Halifax 3% ISA - Low Payment

Mee

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/

Does anybody know what the situation is if you've moved from ISA DR 2 to 3 and then to 4? :eek:

BurntOut

Mee wrote: »

Does anybody know what the situation is if you've moved from ISA DR 2 to 3 and then to 4? :eek:

Which situation are you refering too? if its the 0.2% reward, when you changed to the Reward 3, this came into effect for you and will be credited 12months after.

lyndasharp

jefftool wrote: »

Same problem with wrong interest rate applied to my Halifax ISA FY09/10. ISA Direct Reward account opened end March 2010 at 2.6% or thereabouts, but they have paid interest at their ISA Saver Direct rate at 0.5 %. Spoke with them in branch, they conceded there had been a mistake, and my interest payment will be adjusted in up to 14 working days. Was also mentioned that others had flagged up the same issue.

Only just came back to this thread, very interesting to hear that! I'll remind my husband to follow it up with them.

Munro_Bagger

Hello there - I have received my interest today (£57.24), and I think it looks a little on the low side. I'm not great with maths but another forum user (rb7oaks - thanks!) kindly offered the figures he thought for 2.8% and 3% daily rates. I'd really appreciate help on this, as this is my first ISA!

So, I'm prepared to look a complete and utter twonk...here goes;

Reward 3 opened 13/10/10, account transferred to Reward 4 24/03/11 (well, online transfer actioned by me). Money was paid in as follows;

21/10/10 £3000
25/10/10 £500
03/11/10 £500
15/11/10 £200
01/12/10 £150
13/12/10 £150
22/01/11 £150
22/02/11 £150
19/03/11 £300

Oct = 11 days; Nov = 30 days; Dec = 31 days; Jan = 31 days; Feb = 28 days; March = 24 days Total = 155 days.

@2.8% (21/10/10 - 24/03/11) is 155 days @ 0.39123288 = £60.64 [although I note the 2.8% rate was available up until 26/02/11...I don't know if 3% applied after that. I've assumed 2.8% through to transfer on 24/03/11]

@3% (25/03/11 - 05/04/11) is 12 days @ 0.41917808 = £5.03

Total interest £60.64 + £5.08 = £65.72. Total interest actually received £57.24.

Help! :0

tipsychick

I think your problem is that you didn't have the full £5100 in there from October 2010, so you have that variable to take into account when calculating whether your interest is correct.

It is actually quite complicated to do manually, if your deposit is varying throughout the year. You'll need to calculate each time period separately, for example:

21-25/10/1010 = 4 day period, so £3000 x 0.028/365 days x 4 days = £0.92

If you do that for each separate amount/time period/interest rate and add them all together, then you'll get the overall interest you've been paid.

You can request a interest calculation breakdown from HBOS and it will show you exactly how the interest was calculated. I think it's worth doing if you can't get it to tally, as one of ours was wrong last year.

Munro_Bagger

Will do, tipsychick! It's going to be a long morning! I'll contact HBOS too, and ask for an interest calculation breakdown, as you've suggested. Could be interesting!

Munro_Bagger

...just contacted them (11.53am) and have been told a request has been made and a full breakdown should be with me in 7 days. Let's hope so! The formula you gave me tipsychick (thanks) makes sense, and I'm going to use it!

I've calculated it those 4 days in two ways, and get the same answer;

(1) £3000 x 0.028/365 days x 4 days + £500 x 0.028/365 x 1 day = total on 25/10/10 (0.95)
or
(2) £3000 x 0.028/365 days x 3 days + £3500 x 0.028/365 x 1 day = total on 25/10/10 (0.95)

So I guess it doesn't matter! Thanks so much!