Halifax ISA interest issues

talexuser

Hartson wrote: »

I was told the reward period was the bonus of 2.9% for 12 months above a lower underlying rate of 0.1% after that period finished. The extra 0.2% on top of that was for those with a qualifying current account, which I do not have.

You were told wrong then - the only reward is the small extra for having the qualifying current account. The ISA is 3% period for one year but variable.

2010

People should be wary if they receive the letter offering the 2 year fixed at 3.7% IF they have the Reward ISA which pays the 0.2% bonus after a year.
Unless they keep £1 in their Reward ISA account, they will lose the bonus.

Read from post #122 onwards.

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

Mikeyorks

talexuser wrote: »

You were told wrong then - the only reward is the small extra for having the qualifying current account. The ISA is 3% period for one year but variable.

Indeed - but then why is the account title ISA Direct Reward? Which is irrespective of whether one has a qualifying Current Account adding the 0.2%.

talexuser

Mikeyorks wrote: »

why is the account title ISA Direct Reward?

Because the extra 0.2% was available on that account as a deal at the time, just as it was on my Web Saver Reward where I got 3% gross instead of the normal 2.8% with the same naming convention (which made both a best buy at the time).

jennifernil

The account now has the word "Reward" in the title whether you qualify for the extra 0.2% reward interest or not. Did it not change title in September or thereabouts?

Presumably it means they think the rate offered is "rewarding", it's a good rate after all, but Halifax have got themselves in a mess with the use of the word "Reward" in different accounts, and are just confusing customers.

Mandelbrot

jennifernil wrote: »

Halifax have got themselves in a mess with the use of the word "Reward" in different accounts, and are just confusing customers.

And their own staff, it seems ...

LGG_2

i was just gonna ask about this. same problem here. i was on a direct issue 4 ISA (didnt have the extra 0.2% reward) that was due to mature i march. A week ago i went in to the branch and changed it to the 2 year fixed rate ISA. ive just looked at my statement online for the first time since it became a fixed rate and although now its saying fixed rate ISA so it has been changed over theres no intrest added.

seeing as its the first time ive looked at my statement i dont know if its just changed to the fixe rate today therefore intrest should be added tomorrow or they have !!!!ed up and not added the intrest at all

LGG_2

what a mess halifax are when it comes to sorting out the intrest when u fix your account. checked my intrest this morning and none had gone in so i went into the branch armed with what the poster had said on here about being told over the phone that the intrest doesnt get added for a year. i told them no intrest had been added and after a call to the savings department they told me the same thing but added that they can see the intrest on their system but it wont show on my account so it is being calculated properly and im not losing out on a years intrest. i said thats not good enough and i want to see it on my account as frankly i dont trust them to add up the intrest right and it cant say one amount on one statement and one amount on another. everything should be the same. next they say they will get a letter sent out to me. no good i said as that wont change the intrest. i then explained that others have had their intrest added at the time of fixing so their staff are obviously telling customers different things.

so they ring the savings department again and this time they are told to close down my fixed ISA and reopen it straight away with the intrest added on. customer service women doesnt think this will be possible as you cant shut fixed rates down like that.so anyway she goes and tries it and it does work. so then she prints me out a new investments certificate as they dont send them out anymore and my proper balance with intrest added is now showing on my internet balance. and the fixed rate starts again from today and not when i opened it originally a week or so ago.

all of this took over an hour. would be nice if the staff at halifax actually communicated with each other instead of being told 3 different things by three different people. anyway at least i can forget about it for the next two years hopefully!

Mikeyorks

Curious. I had 2 x fixes put in place yesterday - and the interest is correctly showing on both from overnight.

pfpf

really confused

last year was our first venture into ISA's so this year is the first time we have had to consider transfers/new accounts.

I went for a Barclays ISA and OH the "Halifax ISA Direct Reward" paying 3% plus the addition of 0.2%.

maturity date is 30/03/2012

my OH has had the offer today of fixing at the 3.7% rate for 2 years.

some questions if someone would be so kind to give their time.

1. i always thought you could only fund one ISA per year? how can Halifax be offering to transfer all the funds to the new product now? letter states "simply return form by 01/03/2012.

2. it also states no more funds can be added to the ISA once its open, does that mean OH's 2012/2013 allowance will have to find a new home?

3. my understanding is that the 0.2% extra is payable on the anniversary i.e 30/03. does she lose this if she changes now? which takes me back to the fact i thought you couldnt fund another ISA in the same year.

all very confusing.