Halifax ISA Reward coming to an end

glider3560

My Halifax ISA Saver Direct Reward comes to an end next month. It is currently paying 3% plus 0.2% after one year.

I understand that I cannot close before the year is up to get the 0.2% extra.

Now Halifax are using Lloyds computer system, it is still possible to have an account re-designated by phoning? Would they be able to make it a ISA Saver Online over the phone when the year ends?

glider3560

Also, I've just realised that I made 5 withdrawals yet my account is still showing as 3% online. Is this some glitch in the new system?

opinions4u

There is no withdrawal restriction on the ISA Direct Reward 4 (3.00% one from last year).

You should be able to redesignate it by phone or in branch. I haven't tested either yet though!

glider3560

opinions4u wrote: »

There is no withdrawal restriction on the ISA Direct Reward 4 (3.00% one from last year).

Thanks. This is exactly what I though, however the Halifax website appears to suggest otherwise. I didn't trust my memory as lots of things have gone on in the last year and I though I'd just forgotten.

Do you know if the 0.2% is added after one year of being open or one year of there being funds in the account?

opinions4u

glider3560 wrote: »

Thanks. This is exactly what I though, however the Halifax website appears to suggest otherwise. I didn't trust my memory as lots of things have gone on in the last year and I though I'd just forgotten.

This linky covers it.

"Unlimited withdrawals during the 12 month reward period. No notice required. Minimum withdrawal £10."

Do you know if the 0.2% is added after one year of being open or one year of there being funds in the account?

Err this one's got me all confused! I think it's on the next interest payment date after the anniverary of you qualifying for the 0.2%.

But don't count on me being right!

glider3560

Thanks again for another useful post opinions4u

D'oh! I was looking at the 2009 dates. One year ago, I knew absolutely everything about Halifax and their processes. I suddenly became very busy last July and now I know nothing about anything (especially the "new" system).

opinions4u

glider3560 wrote: »

D'oh! I was looking at the 2009 dates.

Easily done. Given that your account still exists, I reckon the rate should be displayed in current rates, not previous rates.

One year ago, I knew absolutely everything about Halifax and their processes. I suddenly became very busy last July and now I know nothing about anything (especially the "new" system).

I've had 20+ years worth of experience, knowledge and skills washed away!

So glad I haven't had to work through that change, facing customers day in day out.

glider3560

opinions4u wrote: »

I've had 20+ years worth of experience, knowledge and skills washed away!

That was the impression I've received from branch staff recently, especially the member of staff who opened my very first bank account when I was a wee nipper (and appears to remember me everytime I make an appointment, even though I wasn't a customer for about 8 years)! Perhaps I was an impressionable 4 year old all those years ago?

Mr_K

So if you 'redesignate' the account your 0.2% should be paid on the redesignated account ? i.e doing this won't disqualify you from the 0.2% when it's due to be paid (whenever that is !) ?

glider3560

Mr_K wrote: »

So if you 'redesignate' the account your 0.2% should be paid on the redesignated account ? i.e doing this won't disqualify you from the 0.2% when it's due to be paid (whenever that is !) ?

That is quite an interesting question. I think the key thing is working out when the 0.2% ends. It could be any of the following:
1. Date account was opened with £0
2. Date the transfer from old bank hit the account
3. Date the transfer form was received by Halifax (as interest was backdated)
4. Date the redesignation occurred
5. Date the redesignation was requested and backdated to
6. Not at all, as the 0.2% wasn't paid on my Web Saver and had to be added manually by Customer Relations

I'm hedging my bets for number 2, maybe number 1.

jen245

Well, this is how it went for me, I opened a Direct Reward 3 in December 2010, re-designated to a Direct Reward 4 at the end of Feb 2011, got a letter at the beginning of January this year saying my Reward period was finished (assume it ended in December 2011, 1 year after opening Reward 3) and my 0.2% interest would be paid along with my regular interest on the normal interest payment date (which I assume is 6th April, the letter didn't actually say!). Called up 2 weeks ago and re-designated to the 2 year fixed rate, which was done and showed on my online banking straight away.
There's a lot of confusion over the payment of the Reward interest, but a few people have had letters like mine that suggest it will be paid in April