Monthly reward/interest on Halifax Reward and TSB Classic Plus.

eskbanker

Kim_13 wrote: »

Last month, we did get a surprise as TSB and Halifax payments due on Monday 4th (second business day) appeared on the Saturday. This was above and beyond what the T&C's obliged the banks to do and it doesn't mean we are going to get an early payment every month.

No, the Ts & Cs say interest is paid "on the first working day", although in practice this is the very end of the first working day, so if the first of the month is a Friday then the interest will be in the account on the Saturday. Bookmark this for July!

eskbanker

Westie983 wrote: »

I bet we will get people asking the same question on the Wednesday 1st June, asking where their reward payment is!!!

Dont think it has anything to do with weekends or BH, its just that people dont read the T&C's....

You're undoubtedly right about not reading Ts & Cs, but I don't think you read my post properly either! I was specifically commenting on how often interest isn't visible until the 4th of the month, not the fact that it's never on the 1st....

Westie983

My mistake, I did indeed read it incorrectly, I read it as there wont be an issue again till the seventh month....

Seems like a sticky is needed as others have said :-)

SuperAllyB

Or maybe they could put a search button on the forum. Just a thought.

gunsandbanjos

eskbanker wrote: »

You're undoubtedly right about not reading Ts & Cs, but I don't think you read my post properly either! I was specifically commenting on how often interest isn't visible until the 4th of the month, not the fact that it's never on the 1st....

It's absolutely to do with weekends and bank holidays, I know how the back end systems work.

gunsandbanjos

SuperAllyB wrote: »

Or maybe they could put a search button on the forum. Just a thought.

Now now :rotfl:

YorkshireBoy

Westie983 wrote: »

Also what causes more confusion is if the 1st working day is a Friday, then having to wait till the Monday for the payment to show, and thus being the 3rd day of the month...

I've read this a couple of times and unless I'm missing something...

1. If the 1st working day is Friday, then the money is credited, and showing, late Friday night/early Saturday morning isn't it? It certainly was last month.

2. If Friday was the 1st working day of the month, Monday would be the at least the 4th day of the month wouldn't it, not the 3rd?

No_6

Also makes me wonder why so many people get in a flap because
their £5 of what ever amount ! hasn't been paid on the date they expected and promptly post on the net for a answer.

Stick your heads in the sand if anything really bad happens in the future.

Yorkshire_Pud

I'd be disappointed if this topic didnt turn up every month

I've never been disappointed

I did ask the question myself once I think it was 1st September 2015.

[Deleted User]

No_6 wrote: »

Also makes me wonder why so many people get in a flap because
their £5 of what ever amount ! hasn't been paid on the date they expected and promptly post on the net for a answer.

Stick your heads in the sand if anything really bad happens in the future.

You're missing the point. It's not the money, it's the idea of slipping up on t and c's while juggling 8 accounts.