Halifax ISA Direct Reward extra .2% question

tipsychick

I'm actually very easygoing in real life (hard to believe I know!) but deal with the finances for my immediate family and having had tens and tens of different savings accounts, current accounts, etc. over the last few years, was getting really sick to the back teeth of having to go into battle over the most simple of things and worst of all, still getting nowhere.

I then discovered the much underused art of the formal complaint a couple of years ago and whilst the initial frontline service I receive hasn't improved one iota, the complaints depts are normally better at problem solving and it does mean I now get compensated commensurately for having to sort out their mess.

I agree that they're all as bad as each other but I can't see the standards ever improving until it begins to hit these big companies in the pocket.

DragonQ

If the extra 0.2% requires manual intervention, I have very little faith that most people, hell anyone in fact, will get it without complication. The main thing that concerns me is dates - if they need to it manually and it takes an extra week to get added to the account, but the ISA has been transferred to a new provider by then, what happens??

miller

10_66 wrote: »

The 0.20% interest bonus will be received within 14 days of your ISA maturing. This is a manual transaction which is applied as a separate adjustment.

It had better be paid immediately according to page 49 of their updated T&C's applying from 20 March 2011:

updated_T&C's wrote:

All customers that fund their reward between
22nd September 2010 and 5th April 2011 will
receive an interest payment on 5th April 2011
and at the end of the reward period.

Abosultely nowhere is 14 days mentioned. This could be critical as the rate will drop immediately after the 12-month reward period is up.

I would check their calculations as mentioned. I have already won compensation from the FOS when they miscalulated the interest due (in their favour, of course) whilst transferring in.

10_66

miller wrote: »

It had better be paid immediately according to page 49 of their updated T&C's applying from 20 March 2011:

Can you post a link to the new T&C's, please. I've had a look on the website and can't find them.

miller wrote: »

...Abosultely nowhere is 14 days mentioned. This could be critical as the rate will drop immediately after the 12-month reward period is up...

As mentioned in my post #44, after receiving their absolutely crappy letter (I can't believe they employ people who can't even cobble a half understandable letter together), I rang them, the person I spoke to said they've had to change the T&C's on how they pay the interest as they've had so many complaints about it.

Catslovelycats

MMmm. I know some of this thread isn't really up-to-date, but I'm concerned. I have this ISA and have had no letter from them about the 0.2%. I don't recall doing anything to register for the extra bonus, to which some posts here allude. Does that mean I won't get it?? I've had ISAs and a Reward Current A/C with them for a while. Judging by all these comments I think I might be using another provider soon!

10_66

catslovelycats wrote: »

...Does that mean I won't get it?? I've had ISAs and a Reward Current A/C with them for a while. Judging by all these comments I think I might be using another provider soon!

If you log on to your Halifax internet banking unfortunately, the rate shown on your ISA will be the basic rate, the bonus won't be shown, so the only way of finding out whether you're getting the bonus is by ringing them. I wouldn't bother writing to them like I originally did 'cause, going on my experience, you'll get an unintelligible reply.

Catslovelycats

Right. Thanks 1066

miller

10_66 wrote: »

Can you post a link to the new T&C's, please. I've had a look on the website and can't find them.

Seems like they have been running the hoover around. I did a google search and there is a BoS branded version here:
http://www.bankofscotland.co.uk/savings/forms/generic_sav_app/forms/pdfs/1_451280-6.pdf

The relevant phrasing is on page 45 in that version.

10_66 wrote: »

I rang them, the person I spoke to said they've had to change the T&C's on how they pay the interest as they've had so many complaints about it.

I have received no notification about that modification. The reward interest and standard interest should be paid at the end of the 12 month term without delay if the rules are being followed.

jennifernil

We opened our ISA 3s on 24th November last year and transferred in from Northern Rock, transfer in date was 16th December. We later moved to ISA4s and had 2 more ISAs transferred in.

Today my OH got a letter saying that the 0.2% bonus on his account was paid 24th November 2011 but would not actually be added till the next interest payment date, 5th April 2012.

It gave the amount, haven't checked yet if they have calculated it correctly.

So I should be getting a letter soon too.

However, in the link posted above the T&Cs state the Reward period is 12 months from receiving the first deposit, so for us that should be 16th December as we did not make deposits when we opened the accounts, all the funds have come from transfers in.

miller

jennifernil wrote: »

We opened our ISA 3s on 24th November last year and transferred in from Northern Rock, transfer in date was 16th December. We later moved to ISA4s and had 2 more ISAs transferred in.

Today my OH got a letter saying that the 0.2% bonus on his account was paid 24th November 2011 but would not actually be added till the next interest payment date, 5th April 2012.

Your situation is pretty much the same as mine.

Your next interest payment date will be the 12 months from opening of your ISA4's (i.e. late Feb/March etc when it was available). The difficulty here is we didn't actually hold the ISA3 for 12 month's because of the transfer, so the 16th December would not be applicable, however, they still need to do the manual calculation for that period (this is all my interpretation of what is going on - the contents of this thread serves to demonstrate no one really knows for a fact, including some HBOS staff).

The bottom line is the correspondence your OH received, like me, is unsatisfactory. It seems relevant T&C's have been removed from the website as well. It shouldn't really be down to a board on MSE to interpret their intentions.