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

MJ12

Deleted_User wrote: »

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.

Quite right. My Halifax one went overdrawn with the Tesco DD that was suppose to take a pound off the £5 reward. That's an unplanned overdraft, it will probably be refused. I spotted it in the morning and transferred a pound back in. Disaster averted.

It was all part of the excitement of course.

Madglover

i came looking for this anwer, as I only opened my lloyds account the last couple of days of March so no Payment in april as I had no DD's but I was making sure my account was set up correctly.

I take it from the comments I'd expect to see the payment at some point tomorrow for April?

I had my salary go into this account and 4 DD's so I assume I will be fine

YorkshireBoy

Madglover wrote: »

i came looking for this anwer

The answer would have been found in your Club Lloyds T&Cs.

I take it from the comments I'd expect to see the payment at some point tomorrow for April?

It'll be there in the next 45 minutes or so.

eskbanker

gunsandbanjos wrote: »

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.

The tone of your comment would imply you think I was suggesting otherwise; if you read the posts and track who was quoting what you'll see I clearly wasn't!

Westie983

YorkshireBoy wrote: »

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.

Money is credited on the 2nd working day of the month backdated to the 1st, so if the 1st is a Friday, payments will be credited on Monday 4th and backdated to show in accounts on the 1st. Saturday isn't a working day so you jump to Monday which would be the 2nd working day of the month.

Just like the payments that have been credited today on the 2nd working day of the month due to BH Monday even though its the 4th day of the month, showing in accounts on the 3rd which is the first day after the 1st falling on a non working weekend day.

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?

Yes sorry I was working it out as first day after the 1st is the Saturday so making Monday 4th day, but yes its the 3rd of the Month.

gunsandbanjos

Panic over people!! The interest has been paid you can all relax.

Same time next month?

bigadaj

gunsandbanjos wrote: »

Panic over people!! The interest has been paid you can all relax.

Same time next month?

Hang on, I've not checked mine yet, I'll let you know if I have a problem.

eskbanker

Westie983 wrote: »

Money is credited on the 2nd working day of the month backdated to the 1st, so if the 1st is a Friday, payments will be credited on Monday 4th and backdated to show in accounts on the 1st. Saturday isn't a working day so you jump to Monday which would be the 2nd working day of the month.

I think this thread has got a bit confused - OP was originally talking about Halifax Rewards and TSB Classic interest, which actually have different Ts & Cs, although neither pays out on the 1st. So, Westie's quoted comment might be true for Halifax but TSB interest is visible on the Saturday if Friday is the 1st, as it's paid at the end of the first working day, not the beginning of the second working day. As I said above in post #22, we can verify this in July....

spagnut

So, not sure if this should be new thread, but here seemed the most appropriate. I now have my May £5 in my account, but it is still listed as being paid net. I queried this with the Halifax and they inform me that the basic rate tax on the payment (interest?) is still being paid to HMRC and it is now possible to claim it back if eligible via your tax return, etc. Despite the fact that this payment has always been taxed as interest (rather than being a tax free cashback type payment), the person I spoke to didn't seem all that clear whether it is still classed as interest now, or just some sort of income payement.
I have always declared it as interest taxed at basic rate and have had to pay the extra higher rate tax on it. Does anyone have any better information? I know we are only talking about a pound or so a month, but it is best to be clear over these things.

molerat

April had Fri 1st and I did all my transfers and mopping up interest on Sat 2nd with both TSB and BOS. The problem only reality manifests itself when the first working day is late as in this month.