Halifax ISA on line saver interest

icedjem

Checked my ISA today and no interest.
Halifax site states if 5th April does not fall on a working day interest will be paid on the previous working day i.e this year it would be Friday 4 April 2014.
Rang the halifax and have been informed that because the account is a online cash isa interest will not be paid until Tuesday 8th April 2014, not even the next working day i.e Monday 7th April 2014.
I am receiving 1.95% interest does this mean I will get that rate until interest is paid?

I have £40k+ in this

Thanks

2010

Yes you will get interest up to and including Monday 7th and you will be able to do whatever on Tuesday.

zerocool237

Thanks for the post, I have the same ISA and I was wondering ... not understanding why Tuesday is the day.

Kerria

zerocool237 wrote: »

Thanks for the post, I have the same ISA and I was wondering ... not understanding why Tuesday is the day.

Yes me too. Thanks for the info icedjem.

zerocool237

I just signed into my Halifax account and this message came up ... guess it confirms what icedjem was told.


Tax Year End Cash ISA Interest Payments07 Apr 14


We're aware of an issue with tax year end interest payments on some ISA Saver Variable and ISA Saver Online accounts, whereby interest payments were not credited on Friday 4th April 2014.
The impacted accounts will be updated overnight tonight and interest will be backdated to ensure that our customers are not disadvantaged.
We're sorry for any inconvenience caused and thank you for your patience.

JamesHetherington

I received the equivalent of 0.017 percent interest on my ISA account, credited to the full tax-free £5760 (not having credited any other ISA account during the tax year or transferred from another provider).

Not going to bother next time!

jem16

JamesHetherington wrote: »

I received the equivalent of 0.017 percent interest on my ISA account, credited to the full tax-free £5760 (not having credited any other ISA account during the tax year or transferred from another provider).

Not going to bother next time!

From your other thread, it appears that you didn't credit the ISA with £5760 till sometime after the 2nd April 2014. This would mean that at most you would get interest for 5 or 6 days. You would only get the full interest if your £5760 was in the account for the full year.

It appears you have misunderstood how interest is credited to any bank account. All quote a yearly rate but interest is always calculated on a daily rate and credited for the actual time it is in the account.

JamesHetherington

jem16 wrote: »

From your other thread, it appears that you didn't credit the ISA with £5760 till sometime after the 2nd April 2014. This would mean that at most you would get interest for 5 or 6 days. You would only get the full interest if your £5760 was in the account for the full year.

It appears you have misunderstood how interest is credited to any bank account. All quote a yearly rate but interest is always calculated on a daily rate and credited for the actual time it is in the account.

Thank you for the clarification. I was completely unaware of this; I just thought you had to credit it at any time to get the full interest, as this is the impression I got from the banks/journalists. I thought it was a similar method to the £100 reward that some banks give to new customers. Just as well that I haven't lost out on that much!