Re-designating my Halifax ISA Direct Reward 4

miller

I've spent an hour on the phone trying to sort out this interest issue, but they are adamant they are correct.

They had better hope so. Another case for the FOS beckons.

Edit: and by the way, the current scoreline is 1-0 to me.

miller

jennifernil wrote: »

The Nationwide one takes a while to open, so start now.
...
All has to be done by snail-mail. We don't have a branch nearby, but if you do, they may do it quicker if you go in.

I was in Nationwide the other day, apparently if you have the details of the transfer they can enter it onto the system there and then.

blueberrypie

jennifernil wrote: »

They will not redesignate to the 2.6% on the phone, as it's an on-line account, but they CLAIM you can do it by going into a branch!
...
They will redesignate to the 2.4% one, so as we are both about to transfer out anyway, we have gone for that meantime......it's better than 0.5%.

If anyone does manage to get the 2.6%, please post up your experience.

Switched mine over the phone yesterday. Was very clear that I wanted to 2.6% account, bloke on phone confirmed it, did it there and then. ISA Saver Online with interest rate of 2.6% now showing on on-line banking (no balance in it yet, the funds are still in the Saver Direct, but I'll give it a few days).

It did involve a change of account number, so not strictly a redesignation, but no more complicated from my point of view.

jennifernil

Thanks, that sounds right, they did say I could apply on-line then complete a transfer form, but this would mean a new account number, which I didn't want as I have already sent the present number to NW for a transfer.

However they were adamant that they could not open the online ISA on the phone, I would have to do it myself on-line, print the transfer form and send it in or hand in to a branch.......which of course we do not have!

NW seem to be on the ball. They received our transfer form on Monday, immediate letter to confirm arrived today, they say they have sent request to Halifax. They do also say the transfer can take 4 weeks, but they are paying interest from the 27th according to the letter.

Nikkster

I've just called up regarding this - thanks jennifernil, wouldn't have realised last years ISA had matured today rather than tomorrow. Just had a very frustrating phone call trying to get it re-designated. Kept being told to 'do it online', and was eventually told that I needed to open the account first then get it redesignated. Also kept being told that web products could only be opened online - as if I'd never done it. Was very close to losing my temper. I think that (coupled with the less than competitive interest rates has made up my mind that my ISA is finally leaving the Halifax.

jennifernil

miller wrote: »

I got my calculator out and I think they have made a mistake (again) on mine at least. It relates to this period:

28/02/2011 - redesignated to ISA 4 until 05/04/2011 - interim interest paid

The rate applied is 2.8% which
a) was the old ISA 3 rate
b) does not include the 0.2% reward bonus for current a/c customers

In additon the 2 month period from opening (whilst it was ISA 3) has not attracted the 0.2% pro-rata, fair enough as I think the T&C's said it needed to be held for 12 months to get the reward interest.

:mad:

Hmmm, doesn't sound right. Certainly different from how ours were done. For comparison.....

ISA 3 opened 26/11/10

Redesignated to ISA 4 28/02/11

Interest paid @2.8% for above period + @ 3% for period 01/03/11 to 05/04/11 added to account 05/04/11

Additional 0.2% calculated from 26/11/10 to 26/11/11, but not added till28/02/12

Interest @ 3% from 06/04/11 till 28/02/12 added 28/02/12

Mr_K

blueberrypie wrote: »

Switched mine over the phone yesterday. Was very clear that I wanted to 2.6% account, bloke on phone confirmed it, did it there and then. ISA Saver Online with interest rate of 2.6% now showing on on-line banking (no balance in it yet, the funds are still in the Saver Direct, but I'll give it a few days).

It did involve a change of account number, so not strictly a redesignation, but no more complicated from my point of view.

Bit concerned that redesignating to the 2.6% account involves a change of account number. Does that mean they wriggle out of the promise to pay the 0.2% bonus ?

Can't wait to get my money away from them and their convoluted 'deals/offers'.

jennifernil

As long as you have had the account 12 months, your +0.2% should be safe.

Mr_K

Hmmm. Well ISA matured yesterday, interest has been paid but no sign of a 0.2% bonus. rang up and they said it would be paid the the main interest date in April. Don't really want a large sum of money earning 0.5% interest for a month just to wait for this 0.2% bonus.

Asked about redesignating to 2.6% account, said they couldn't do it directly and that i'd have to apply for the 2.6% account, and then fill in a transfer form. What a time wasting (profiteering) faff !

Also asked if this new account would keep the same account number and then get the 0.2% bonus, after some hesitation they said yes, but didn't seem at all certain.

Not sure what to do anylonger. At the moment just transfering to Nationwide and leaving a bit in the Halifax ISA until I get the 0.2% bonus seem the best bet. But this will take weeks and no doubt and i'll be losing a significant amount of interest in the meantime.

jennifernil

Switch to the 2.4% and get the NW sorted fast. (branch is fastest) They will pay the 3.1% from the day they get your transfer form. So you could get 5.5% for a few weeks.