Cheshire BS 2.5% - Interest looks wrong

Nick_C

I opened a Cheshire BS 2.5% ISA on 11 March 2013 with a transferred balance of £12145.63.

I've just had a year end statement for 31 March 2014. It doesn't show any in-year transactions, and shows a balance of £12429.31, implying they have added interest of £283.68.

A year's interest at 2.5% should be £303.64, and I would have expected the interest to be 385 days to 31/3/14, so £320.38.

Before I phone them to query this, can anyone shed any light on it?

yangptangkipperbang

1. Are you sure that it is 2.5% ? I had an ISA with the Cheshire opened at that time and that was 2.3%.

2. I also had a minor problem with the Cheshire - which they were just totally incapable of rectifying. After 6 months I wrote to the CEO of Nationwide (parent company) - problem sorted within a week and £250 as "compensation" !!
(His details are on line - if you need them )

EnglishMohican

Do Cheshire add the interest at the end of March or do they use some other date? I have an account that adds the interest annually in September in which case you would have received 6 months interest on this statement and have another approximately 6 months worth built up but not showing until next September which would be the first time you would see a whole years interest added.
September is too early for the values you quote but the principle might apply.

PaulA

I've got the same account, they add the interest at the end of Dec.

If you phone them they will tell you the current value including interest since then.


Now the problem of where to transfer it in Jul when the bonus expires....