Halifax ISA Direct Reward extra .2% question

christinejp

Thanks 2010
I rang them this morning and they readily agreed to give me and my husband the 3.7% fix, on the strength of my son having been sent the offer letter.
It's definitely worth ringinging up and trying to get the higher rate. The savings department seems to have quite a lot of leeway.

Mandelbrot

I wonder if the question of whether or not you receive the offer is as simple a thing as whether you have agreed to receive 'marketing'?
As to the practicalities of having people with the same start date for the same account receiving different rates of interest - how is that supposed to work?

christinejp

Mandelbrot wrote: »

I wonder if the question of whether or not you receive the offer is as simple a thing as whether you have agreed to receive 'marketing'?
As to the practicalities of having people with the same start date for the same account receiving different rates of interest - how is that supposed to work?

That's an interesting idea. I'm sure I would have opted for no marketing. Which might account for why I have received no letter whatsoever, not even the one we are supposed to get a month in advance to tell you your rate is about to drop.
My husband had a letter telling him his rate would drop, and a form to send back requesting details of other Isas on offer. My daughter has received no letter at all, and my son got the letter offering to fix at 3.7%. It was only thanks to the paragraph at the bottom of his letter saying that anyone in the household could have the same deal, that prompted me to give it a try.
My daughter is away at university and not in a position to ring them easily, but she has made an appointment with her local Halifax to see if she can fix as well at the same rate us us.

christinejp

Forgot to mention that my Isa has changed overnight to the 2 year fix, showing rate of 3.7%, so I am pretty happy about that. The interest has been added and seems to be about right, although I can't tell whether it includes the extra 0.2% reward bonus. I will try to work it out when I've got the time, as it is quite complicated as the amounts have changed a bit over the year.

Incidentally I was told over the phone a couple of weeks ago that I would forfeit the 0.2% if I changed the Isa before the maturity date.
My husband asked yesterday when he was doing the 2 year fix, and was told that we WOULD get the 0.2%. Who do you believe? I will know for sure if I ever manage to do the interest calculation, and will post then.

Also I was told that with the fixed Isa, the interest will now be added on the anniversary date of fixing, as opposed to the 5th April, which is what has happened with with my previous Isa. I'm just so glad I haven't got to think about this for another 2 years. With the variable Isa I used to dread trying to redesignate it every year and it always seemed to go wrong. Last year I ended up getting a hundred quid compensation from them because of the hassle of changing to the Direct Reward 4.

Thanks to everyone on MSE who takes the trouble to post. Without them I wouldn't have realised the rate of the 2 year had dropped to 3.5%.

talexuser

christinejp wrote: »

Thanks to everyone on MSE who takes the trouble to post. Without them I wouldn't have realised the rate of the 2 year had dropped to 3.5%.

Ditto in spades!

2010

After all the huffing and puffing and will they, won`t they, and all the different answers from Halifax "advisers", last night I decided to take the bull by the horns and phoned them once again.

I explained that I didn`t receive the 3.7% offer but my partner had and she had until the 1st March to reply.
The adviser said that although the rate had dropped to 3.5% we could go ahead immediately and switch (redesignate) and still get the 3.7% because of the letter.
I asked why my partner had received the offer but I hadn`t as our ISA`s are identical and was told it was done randomly.
Hence the bit at the bottom saying "other household members can apply" etc.

I have just checked our accounts online and it`s all done and dusted with the interest added and the 3.7% showing.
The 0.2% bonus has NOT been added so I`ll wait until the anniversary (30/4/12) and see what happens.

Because we`ve kept the same sort and account number, I`m guessing the 0.2% will be duly added at the anniversary.
If not the matter will have to be pursued then.
In my case the bonus will be about £8-25, no big deal but better in my coffers than their.

Like christinejp, I`m just glad I can forget about it for 2 years. (apart from the bonus of course) :rotfl:

Mikeyorks

Mandelbrot wrote: »

I wonder if the question of whether or not you receive the offer is as simple a thing as whether you have agreed to receive 'marketing'?

Shouldn't be ...... as this is account specific information they've been issuing with specific account / maturity details.

jennifernil

10_66 wrote: »

Ours both mature on 14/3 (if the maturity date is the date funds were first received into the account, as we've never had certificates confirming dates). As you say, the 2 year fixed has now dropped to 3.50%, so looks like my money will going elsewhere on "maturity".


...........

Our maturity dates were the account opening dates, accounts opened with zero balances, our transferred funds arrived 3 weeks later.

Mandelbrot

Mikeyorks wrote: »

Shouldn't be ...... as this is account specific information they've been issuing with specific account / maturity details.

I'd assumed the offer letter was separate to the maturing letter. Even if received in same envelope.
(Couldn't see how one person could get just maturity info, other maturity info + offer, otherwise.)
I was guessing some 'flag' set on the account would control it.
It seems from 2010 that it's a random number generator (or equivalent).
I wonder what else is controlled that way re Halifax accounts.

2010

Mandelbrot wrote: »

It seems from 2010 that it's a random number generator (or equivalent).
I wonder what else is controlled that way re Halifax accounts.

Maybe Halifax can`t afford the postage and is only sending one letter per address but pointing out if any other household member wants the same deal, to ring them.