When does Halifax pay interest on savings?

Consumerist

Halifax wrote to me in July to advise me that the rate on a savings account would change (to 0.1%) on 2 October 2013 [12-month bonus expires]. The rate indicated online has duly changed but no interest has yet been paid so that means I can't move it to a higher-paying rate.

Does anyone know when Halifax gets round to paying interest on it's savings accounts?

Is anyone else getting their interest paid late from Halifax?

I don't have to wonder what Halifax would do if I paid my credit card late.

opinions4u

I'm assuming it's an Online Saver.

Just checked two of mine that have dropped off bonus recently and the interest is showing as having been paid on the anniversary date - which is when it should be paid ... opened and credited 9th Aug 2012 and interest paid 9th Aug 2013.

What I can't say for sure is that it was there on the same day / following day or added later.

I assume you've already moved your capital on to something better.

Consumerist

opinions4u wrote: »

I'm assuming it's an Online Saver.

Just checked two of mine that have dropped off bonus recently and the interest is showing as having been paid on the anniversary date - which is when it should be paid ... opened and credited 9th Aug 2012 and interest paid 9th Aug 2013. What I can't say for sure is that it was there on the same day / following day or added later. I assume you've already moved your capital on to something better.

Yes, capital has been moved.

From past experience, when interest is finally paid, it will show on the account as having been paid on the due date even though the interest was paid late.

I am taking daily snapshots of the account and transferring £1 in and out each day so that I will have evidence of the actual payment date.

Who should I refer this dishonesty to?

lolly5648

I have just checked mine and there is no sign of the interest although the letter said it would be there today. I am moving all of it out shortly and leaving £10. Just not sure sure where I am moving it to yet!

opinions4u

Consumerist wrote: »

Yes, capital has been moved.

From past experience, when interest is finally paid, it will show on the account as having been paid on the due date even though the interest was paid late.

I am taking daily snapshots of the account and transferring £1 in and out each day so that I will have evidence of the actual payment date.

Who should I refer this dishonesty to?

Last time I raised a complaint with Customer Relations they resolved it within an hour.

I think there's a form on their web site.

I'd suggest it's more a failure of systems than dishonesty. Still, I'm sure they'll brush you off with a fix and a modest ex-gratia payment!

http://www.halifax.co.uk/contactus/how-to-complain/

Consumerist

opinions4u wrote: »

Last time I raised a complaint with Customer Relations they resolved it within an hour. I think there's a form on their web site. I'd suggest it's more a failure of systems than dishonesty. Still, I'm sure they'll brush you off with a fix and a modest ex-gratia payment!

http://www.halifax.co.uk/contactus/how-to-complain/

Thanks for the link.

This practice has been going on for years with Halifax. It's not good enough to suggest that they will compensate the few who discover their dishonesty - and I use the word advisedly - at the expense of everyone else. The system is under their control and if it is failing then they should put it right. The sums involved are probably very small but how many are affected without knowing it.

Relying on a bank's honesty is a thing of the past.

Consumerist

lolly5648 wrote: »

I have just checked mine and there is no sign of the interest although the letter said it would be there today. I am moving all of it out shortly and leaving £10. Just not sure sure where I am moving it to yet!

You could move it to their Reward Saver [IF you have one of their current accounts] until you make up your mind - 1.7% if you make four or less withdrawals in the first year or else 1.6%.

You can log in and apply online then move money in straight away.

Could you post again to let us know when your interest is eventually paid?

opinions4u

Consumerist wrote: »

You could move it to their Reward Saver [IF you have one of their current accounts] until you make up your mind - 1.7% if you make four or less withdrawals in the first year or else 1.6%.

You can log in and apply online then move money in straight away.

Could you post again to let us know when your interest is eventually paid?

They haven't offered that account for months.

Consumerist

opinions4u wrote: »

They haven't offered that account for months.

Quite right. Glad I got in while the going was good.

Looks like their latest Online Saver (1.25% - 1.35% variable) is about the best easy-access you can do at the moment. Still, better than 0.1% on the expired OLS.

BeachNut

Close the account and all due interest will be credited on closure. May be quicker than waiting.

Consumerist

BeachNut wrote: »

Close the account and all due interest will be credited on closure. May be quicker than waiting.

In common with most, if not all, banks these days, there is not an online option to close an account. You have to phone up and beg them to do it whilst giving them the chance to harangue you into buying into several other "opportunities" you just don't want and they just don't know anything about - unless it's on the script.

Bank staff are still sales people - they don't much care about what the customer wants.