 3 to Reward 4 on Monday, but the account online still says Reward 3.

Has anyone's changed yet?

talexuser

ANGLICANPAT wrote: »

Tell you what, with all this swapping and changing to reward 4- in my case after only a couple of months of having reward 3 , for mathematically challenged people like me, it would be a nightmare trying to work out whether or not they had ACTUALLY paid me the right interest by the end of the year - .

Google date duration calculator and get the number of days you have been in the account, get the interest % of your balance, divide by 365 to get the daily interest, then multiply by the number of days in the account. If you have added during the time, do the calculation for each balance amount and add the interests up.

jen245

emeraldbugle wrote: »

I changed mine from Reward 3 to Reward 4 on Monday, but the account online still says Reward 3.

Has anyone's changed yet?

Did mine on Sunday, and today it is now showing as Reward 4 :beer:

So yours will probably show tomorrow

nrishiraj

jen245 wrote: »

Did mine on Sunday, and today it is now showing as Reward 4 :beer:

So yours will probably show tomorrow

I did mine on Monday and still showing 2.8% online.

zzzLazyDaisy

nrishiraj wrote: »

I did mine on Monday and still showing 2.8% online.

I was told that it would take about 4 working days to show up on-line but that the interest would be backdated to the date I had the account redesignated.

devon_scouse

Not really ISA switched on
Have ISA 3 with Halifax I am looking at changing to 4.
My question is I still have some allowance left for this year if I re -designate to 4 now can I still put money in for this year or do I have to wait till April?

Sorry to be so dim.