Halifax mess up 0.2% bonus on ISA Reward

Mr_K

I was due to get my interest of my Halifax cash ISA today. Was expecting 3.2%, but only received 3%. I fulfilled all the conditions for the 0.2% bonus. Rang up and asked why, and was told it was because I'd redesignated to the ISA Online a month ago. I had to, otherwise i'd have been earning 0.5% for a month. However i did double check about the bonus when redesignating and was told as long as I kept the same account no, which I did, it wouldn't be affected.

After being fobbed off, I registered a complaint and very quickly was offered the 0.2% due. However they couldn't pay it into my ISA and had to go to my current account i.e taxable and not ideal. However accepted it.

Can't say I'm surprised after all the confusion about when/if the 0.2% bonus would be paid. If this is widespread Halifax are going to have a lot of complaints from those that have redesignated their ISAs, so check your interest.

NeverInDebt

I rang them a couple of weeks back about 3 isas we have and was told to change to the new isa they have @ 3% on April 17th when they have been there a year to get the 0.2% bonus.

How do you work out interest when its been part funded throughout the year?

Mr_K

NeverInDebt wrote: »

How do you work out interest when its been part funded throughout the year?

You can get a rough approximation if you've fully funded the ISA at the beginning of the year. In my case the 0.2% bonus meant a 3 figure sum, so I noticed. I suspect a lot of punters won't notice/realise if Halifax have messed up.

goldman99

First I was told the 0.2% only gets paid on maturity but it seems it is paid to 5th April if that is before maturity. However, the interest calculation does not work out.

Then they paid another amount in May on the anniversary of the investment, but its only at 3% instead of 3.2%.

I did ask them to explain the calculation but they could not until eventually it ended up as a complaint and I may have to wait 2 months before I get their final response.