TSB haven't paid me interest

YorkshireBoy

Ed-1 wrote: »

Correct. Similarly, anyone whose Halifax Rewards direct debits pay out today and/or credit £750 today will receive their Reward payment even though they did not pay out in the calendar month of January.

Sorry Ed I deleted my post but you were too quick (I'd forgotten something from post #3, maybe you had too?)! See my second attempt.

Ed-1

YorkshireBoy wrote: »

Are you saying the £2K deposited on 2nd Jan would not have qualified as a credit for that month?

The payment on 2nd Jan should have triggered interest for 1 day on that night as it was in the last monthly billing period (as New Year's Day was a bank holiday) - OP did you receive 1 days's interest into your account on 2nd Jan?

The £500 in today will trigger the payment tonight.

stowupland4

I have tried very hard to follow this thread, but I have lost the plot.
Recently changed my D/D to DVLC to the Halifax Reward. My payments being paid on the 1st or as soon as after.
Looked at T/C it says calendar monthly payments.
Do I qualify? As I don't think I can change this date, would it be safer to start another D/D in the middle of the month.ie Tesco savings? Thankyou

Ed-1

stowupland4 wrote: »

I have tried very hard to follow this thread, but I have lost the plot.
Recently changed my D/D to DVLC to the Halifax Reward. My payments being paid on the 1st or as soon as after.
Looked at T/C it says calendar monthly payments.
Do I qualify? As I don't think I can change this date, would it be safer to start another D/D in the middle of the month.ie Tesco savings? Thankyou

It's incredibly dangerous to have any of these funding/direct debit requirements going in/out on the 1st of a month.

Ideally you want the conditions met in the middle of a calendar month as this will also be within the monthly billing period.

Even though the terms state calendar month, the systems are set up to work to monthly billing periods which are not the same:

A calendar month is January, February, March etc.

A monthly billing period is:
2nd working day of calendar month A to 1st working day of calendar month B.

You need to meet the requirements in a given monthly billing period to have the interest paid overnight at the end of the monthly billing period.

colsten

As the terms don't state 'statement month' it is perfectly reasonable to assume they mean 'calendar month' when they use the word month. If they don't pay interest despite you meeting the pre-reqs, you complain. They will then pay you the interest and some extra to apologise.

Nothing remotely dangerous

eskbanker

Ed-1 wrote: »

It's incredibly dangerous to have any of these funding/direct debit requirements going in/out on the 1st of a month.

There are many things in life that could be considered incredibly dangerous, as those in Sierra Leone, Donetsk, Damascus, etc, would verify. The possibility of a saver occasionally missing out on a few quid's interest doesn't really seem to fit that hyperbole somehow....

Ed-1

eskbanker wrote: »

There are many things in life that could be considered incredibly dangerous, as those in Sierra Leone, Donetsk, Damascus, etc, would verify. The possibility of a saver occasionally missing out on a few quid's interest doesn't really seem to fit that hyperbole somehow....

Keep it in perspective . In the context of MSE it is dangerous.

TrustyOven

I used to think this was simple, now I wonder if there's a boundary condition issue.

So if I just funded mine a couple of hours ago, does that count for 2 Jan - 2 Feb (i.e. January funding) or 2 Feb - 2 Mar (i.e. Feb funding)? Where is the boundary?

TartanSaver

I just read the T&Cs, and there's absolutely nothing about months being defined in some format other than actual months. It DOES say interest is calculated daily and paid on the first working day of the month (including up to the first working day of the month.) In December I funded on the 1st. I was paid as normal, and at no point do I think I was living dangerously...

Ed-1

TrustyOven wrote: »

I used to think this was simple, now I wonder if there's a boundary condition issue.

So if I just funded mine a couple of hours ago, does that count for 2 Jan - 2 Feb (i.e. January funding) or 2 Feb - 2 Mar (i.e. Feb funding)? Where is the boundary?

The boundary is midnight tonight. The monthly billing period is the start of the 2nd working day of January (i.e. midnight between 2nd/3rd January) to the end of the 1st working day of February (i.e. midnight between 2nd/3rd February).