Anyone had their interest from Halifax yet?

Mikeyorks · 8 April 2012 at 7:23PM

iamkatlo wrote: »

Or am i getting this totally wrong?

Totally.

You only get interest on money in the account as a daily average .... not the balance at 5/4 if you're drip feeding it.

Had you put the money in every month (same date / value) then interest of approx £80 would have been due. As it's less than that then I assume you've put more in towards the back end.

All accounts work that way - it's not peculiar to ISAs. If they paid interest on purely the closing balance then we'd all be borrowing tens of £thousads to stick into accounts the day before maturity?

Mandelbrot · 9 April 2012 at 9:44AM

bobblebob wrote: »

Seems Halifax work weekends.

Some things do, some things don't.

Why does it say a date in the future tho?

Halifax seem to have been putting a date of the 10th against transactions since the 6th (Good Friday). The 10th April is the first working day after the Easter break.

Mandelbrot · 9 April 2012 at 9:58AM

bobblebob wrote: »

Just confirmed on the phone mine has changed over. She said the Saver online has a variable rate that doesnt drop after 12 month like the Reward ISA. Thats wrong surely? Thought it was only 3% variable for 12 month?

My guess is we have another example of Halifax's serious staff training issues.

The ISA Saver Online does indeed have a rate that drops after 12 months. From the webpage for that product :

Interest rate currently payable is 3.00% tax free/AER variable which includes a fixed introductory bonus of 2.75% for 12 months from the date of account opening, for accounts opened from 5th March 2012. At the end of the bonus period, variable rates without bonus will apply, currently this is 0.25% tax free/AER.

And 'helpfully', Halifax also have a non-ISA product, called the Online Saver (nice one Halifax - no room for confusion there!).
However, the member of staff involved can't have meant that - as it also has a 12 month bonus. From that product's webpage :

2.80% gross/AER variable including 12 month fixed bonus of 2.70%

rl1 · 9 April 2012 at 11:33AM

Draved wrote: »

I converted my 0.5% Halifax ISA to a 3% saver online yesterday.
Today it's been converted and interest applied.

Not sure about the 2% bonus as I should qualify. I'll check over the next week and a half.

As far as I can see they are not giving the .2% bonus this year. I prefer to keep everything with Halifax as it's easy to view on line but they don't seem to be competing very well this year.

LuSiVe · 10 April 2012 at 9:22AM

Can anyone confirm whether the 0.2% bonus interest came as a separate transaction or not ... there has been so much activity on my account I can't work out whether I've been paid the extra £70 or not ...

highet · 10 April 2012 at 11:31AM

i am in same boat with few deposits over last year - as far as i can calculate i got 3% interest credited on 6th april - account was opened on 18th april last year so expect to get 0.2% reward payment credited then but with halifax you never can tell!!!!

The_Enforcer · 10 April 2012 at 11:35AM

My balance has also changed so much it is also too complicated to work out the exact rate also, but I have been paid some interest on 6th April, which I presume is the 3%. As I didn't open the account until early June, online banking shows it still earning a 3% rate.I also presume that the extra 0.2% won't be paid until anniversary, at which point the rate will also drop and the funds won't be hanging around.

spike87 · 10 April 2012 at 11:46AM

I got more interest than I was expecting so I'm guessing they've already added the 0.2% in with the payment. Not complaining!

Mr_K · 10 April 2012 at 12:24PM

I really would double check if you have been paid the bonus (difficult I know if you've made deposits throughout the year). My Reward ISA matured in March and I redesignated, with the same account no, to the Online ISA on the day it matured. I only got 3% interest on 5th April, the reason given was because i had redesignated the account (had been told at the time that this wouldn't affect the bonus). They have now paid me the 0.2% bonus but only after I raised a complaint. Do check.

LuSiVe · 10 April 2012 at 2:36PM

I didn't redesignate mine until after I'd had the letter telling me how much extra I'd be getting, but as it was being paid at the same time as the interest I've got no idea if It's actually been paid. If I ring do you think they'd actually be able to tell me?