Anyone had their interest from Halifax yet?

Macca83_2

As far as im aware

The 0.2% is calculated and added as a separate payment as long as you meet the criteria. You have to register to receive the bonus, it is not automatic, and its credited a year after you apply.

DragonQ

My account was upgraded on 05/04/2011, which means that I should've received both the normal 3% interest and 0.2% bonus on the same day. I got a single payment that was definitely above 3% but not quite 3.2%.

Macca83_2

This year is a leap year. Im just wondering, if interest is calculated daily but applied annually could that explain the payment working out at over 3% but less than 3.2%?

DragonQ

Nope, the extra day makes very little difference.

EDIT: Halifax just called me to say my interest calculation was correct and theirs was wrong. I've been paid the ~£10 difference into my current account and offered £25 compensation for the inconvenience and the fact that the £10 won't be in my ISA tax-free wrapper.

Mandelbrot

DragonQ wrote: »

EDIT: Halifax just called me to say my interest calculation was correct and theirs was wrong.

Did they explain how a bank that spends millions on IT can calculate something as basic as interest incorrectly?

DragonQ

Nope.

I can only assume they mis-counted the number of months I've been a reward customer. In fact, when I called them up the first time they didn't believe me that I was a reward customer at all or that I had a Reward Current Account.