Isa interest

FLOWERPOT

This is probably a stupid question but here it is:
I opened a 2 yr fixed rate ISA with Santander in April 2012 £5640.00 at 4%.
Got a summary for Apr 12 to May 13 showing interest of £6.16p.
Why didn't I get 4% of £5640.00? i.e. £225.60
Asked Santander via my online a/c but they say they can't discuss this, I will have to go to branch but haven't been able to yet cause of work times.

DragonQ

Well that clearly isn't right, unless you've done something to break the terms & conditions, which lowered the interest and/or incurred charges, e.g. withdrew money?

They may have just made a mistake when setting the interest (although it should be automatic) - First Direct did this with my first ISA and corrected it as soon as I told them about it.

innovate

Exactly what dates is the interest payment for? "April 12 to May 13" isn't a period you would get interest paid for.

FLOWERPOT

Thanks for that...thought I was having maths problem.
Will try to get into branch asap.

typistretired

The problem with Santander Fixed ISAs is that they do not show the previous rates on their website. You need to dig out the original paperwork and ring Santander on their freephone number 0800 681 6691

typistretired

innovate wrote: »

Exactly what dates is the interest payment for? "April 12 to May 13" isn't a period you would get interest paid for.

They have changed the date to March 2013 in the edit box not realising you can alter the actual text.

FLOWERPOT

innovate wrote: »

Exactly what dates is the interest payment for? "April 12 to May 13" isn't a period you would get interest paid for.

Yes made typo there. It's for 6/4/12 to 5/3/13.
I'm heading for branch asap.

typistretired

I would be so annoyed at getting that interest I would ring them straight away. Their customer service have always been very helpful with me despite the bad press they get. Do you really want to queue in a branch.

innovate

FLOWERPOT wrote: »

Yes made typo there. It's for 6/4/12 to 5/3/13.
I'm heading for branch asap.

Hmh, that's very odd dates.

If I recall correctly, the 2 year fixed rate ISA Santander offered in April 2012 was the Major ISA. If that's the one you have, it pays interest in May, not March. Interest is calculated daily and added to the account on 1 May annually.

http://www.santander.co.uk/csgs/StaticBS?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1223420706682&maxage=3600

Did you close the account on March 3? Still wouldn't explain the amount of interest paid, but it would explain the dates.

DragonQ

My Santander ISA paid interest in March despite being opened in April. It was a variable rate one though.

mulronie

£6.16 is 10 days of interest at 4% on £5640

What date does the interest show as being credited?

Perhaps the deposit was made on 20th April and interest capitalised on 1st May?

Impossible to know without proper information from OP.

In any case don't waste your time in branch, give them a call instead. Branch staff are generally more interested in selling than helping.