Halifax 3% ISA - Low Payment

Marvel1

I had £13755 in there

I only had £68.82 interest.

I chnaged it to the 3.0% (it would be 3.2% as I'm Ulitimare Reward Customer) last month and I had the certificate to confirm.

It was only 0.5% before the change, did I waste my time in changing it and finishing work early to arrange the change? :mad: If true about what I read above, then I will be checking the ISA rate weekly what the % rate is, so I don't lose out.

Will be contacting Halifax though for offical advice.

opinions4u

cjdavies wrote: »

I had £13755 in there

I only had £68.82 interest.

I chnaged it to the 3.0% (it would be 3.2% as I'm Ulitimare Reward Customer) last month and I had the certificate to confirm.

It was only 0.5% before the change, did I waste my time in changing it and finishing work early to arrange the change? :mad: If true about what I read above, then I will be checking the ISA rate weekly what the % rate is, so I don't lose out.

Will be contacting Halifax though for offical advice.

If it was 0.5% before the change and 3.0% now, how could it have been a waste of time?

You get the higher rate from the date you change it ... not some mystical point several months previously.

cornrob

Many thanks guys,

That is correct, just making sure the bank wasn't shafting me

Thanks you all for the quick responses :T

dave461_2

bruirn wrote: »

On a related note, I opened a Halifax 3% ISA for this tax year and transferred £8,984.03 from a previous Santander ISA. So far I have received two interests payments (one of £9.45 and another of £15.53), which I presume is correct.

My question is that I will be putting £1,000 a month into my Halifax current account, which will push my Halifax ISA up to 3.2%. When will this extra interest be applied? At the end of the year?

Mine shows as 3% even though i've got the reward account.
I noticed yesterday that you need to fill in a form to claim the extra 0.2%, see below
http://www.halifax.co.uk/savings/pdf/Halifax-Saver-Rewards-Form.pdf
The form is off this page on the rewards tab - http://www.halifax.co.uk/savings/accounts/cash-isas/isa-direct-reward/

glider3560

dave461 wrote: »

Mine shows as 3% even though i've got the reward account.
I noticed yesterday that you need to fill in a form to claim the extra 0.2%, see below
http://www.halifax.co.uk/savings/pdf/Halifax-Saver-Rewards-Form.pdf
The form is off this page on the rewards tab - http://www.halifax.co.uk/savings/accounts/cash-isas/isa-direct-reward/

The form is only required for savings account opened BEFORE 4th January 2010.

The 0.2% doesn't show as part of the interest rate online. It will be paid once the account has been open for one year.

bruirn

dave461 wrote: »

Mine shows as 3% even though i've got the reward account.
I noticed yesterday that you need to fill in a form to claim the extra 0.2%, see below
http://www.halifax.co.uk/savings/pdf/Halifax-Saver-Rewards-Form.pdf
The form is off this page on the rewards tab - http://www.halifax.co.uk/savings/accounts/cash-isas/isa-direct-reward/

I thought it would just be automatic. Glad I checked! Cheers!

glider3560

bruirn wrote: »

I thought it would just be automatic. Glad I checked! Cheers!

See my post above, #16.

jh2009

glider3560 wrote: »

The form is only required for savings account opened BEFORE 4th January 2010.

The 0.2% doesn't show as part of the interest rate online. It will be paid once the account has been open for one year.

I think the extra 0.2% is conditional on your continuing to fund your current account with £1000 during the full 12 months. Hence why they don't show it on the rate as you only qualify for it at the end of the term.

If you shut your current account before the end of the 12 months or stopped having £1000 paid into it a month then you wouldnt qualify.

bruirn

glider3560 wrote: »

See my post above, #16.

Phew! That saves me some messing around. Cheers!

Marvel1

opinions4u wrote: »

If it was 0.5% before the change and 3.0% now, how could it have been a waste of time?

You get the higher rate from the date you change it ... not some mystical point several months previously.

Ok so let's say I have 3% now, and the rate starts to drop, do I change it immediately to keep it high, after reading this I'm now clueless about ISA's and I was transferring (borrowing) the reminder of my allowance £3497 left into the account on 23/03/11. Is this worth it?