Halifax Junior Cash ISA paying 6%

flightinfo

I received a statement for my son's Junior ISA a couple of days ago. Having previously seen on MSE that other people had received 3% interest instead of 6%, I wasn't that surprised to see 3% incorrectly applied.

I telephoned Customer Services today. The lady I spoke to told me straight away she could see what the problem was - the account was in my name and should have shown my name 'in trust for ...'. She told me she had seen several of these before but was unable to correct it herself - I would need to go to the branch. I've been to the branch only to be told that Halifax are aware there is a problem with the system (the branch had had an email this morning - what a coincidence!) and will be sending out corrected statements but have no idea when. I was told they no longer set accounts up 'in trust for..'.

I didn't think to ask for compensation but assume they won't pay as they are aware there is a problem. However, there can't be that many of these accounts open (compared to adult ISA) so I don't think I should have to wait too long for a corrected statement - whether Halifax think the same is a different matter.

Froggitt

My kids also only received 3% instead of 6%. Manager of branch says there is a "glitch" in their systems that is not applying the correct rate.

brick

I called into Halifax branch today to highlight same issue of JISA statement indicating only 3% as opposed to advertised 6%.

Receptionist was aware of issue (didn't ask for name or account details), said the errored statement should not have been issued, told me to anticipate a corrected statement in due course, and apologised.

chrisnw

Just an update on my own position.

I did get the £40 compensation, and a letter explaining that the interest rate had been corrected and the "Missing" interest since the account was opened had been "added to the accruing interest". Having now had the statement which showed both rates on different pages, I popped into the branch again yesterday to get them to confirm the current interest rate being paid, as I don't trust anything the Halifax say now! It was indeed now 6%, however there was no sign of the "Missing" interest so I assume that this will only get capitalised at the end of the current year. Not strictly the correct way to do it I would have thought as the account will miss out on interest on that interest this year. However, given that I got some compensation I can't be bothered to tell them again how to do their job. Others might want to consider checking how their correction eventually gets made to ensure the full amount of interest is given. With a bit of luck and Halifax's appalling admin I may even get it corrected twice over!

kalsha

SNAP Chrisnw - exactly in the same situation as you! I too got the letter saying that I am due accrued interest due to the mixup - that was on 24th April. Then I got the statement upto 2nd May but no sign of accrued interest. So I visited the branch this morning to make sure that the accrued interest had not been paid in since 2nd May - and it hasn't. I am not going to wait till the end of the year to find out so I am planning to write to the lady who wrote to me about the accrued interest. I am a bit annoyed as I did ring her last Thursday but she was not in - so I left a message for her to contact me. I am still waiting for the phone call - this has happened for the second time now. Also when I was told that she was not in, I asked if someone else could help but of course I got the usual lecture that "it is a branch account so you go to the branch to sort out any problems" and also that the account is in your daughter's name (she is 16years old) so she has to ring and they refused to deal with me. My daughter knows what is happening but I am not sure if she is experienced enough to argue about this discrepancy. As my daughter cannot get to any branch or on the phone before 5pm, I guess I will have to put pen to paper myself on her behalf. And the annoying thing is that they have these 0845 numbers which are costly on my phone ( I have tried saynoto0870 without success). So if anyone has any suggestions, I would be very grateful. Like Chrisnw, I don't trust anything they say. I had more problems of misinformation when I opened the account in March and promises of "will ring you back" which they never did. Will update when I know more.

kalsha

Forgot to ask - Did anyone here open this account for their 16+ year old without the parent having an ISA as well and still get the 6%? There was a lot of confusion and there were lots of people on this thread and the another one with many of you saying that an adult need not have an ISA for the 16+ to get 6%. Did any of you confirm that you did get the 6%? Anselld - did you get the 6%? It does not matter for me as I did go ahead and open one for myself but I am curious to know if it was necessary.

flightinfo

I already have 1 Halifax Junior ISA linked to my Halifax ISA so that child A can get 6% interest (well, supposedly - still waiting for updated statement) - can I open and link child B ISA to same account so that they can get 6% as well? I have looked on Halifax website but can't find the information - feel I'm more likely to get an answer from fellow MSEs than from Halifax staff. (I only have 1 Halifax ISA in my name.)

Thanks.

Froggitt

Yup. Beg borrow and steal as many children as you can.

flightinfo

Froggitt wrote: »

Yup. Beg borrow and steal as many children as you can.

If this remark is aimed at me, I have no idea what you are talking about.

Froggitt

Im saying yes you can open accounts for as many kids as you have. Both of mine have one.