First Direct bank error: incorrect interest rate paid on ISA

Tarquinius

I recently spotted that First Direct had not applied the correct interest rate to a new ISA that I opened.:(

I thought I'd mention it in case others have FD ISAs which are not paying interest at the rate you expected; it might be worth checking your rate.

I noticed that the interest appeared paid to be very low and have queried this - they've responded quickly by saying that the incorrect rate was applied when I opened the account - and admitted the error.:)

They've said that the correct interest rate will be applied from now on. As regards backdating the correct interest, they say they need to contact their auditors for guidance and they'll come back to me shortly (which I find a bit bizarre, but I suppose they need to ensure they're taking the correct action giving all the claims against banks).

pinkdalek

They probably have to research about the backdating issue as the account is an ISA, they do not want to cause any problems with the Inland Revenue and want to ensure everything is correct. It has nothing to do with claims against the bank.

Personally I would push further for some form of redress over their error, you expect them to do things correctly and it has been you who has had to query the problem.

le_loup

Tarquinius wrote: »

As regards backdating the correct interest, they say they need to contact their auditors for guidance and they'll come back to me shortly

Bizarre indeed.