Halifax ISA Saver Online Annual Interest

harrpau7

Hi,

I opened a ISA Saver Online with Halifax about 2 months ago and currently have £2,000 in it (can't out any more in till new tax year starts).

Their website says I should get 3% Interest tomorrow (which I make out to be £60), is there any other criteria that needs to be met for the interest to be paid?

Thanks

Lube

Are you sure you get £60 you only opened the account 2 months ago, £60 would be for 12 months

badger09

harrpau7 wrote: »

Hi,

I opened a ISA Saver Online with Halifax about 2 months ago and currently have £2,000 in it (can't out any more in till new tax year starts).

Their website says I should get 3% Interest tomorrow (which I make out to be £60), is there any other criteria that needs to be met for the interest to be paid?

Thanks

You would only get £60 interest if you had £2000 in the account for a full 12 months. If you opened the account 'about 2 months ago' the most you can expect is £10 (£2000x3%=£60 x2/12 = £10

harrpau7

This is what I am wondering, but it makes no mention of the account needing to be open for 12 months, hence why I am asking.

All it says is:

Current rates:

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.

I opened my account before 5th March 2012, so little bit confused as to whether I qualify or not.......

Lube

You should get £5 interest

Halifax were offering 3.02% at one time 0.2% bonus if after a year.

harrpau7

Lube wrote: »

You should get £5 interest

Better than a kick up the backside.

Lube

Yes but your interest rate calculation was too high as it was based on 12 months not 2 months

You would have to have £12,000 to get £60 back over 2 months @ 3%

harrpau7 wrote: »

Better than a kick up the backside.

harrpau7

Lube wrote: »

Yes but your interest rate calculation was too high as it was based on 12 months not 2 months

You would have to have £12,000 to get £60 back over 2 months @ 3%

Really, 3% of 2000 is 60?

Never had money in an ISA at the end of a tax year, so don;t know what to expect.

lisyloo

I think the part you're missing is that 3% is an annual rate.
You don't get the same for 2 months as you do for a year.

harrpau7

lisyloo wrote: »

I think the part you're missing is that 3% is an annual rate.
You don't get the same for 2 months as you do for a year.

Yup - that is the part I am missing, that's why I am asking ;-).

Like I said before, better than a kick up the backside.

evenasus

I'm surprised how many people think they will receive the annual rate (12 months worth), no matter how short a period their money has been in their account.