Halifax direct reward ISA

jennifernil

As rb10 said above, this is incorrect. Many of the staff are poorly informed, when I queried my second transfer they tried to tell me the same.

I opened my account back in November, transfer in arrived 16/12, Promise Interest was added mid January, but backdated to 16/12.

05/04 I had my regular interest added.

Then I had 2 more transfers in, both arrived 08/04, Promise Interest was not added till June sometime, but backdated to 08/04.

Strangely, I received only one chunk of Promise Interest, while my OH, who made similar transfers in, received 2 lots, so I think I need to take that up with them.

Should each amount of Promise Interest be shown separately, even if 2 transfers in arrive on the same day?

jennifernil

Just to add.....trying to calculate the Promise Interest sheds no light on this as I cannot get it to work out the same as their amount whatever I do.

OH's 2 amounts do not add to around twice mine either. We both had identical transfers in, one for the full 10/11 amount plus interest, the other for the full 09/10 plus interest.

10_66

ion47 wrote: »

...I opened an ISA direct Reward on the 21/3/11 and handed in the ISA transfer form to a branch that day. The transfer itself is recorded on my halifax online banking as arriving into the ISA on 30/3/11.

I was paid some interest on the 5/4/11 which when I calculated it, works out to be the interest earned from 30/3/11 to 5/4/11 (i.e. when there was actual funds in the account). I have not yet received any interest for the promise period (i.e. from 21/3/11 to 30/3/11).

I called halfix today and asked about this and was told that this "promise interest" will be paid at the end of the reward period i.e. march 2012. Is this correct? as some of the posts above seem to suggest that it should appear as a separate interest payment.

opinions4u wrote: »

It should appear as a separate payment shortly after opening.

Not next year!

I've had the a similar experience as ion47. I opened a Halifax Direct Reward ISA 4 on 5 March 2011 (for a transfer in), Halifax received my transfer form on 9 March and the funds were received into the account on 14 March. The transfer figure was £5151.43. I received an adjustment amount of interest for £3.61 which was supposed to cover the period from the date they received the transfer form (9 March) up to when they received the funds (14 March), however, I can only calculate this as 8 days @3.20% (which didn't make any sense to me)? I then received £8.90 interest on the 5 April 2011. I have no clue at all when I'm supposed to received what. Does any of this sound corrrect to you clever ones out there?

ion47

10_66 wrote: »

I've had the a similar experience as ion47. I opened a Halifax Direct Reward ISA 4 on 5 March 2011 (for a transfer in), Halifax received my transfer form on 9 March and the funds were received into the account on 14 March. The transfer figure was £5151.43. I received an adjustment amount of interest for £3.61 which was supposed to cover the period from the date they received the transfer form (9 March) up to when they received the funds (14 March), however, I can only calculate this as 8 days @3.20% (which didn't make any sense to me)? I then received £8.90 interest on the 5 April 2011. I have no clue at all when I'm supposed to received what. Does any of this sound corrrect to you clever ones out there?

Yep that looks correct to me, theyve given you your promise interest from the 5th march aswell.

On a side note I just spoke to halifax again, and was told the same thing about interest at the end of the reward period but when I asked him to look further into it, and he phoned someone else, he finally came back and said sorry we should have paid that promise interest separately it should be with you in 4 working days (fingers crossed).

How can the staff be so misinformed?? It shouldn't be the case that when i ring up customer service i know more than them.

10_66

ion47 wrote: »

... he finally came back and said sorry we should have paid that promise interest separately it should be with you in 4 working days (fingers crossed).

How can the staff be so misinformed?? It shouldn't be the case that when i ring up customer service i know more than them.

I'm sure you'll get it now you've highlighted it to them. I agree, you shouldn't have to nudge this for it to happen, how many people don't realise and don't get what they're due?

opinions4u

jennifernil wrote: »

Should each amount of Promise Interest be shown separately, even if 2 transfers in arrive on the same day?

The accounting sytem used is manual. So they could reasonably do it either way.

jennifernil

Thanks. Only problem now is OH got almost 60% more in total than I did, even though we both transfered in the same amounts!

Perhaps I should just leave it, I think he has actually got far too much!!