Are Halifax Cash ISAs Fraudulent?

rich11

Not guilty

Joe_Bloggs

I was caught out by the same trick in the past. You could see your account on the TV being advertised as a great deal but you forget that the terms and conditions mean it is now a poor rate because it was opened a year ago.

There was a time when the Halifax would write, close to twelve months after opening, informing you of your past interest rate and interest amount and neglecting to mention any future ongoing interest rate making the letter factually true but misleading.

These times are past as they now show the specific interest rates that apply to each individuals accounts, online.

It was sharp practise. It caught out many. It is an existing form of cross-subsidy towards those who are more able to be diligent / better informed.

I face rates of 0.1% if I do nothing. I vote Guilty as charged but with mitigating circumstances due to present conduct.

J_B.

pqrdef

As usual the smarter-than-thou brigade are out in force. Fortunately consumer law does now recognise that consumers aren't supposed to be experts, so the contest between them and the banks is hopelessly mismatched.

As a result, the banks have been forced to mend their ways - a clear recognition that their previous practices were unfair. Now, they have to send letters. However, this hasn't been made to cover accounts where the interest had already plummeted before the rules came in.

Hooloovoo

pqrdef wrote: »

As usual the smarter-than-thou brigade are out in force. Fortunately consumer law does now recognise that consumers aren't supposed to be experts

Experts?

How hard is it to write a note in your diary, or on your calendar, the date at which the interest rate ends?

I often wonder how some people get through day to day life without being able to remember the simplest of things. I find it quite sad that nanny state has to send out reminders for car VED renewal etc.

talana

Not Guilty

First reply summed it up perfectly for me.

talana

Will readers please respond to this post as if it were an Internet Trial with a finding of Guilty or Not Guilty? The first 12 votes will be used to determine the jury's finding. (No votes from members of the Financial Service Industry permitted.)

Please respond to this mini trial by internet, if you think Halifax is Guilty or not guilty. Then I can put George Osborne on the spot by passing the proof and the jury's opinion in this case.

I trust you are going to pass on to George Osborne the jury's opinion then??

Hooloovoo

Looks like it's 11-1 Not Guilty.

Almost unanimous.

I'm glad to see personal responsibility is alive and well here.

OP - you should try posting the same question over on the DigitalSpy advice forum. They are all supporters of the nanny state over there.:D

Hooloovoo

alanq wrote: »

No financial institution will tell you what rate will apply in 12 months+ time on a variable rate account (including a matured fixed rate account). At best you might be told that the rate will be no less than the rate paid by some other account.

Actually Halifax go one further and tell you precisely what the rate will be making the assumption that the base rate doesn't change.

"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."

Obviously the base rate could change, but they make it as clear as possible that the initial rate is a bonus and explicitly state when that bonus will end.

opinions4u

It sounds like the original ISA Saver Direct account (before they invested 'Rewards').

That account promised to track the BofE base rate when it was on sale. It has done exactly that.

Addiitonally, up to 2010 Halifax sent all ISA customers (and most savers) an annual mailing and interest statement. In this mailing they included a leaflet highlighting all their interest rates for all their accounts. Together with rate changes in the preceding year.

So not guilty of fraud.

Guilty of relying on you not reading your mail in order to offer other savers a higher rate.

I find you guilty of contempt though. Treating your valuable savings with a contempt that they don't deserve. Use a diary. Use an electronic reminder. Read your mail. Spend 5 minutes a quarter checking your current rate and comparing it to the best in the market.

LisaW123

Unethical possibly, fraudulent no.