Are Halifax Cash ISAs Fraudulent?

AmIBeingRobbed

Linton wrote: »

Not guilty.

Halifax's Ts & Cs clearly state that the interest rate is variable, and their current interest rate tables show that there is a bonus rate significantly higher than the standard rate. No evidence has been presented that their tables did not indicate the same several years ago, but I would be surprised if they didnt.

I also find that the complainant has been culpably negligent:

1) Failing to ascertain the nature of the investment before parting with his money

2) Failing to monitor investments over a period of several years.

Linton
Should I discard yours and similar votes for being off topic?
The gist of my complaint is that Halifax did not specify the interest rate that applied after 12 months (when it must reasonably have known it was going to charge 0.5%.) You have not addressed the point !!! Why not epxlain why you think that's OK?

Admittedly, I lost sight of this pot of cash assisted by lack of statements and a so called "lost" account. Halifax could not find it on their system when I asked them a few months ago. I assumed wrongly I must have moved the money, then lo & behold, my first statement in three years arrives !!!!

However, my negligence is a separate issue from Halifax's misconduct. Isn't it?

AmIBeingRobbed

talexuser wrote: »

Not Guilty.
I had the same ISA and the terms were perfectly clear when I took it out. The day after the high interest was paid and the rate dropped it was transferred to another high interest (for 12 months) version.

I have nothing to do with the financial services industry.

Well I have written to the Halifax to see exactly what I did sign. I doubt I signed anything agreeing to 0.5% per annum.

AmIBeingRobbed

CLAPTON wrote: »

the financial service industry is full of crooks and halifax is no exception

while we all ought to be shocked that a large corporation has a business model that depends on cheating people who are not constantly vigilent, nevertheless that's the world we live in.

so, in practice we are not shocked that politicians cheat and lie or large corporations cheat and mislead or exec boards milk the companies for huge unjustified bonuses or that Dave and George were pally with the murdocks

I can't think why we have legislation to prevent fraud then not use it. Perhaps we should sack the old Bill and FSA?

jimjames

AmIBeingRobbed wrote: »

Well I have written to the Halifax to see exactly what I did sign. I doubt I signed anything agreeing to 0.5% per annum.

They wouldn't necessarily know the rate that would be in force in 12 months time. What they would say is Rate includes 2.5% bonus payable for 12 months. Its only maths to work out that 3%-2.5% would mean 0.5% after that time.

Sceptic001

pqrdef wrote: »

The average interest paid on cash ISAs is 0.61%.

That is a very interesting figure. Please can you supply the source.

Is the figure calculated simply by averaging the rate across the range of available accounts (in which case it is utterly meaningless)? Or does it take into account the size of the balances in the accounts? In which case it would be very disturbing.

Linton

AmIBeingRobbed wrote: »

Linton
Should I discard yours and similar votes for being off topic?
The gist of my complaint is that Halifax did not specify the interest rate that applied after 12 months (when it must reasonably have known it was going to charge 0.5%.) You have not addressed the point !!! Why not epxlain why you think that's OK?

Admittedly, I lost sight of this pot of cash assisted by lack of statements and a so called "lost" account. Halifax could not find it on their system when I asked them a few months ago. I assumed wrongly I must have moved the money, then lo & behold, my first statement in three years arrives !!!!

However, my negligence is a separate issue from Halifax's misconduct. Isn't it?

How could they know what rates would be in 1 years time? As I explained to you rates are determined by the global markets and are therefore dependent on global circumstances.

Hooloovoo

AmIBeingRobbed wrote: »

What's not proven ? You've accepted that Halifax does not make known interest rates on its products

Don't they?

http://www.halifax.co.uk/savings/interest-rates/

AmIBeingRobbed

Hooloovoo wrote: »

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.

I would prefer not have to keep an eye constantly on every single penny I have got.

I would prefer a longer term relationship with a honest bank paying reasonable interest than constantly shifting my dosh frequently to chase the best rate for a short term.

Do you really want to sepnd your life following up notes in your diary to obatin a few pence?

Hooloovoo

AmIBeingRobbed wrote: »

The gist of my complaint is that Halifax did not specify the interest rate that applied after 12 months

Doesn't really matter does it? All you need to know is the date the bonus period ends so that you can take appropriate action. And they clearly told you that date.

They couldn't tell you exactly what interest rate would apply in 12 months because it was a variable rate account.

Hooloovoo

AmIBeingRobbed wrote: »

I would prefer not have to keep an eye constantly on every single penny I have got.

Once every 12 months is hardly constantly.

I would prefer a longer term relationship with a honest bank paying reasonable interest than constantly shifting my dosh frequently to chase the best rate for a short term.

Do you really want to sepnd your life following up notes in your diary to obatin a few pence?

Then open up an account that doesn't pay a bonus. Commonly known as a "pure" account.