Halifax ISA interest

central

Hi there,

I have 3 ISAs with Halifax which I run on line. As of today, none of them have had any interest applied for the last year, is this the case for anyone else and should I ring them, or will next years interest be applied to the total as if this years interest had been applied on April 6th?

Thanks

jem16

[STRIKE]Interest is applied on anniversary of opening.[/STRIKE]

EDIT : Please ignore as wrong.

Macca83_2

You should have really had interest paid on the 5th April. A Halifax isa Will typically pay interest on the last day of the tax year. But it Will also pay on the anniversary of account opening.

jem16

Macca83 wrote: »

You should have really had interest paid on the 5th April. A Halifax isa Will typically pay interest on the last day of the tax year. But it Will also pay on the anniversary of account opening.

My mistake - you are absolutley correct. My ISA did indeed receive interest on 5th April. My anniversary in 2nd June so will see what's happening then.

Yorkie1

I had interest applied on the 5 April, and then the reward element on the anniversary of its opening.

Mikeyorks

central wrote: »

or will next years interest be applied to the total as if this years interest had been applied on April 6th?

Presumably these are fixed rates and which mature at a future date? In which case you will only see the interest online at maturity.
The interest is calculated annually and you should get a statement each year - but it's not applied to the account until the fix ends / or closure .... whichever is earlier.

escapee

Mikeyorks wrote: »

Presumably these are fixed rates and which mature at a future date? In which case you will only see the interest online at maturity.
The interest is calculated annually and you should get a statement each year - but it's not applied to the account until the fix ends / or closure .... whichever is earlier.

Surely that is ridiculous! The interest you earn in year one could be generating extra interest in year 2 and so on, I have applied for a 3yr fixed rate ISA with Halifax and hope they transfer the interest annually or I could end up losing out on a couple of hundred quid over three years!

I would be grateful if someone could confirm this.

escapee

Just verified this myself, it states on the Halifax website for fixed rate ISAs:

Additional information:
Interest paid - Annually on anniversary of account opening.

Mikeyorks

escapee wrote: »

I would be grateful if someone could confirm this.

I can confirm it.

I only hold fixed rate cash ISAs and almost exclusively with Halifax. Initially these were for the maximum period of 4 or 5 years. Interest in the online view is only visible at maturity. But if you'd read what I said :

The interest is calculated annually

..... it would have answered your question regarding compounding? The interest is calculated and nominally added to the account annually - in order it compounds. But it is not visible in the online view ...... only on the Statement. As - because of lower interest rates I've only fixed for 1 year at a time recently - I can't confirm that is how it will continue since the migration to the Lloyds platform.

Your 'verification' from the Halifax website doesn't necessarily signify a change. It always was 'paid' on the annual Statement view. But it's never been visible on the account in online view. Which appeared to be the OP's issue.

pinkdalek

Mikeyorks wrote: »

I can confirm it.

I only hold fixed rate cash ISAs and almost exclusively with Halifax. Initially these were for the maximum period of 4 or 5 years. Interest in the online view is only visible at maturity. But if you'd read what I said :



..... it would have answered your question regarding compounding? The interest is calculated and nominally added to the account annually - in order it compounds. But it is not visible in the online view ...... only on the Statement. As - because of lower interest rates I've only fixed for 1 year at a time recently - I can't confirm that is how it will continue since the migration to the Lloyds platform.

Your 'verification' from the Halifax website doesn't necessarily signify a change. It always was 'paid' on the annual Statement view. But it's never been visible on the account in online view. Which appeared to be the OP's issue.

Changed mate, on any new fixed ISAs the interest is added each year to the account, however before the wonderful Lloyds came along the interest was calculated and compounded even though you never saw it until it matured the amount you received was as if it had been capitalised each year which would be the case with older fixed ISAs you've held.