HBOS ISA Direct Reward is a trick. If you transfer out you lose 6 months' interest

Andystriker

2sides2everystory wrote: »

Take your banker hat off for a moment Andystriker, and set yourself the impartial task of establishing exactly how a Halifax ISA Direct Reward 4 actually works.

Start with Google perhaps, and come back and tell us the steps you take to actually obtain unambiguous information about that product.

Then for example, you may wish to tell us where the product title "Halifax ISA Direct Reward 4" (as opposed to 1 2 or 3 or indeed any other of Halifax's ISA or Saver offerings) appears in any unique set of formal Ts & Cs.

Then you might be qualified to spout on MSE about what is ridiculous and what isn't

Your instructions above show just what a total clown you really are. I know the OP has got it wrong because most people on this thread have told him so. And as he is having difficulty believing people then it has been rightly suggested that he goes back to the T&C's

I will spout on on MSE about whatever I like, and if you cant see that people on this thread have been trying to help the OP then you are wasting your valuable time on here.

Lokolo

2sides2everystory wrote: »

Take your banker hat off for a moment Andystriker, and set yourself the impartial task of establishing exactly how a Halifax ISA Direct Reward 4 actually works.

Start with Google perhaps, and come back and tell us the steps you take to actually obtain unambiguous information about that product.

Then for example, you may wish to tell us where the product title "Halifax ISA Direct Reward 4" (as opposed to 1 2 or 3 or indeed any other of Halifax's ISA or Saver offerings) appears in any unique set of formal Ts & Cs.

Then you might be qualified to spout on MSE about what is ridiculous and what isn't

1. Open up your broswer.
2. Go to https://www.google.com
3. Search for "Halifax Reward ISA".
4. Click on the first non-sponsored result, which leads you to the ISA Direct Reward homepage
5. Click on Summary Box tab
6. Click the ISA Saver Direct account conditions link
7. There you have it, the unique set of T&Cs which relate to the ISA Saver Direct "including Halifax ISA Direct Reward Conditions"
8. On these pages are where the OP got confused, not quite sure why because there are bold sections which tell you what accounts the conditions are applicable for. And oh, whats this? There's even an index!
9. You can see on Page 24 that halfway down on the right hand column it says "The Following terms apply to the fixed rate Halifax ISA Saver", which then go on about transferring out and a penalty.

Now honestly - anyone could quite easily do this. This actually took me less than a few minutes.

I also find it extordinary that you think you need to be a banker or MSE specialist to understand this.

spikyone

2sides2everystory wrote: »

Start with Google perhaps, and come back and tell us the steps you take to actually obtain unambiguous information about that product.

Or even easier:

1: Go to www.halifax.co.uk (you could probably guess this)
2: Click on huge yellow logo that says "3.00% AER TAX FREE SAVINGS WITH OUR ISA DIRECT REWARD"
3: Note that it says at the bottom "View the summary box before you apply for an ISA Direct Reward", or just click the Summary Box tab, because it seems like a sensible place to start looking for account information.
4: Click on "View account conditions" near the bottom of the page.
5: Spot that the contents page ONLY shows one account type, the ISA Direct Reward.
6: Read other parts of account conditions.
7: Have epiphany, and henceforth stop wittering on about non-existent penalties.

2sides2everystory wrote: »

you may wish to tell us where the product title "Halifax ISA Direct Reward 4" (as opposed to 1 2 or 3 or indeed any other of Halifax's ISA or Saver offerings) appears in any unique set of formal Ts & Cs

The reason it doesn't explicitly mention issue numbers is that the only change is the interest rate - which was mentioned in step 2 if you want to apply for the account, or is shown in your online banking if you already have one.

2sides2everystory

There are none so blind as those that will not see

Lokolo and spikerone - been there did all that before I challenged you - my take on it as an unbiased analyst of financial marketing and wordings is simply different to yours. I also eventually clicked on Summary Box which is not a box bt a tab but ask yourself why you would click on it unless you have some click on and read everything obsession (I don't buy your "because it seems sensible place to start looking for account information"). It is a tab and its name is "box" not "Ts and Cs". And even if you did click on it, why would you then associate "ISA Saver Direct" with "ISA Direct Reward 4" ? Your answer is of course well you have to click everything and then use a process of elimination, marvelous discovery and best fit according to Lokolo and spikerone.

You especially have to do that when you reach the final 48 page document that appears to make an 'orrible hotchpotch mess of dealing with four or five products not just one. Somewhere in it, is the marvelous phrase "There's two types of ISA" and on the very next page it tabulates 4 products and I do not mean Direct Reward 1, 2, 3 or 4

I say again, I am easily most reassured not by anything at all on Halifax's own website, but by gilly_dc's short post a couple of days ago.

The rest simply doesn't cut it.

Just my 'umble opinion of course

blueberrypie

2sides2everystory wrote: »

There are none so blind as those that will not see spikerone.

Ain't that the truth...

Lokolo

2sides2everystory wrote: »

Lokolo and spikerone - been there did all that before I challenged you - my take on it as an unbiased analyst of financial marketing and wordings is simply different to yours.

Being a student currently studying Computer Games Programming I find it difficult to think why I would be biased towards any financial institution given I have never worked in the finance industry (yet anyway!).

Could you please tell me why your view is unbiased yet mine is?

My knowledge learnt may make it easier for me to browse websites, finding the correct information, but it does not make me better at reading T&Cs and figuring out which are titles etc.

Catslovelycats

I am a happy HBOS customer. This thread has both frustrated and amused me. Thanks.
Well wishes to all who have genuinely posted in an attempt to help clear up anyone's confusion.

Niksan

Lokolo wrote: »

Being a student currently studying Computer Games Programming....

A good industry to be in for money saving, as you'll hardly get any time to spend any.

This thread would indeed be funny if it wasn't for the minority, now one, not being brave enough to admit they got the wrong end of the stick as some people may lose out through shear panic and confusion.

2sides2everystory

HBOS only have themselves to blame for any panic and confusion, Niksan, although I doubt there's much panic.

I think just to be clear since you seem to be implying it is the world versus just me now, I will easily concede that HBOS ISA Direct Reward is not as tricky as the OP feared. I thank only gilly_dc for clearing that up. But I maintain it is easy to see how the OP came to the erroneous conclusion he posted. He shouldn't have been lamblasted for it.

And Lokolo, unlike you, HBOS are evidently not website experts and bearing in mind their online service has been based on the same technology for far too many years, their latest bungled implementation of a change, coupled with their communication of information is currently verging on the dire and may also be verging on the unsafe - see here:
New Halifax On-Line Banking Service


Perhaps you may be biased an understandable desire to be seen here to have been 100% correct in your earlier view of things that's all. Don't worry - I am sure we all suffer from it to varying degrees . I can assure you it is not necessary to work in financial services to have a biased view of it.

My knowledge learnt may make it easier for me to browse websites, finding the correct information, but it does not make me better at reading T&Cs and figuring out which are titles etc.

True, so why are you suggesting that all this Googling and banner clicking and wading through pages and pages of multi-product combined Ts&Cs and ambiguous titles and steers is a reasonable occupation for any common or garden punter who just wants simple reassurance? (I give you gilly_dc for succinct paragraphs on that).

opinions4u

Have you got the hots for gilly_dc?