Can you get an interest breakdown from banks?

talexuser

Just got my interest on Halifax Direct Reward 4. Previously I had a Reward 3. The totals were pretty steady since these were previous years isas rolled into one transferred, and this years isa was in Santander (now moved). Used an online date calculator to get the relevant number of days for each amount in each account and then calculated daily interest for 2.8% in the Reward 3 and 3% in the Reward 4 assuming the 0.2% is only paid afterwards after a yearly anniversary. The total interest is short according to my calcs. Can I insist on an interest breakdown from Halifax?

opinions4u

You can request a breakdown, but don't expect them to produce it there and then.

If you can provide dates, balances and rates throughout the year I'm sure somebody here can verify your numbers.

How much do you think it should be, and how much have you actually been paid?

Have you included interest paid at the point of transfer from one provider to the other?

talexuser

Hi,
sorry I posted too soon, and redid my calcs: rounded to nearest £

£19570 was transferred in to Reward 3 on 24/12/2010 and upgraded to £19589 on 24/12/2010 with their transfer promise. This was at 2.8% assuming the extra 0.2% is not paid yet.

The Reward 3 was upgraded to Reward 4 on 2/3/2011 and interest paid on 5/4/2011 at 3% assuming the extra 0.2% is not paid yet.

24/12/2010 to 2/3/2011 is 60days. 19589x2.8%/365x60=90
assume extra 0.2% 19589x3%/365x60=96
2/3/2011 to 5/4/2010 is 34days. 19589x3%/365x34=54
assume extra 0.2% 19589x3.2%/365x34=58

total without 0.2%=144
total with 0.2%=154
actual paid=157.36
at least the lesson for forum members is check your interest!