Halifax ISA interest payment date confusing me

bongoali

Hi,

I wrote to Halifax asking for some dates on which my interest would be paid. They've kindly written back to me but I don't understand their letter. I am going to phone them but thought I'd ask here too, to see if anyone understands their letter.

It relates to Halifax ISA Direct Reward Issue 4 earning 3% interest and 0.2% bonus.

"The additional 0.2% interest will be added to your accruing interest 12 months after account opening and will be credited to your account on your next usual interest payment date. Interest on your Halifax ISA Direct Reward product will be paid after 12 months".

I asked for a date on which the 3% would be paid and the 0.2% but struggling to work this out using the info in their letter.

:think:

Any comments welcome - thanks!

Catslovelycats

Isn't it 12 months after opening for both the interest and bonus?
(I have one of these accounts, so I should know, but seeing this I'm now not sure...).
Bet you can't wait for the 0.2% to be added!

talexuser

I have a Direct Reward 4 ISA and main interest was paid on 5th April. Other interests were paid on transfers in from their promise of interest from the day of application received. It all worked out correctly to 3%.

I have not had the extra 0.2% yet because the account has not been opened for a year. From the reply you have above it would appear on the next 5th April after 12 months have passed. However Halifax do not have a good reputation for giving correct consistent info in my experience.

Bear in mind that if a better offer comes along in interest rate, do not transfer the whole ISA, leave £1 in this account until the 0.2% extra is paid, otherwise you will lose the extra interest for the time when the larger balance was in the account.

tipsychick

Another clear as mud reply from the Halifax!

The first sentence would suggest the 0.2% bonus won't be paid until 5/4/12, which according to their own t&cs for this account, is your next "usual interest payment date". I think the second sentence is wrong actually, as the 3% interest should be paid then too. It was never meant to be paid on the anniversary of account opening as far as I'm aware.

There's another thread discussing this topic here:

https://forums.moneysavingexpert.com/discussion/3530363

I've been waiting for a reply from them since the beginning of October. Out of interest, when did you write, bongoali?

bongoali

catslovelycats wrote: »

Isn't it 12 months after opening for both the interest and bonus?

Yes, thanks cats.. I phoned them today and the guy just said 15th May 2012 for both (12 months after I opened it).

catslovelycats wrote: »

Bet you can't wait for the 0.2% to be added!

I can wait, but there's fair few bob in there that will keep you in shirts for a few days.. and I didn't want to move it before I got my interest in case I got penalised in any way.

tipsychick wrote: »

I've been waiting for a reply from them since the beginning of October. Out of interest, when did you write, bongoali?

Thanks for highlighting that thread tipsychick..
I wrote to them on 9th November got a letter back dated 18th November

Joe_Bloggs

If in doubt about a bonus then leave a pound in the account so you can eventually collect it. I got my Halifax reward bit on the anniversary of opening months after the annual interest was paid.
J_B.