Halifax ISA Direct Reward extra .2% question

carpy

i have no confidence in Halifax over these reward interest payments at all.

i have a web saver reward which i know qualifies and i only have my money in it on the strength of it (being 2.8% + 0.2%) otherwise i would just have put it somewhere else @3%

however Halifax are telling me it's not a 'reward' account when i know it is!!!!
:mad:

udydudy

carpy wrote: »

i have no confidence in Halifax over these reward interest payments at all.............however Halifax are telling me it's not a 'reward' account when i know it is!!!!
:mad:

How do you know?? have they sent you a letter or it shows on your online account?

Last year when we requested for a transfer of our maturing fixed ISAs I nkow a few of them flipped over well and showed up online, but two of them were left on normal ISA. I had to follow up with them for 3-4 months before they got flipped over.

Even then it was first made into a standard ISA and then converted to a reward ISA. Though they did say we would get reward ISA interest form the maturity date. But I do not trust halifax. I suspect it is a deliberate attempt to confuse people and not paying interest.

One will have to make a datewise listing and compute the interest cost themselves to ensure that you get the correct artes on all the days. I asked Halifax to send me a l;etter stating clearly as to what rates each of our savings earns what interest during its life.

Conveniently they sent me details for all savings account except for the problematic ones.

Our money is going to move away from Halifax as soon as the reward period is up. Ofcourse will make sure they pay up all due interest or they have a case with the ombudsman. Upto them if they want to waste money on replying to the ombudsman for scr***ng us for a few pounds of interest!!...

tipsychick

I've now had a rather brusque reply to my letter asking when the 0.2% interest will be paid but at least it's good news! ISA Queries have said, "I can confirm that this will be credited as an interest adjustment on 28th February 2012, as this will be the anniversary of your ISA being reinvested". The 28th February 2011 was actually the date I phoned and re-designated from 3 to 4.

I also wrote similar letters for other members of my family, so will be interesting to see whether we all get the same response!

miller

When the ISA 4 rate drops off a cliff (e.g. on or after 28/02/2012), the ISA Saver Direct rate of 0.5% will apply. But from 10 September 2011, this account was no longer available to new customers. I have not had any correspondence relating to this, but it would be nice to think the ISA saver online rate of 2.6% would apply whilst we all wait for transfers out.

Thinking ahead to next year, does anyone know of providers who pay interest from day one of receiving your transfer form (to minimise the void period whilst the funds are in transit)? Nationwide and Lloyds do as far as I know (and Halifax when they get it right!), but Lloyds don't have any decent rates. I don't think Northern Rock do.

opinions4u

miller wrote: »

When the ISA 4 rate drops off a cliff (e.g. on or after 28/02/2012), the ISA Saver Direct rate of 0.5% will apply. But from 10 September 2011, this account was no longer available to new customers. I have not had any correspondence relating to this, but it would be nice to think the ISA saver online rate of 2.6% would apply whilst we all wait for transfers out.

Thinking ahead to next year, does anyone know of providers who pay interest from day one of receiving your transfer form (to minimise the void period whilst the funds are in transit)? Nationwide and Lloyds do as far as I know (and Halifax when they get it right!), but Lloyds don't have any decent rates. I don't think Northern Rock do.

You will be written to.

Respond to the letter and you will be able to move to any of their available ISAs (probably higher at tax year end).

Do nothing, you'll get 0.5%!

jennifernil

So, we could move to the best available instant access ISA at the end of our year in ISA4, then look around for something better?

Or is there a need to stay with the chosen Halifax ISA for a year to get the rate?

Will there be a delay transferring to a different Halifax ISA, or will it be instant?

opinions4u

jennifernil wrote: »

So, we could move to the best available instant access ISA at the end of our year in ISA4, then look around for something better?

Yes. The ability to switch to any on sale new ISA product is part of the ISA Promise that also paid interest on transfers before they received the money.

Or is there a need to stay with the chosen Halifax ISA for a year to get the rate?

It could depend on the T&Cs of the new ISA, but based on what they currently offer there would be no need to remain with the account for a full year to get any enhanced rate.

Will there be a delay transferring to a different Halifax ISA, or will it be instant?

They should be able to do it within a few minutes.

All assuming the systems are up and running and the staff understand them!

jen245

I got a letter today from Halifax, saying that my Reward period (0.2%) has ended, and that the amount will be credited with my normal interest on the usual interest payment date, but doesn't actually give the date!

Catslovelycats

jen245 wrote: »

I got a letter today from Halifax, saying that my Reward period (0.2%) has ended, and that the amount will be credited with my normal interest on the usual interest payment date, but doesn't actually give the date!

Ditto. and they said it's not the full interest cos I incurred penalties for early withdrawl. I thought we were allowed a withdrawal with no penalty and I made one in the summer. Oh well. Somehting close to £4 will be making it's way to be presumably in April. Wow. Hardly worth the effort really. :rotfl:

10_66

jen245 wrote: »

I got a letter today from Halifax, saying that my Reward period (0.2%) has ended, and that the amount will be credited with my normal interest on the usual interest payment date, but doesn't actually give the date!

Flippin' heck, I can't wait to get rid of this stupid account!