HBOS 0.2% Reward

atypical

2010 wrote: »

Stopping these accounts would be a good thing, maybe then they would pay a straight upfront rate and stop trying to bamboozle everyone.

They have already stopped the 0.20% interest reward. They now instead have an account only for reward customers. But it offers an interest rate 0.30% lower than for 'normal' customers and has more onerous terms.

2010

atypical wrote: »

They have already stopped the 0.20% interest reward.

Do you mean for everyone or just new accounts.
What happens with existing accounts if these are now stopped?

Update:
I`ve just been on the phone to the Halifax and any existing accounts will continue to run until the anniversary and then the .2% will be paid and also it then ends.

atypical

2010 wrote: »

Do you mean for everyone or just new accounts.
What happens with existing accounts if these are now stopped?

Update:
I`ve just been on the phone to the Halifax and any existing accounts will continue to run until the anniversary and then the .2% will be paid and also it then ends.

I should have been clearer. Stopped the 0.20% reward for new customers.

jennifernil

So, if I opened my ISA 3 in mid December 2010, moved to ISA 4 in March 2011, when will my extra 0.2% be paid, and for how long?

And when does my ISA present rate of 3% end?

I had the regular interest added in April 2011.

opinions4u

The idea of paying the 0.2% sounded good.

But it's all got a bit confusing along the way.

Fill a form in for old accounts. Automatically applied to new accounts.

Paid after twelve months. Automatically renewed after a year. Then paid when the rest of the interest is paid on the account after the twelve months is up.

Now it doesn't apply to new accounts. But still sits on old accounts. Unless their year is up. Which you have to remember, as the interest is deferred until the next capitalisation date.

Sometimes you get a letter. Sometimes you don't. Bank of Scotland letter references Halifax accounts on it.

Baffles me. Lordy help the rest of the world!

jennifernil wrote: »

So, if I opened my ISA 3 in mid December 2010, moved to ISA 4 in March 2011, when will my extra 0.2% be paid, and for how long?

See above, that should clarify it!

5th April 2012. I think. But the bonus will drop off in mid December 2011. I think.

Where's rb10 when you need him?

And when does my ISA present rate of 3% end?

March 2012.

rb10

opinions4u wrote: »

Where's rb10 when you need him?/

He's right here, but fairly baffled by proceedings. Having moved employer doesn't help matters for me.

I think most stuff that's been said above is correct:

For one year from registration of bonus interest, you earn standard interest plus 0.2%. After this you earn standard interest.

Any interest payments made during the year will only be for the standard interest. The bonus interest for the whole year ispaid on the next interest payment date after the whole year is up.

Upgrading your account doesn't affect the bonus interest at all.

bongoali

Hi...

Could someone clarify please...
...what interest rate do you get if you withdraw/transfer the ISA within 12 months of opening? 3% or 3.2%?

Hope it's 3.2%!

Thanks!

opinions4u

Having moved employer doesn't help matters for me

Snap.

How's life away from the dark side?

bongoali wrote: »

...what interest rate do you get if you withdraw/transfer the ISA within 12 months of opening? 3% or 3.2%?

Hope it's 3.2%!

Thanks!

If the account remains open, you get the 0.2%. If you close it, you don't.

10_66

rb10 wrote: »

...For one year from registration of bonus interest, you earn standard interest plus 0.2%. After this you earn standard interest...

I thought that after 12 months you dropped to the ISA Saver Direct account rate (according to their t&c's when I opened mine), which currently pays 1%.

2010

10_66 wrote: »

I thought that after 12 months you dropped to the ISA Saver Direct account rate (according to their t&c's when I opened mine), which currently pays 1%.

This is also my understanding and why you have to transfer it quickly.
This year it could be done online to a higher paying cash ISA staying with the Halifax.
Hopefully the same will happen next year.