Skipton Building Society not paying interest on ISA

Mach83

Hi All,

Felt I should start a thread highlighting this issue I am currently having with a cash ISA I hold with Skipton Building Society.

I have held an ISA with Skipton for several years now and never previously had a problem.  However, my account was due interest on 2nd October, which I am yet to receive (I am typing this message on 11th October).

Fortunately I monitor my ISA balance regularly via their online app and so noticed this lack of payment almost immediately (otherwise I would have no idea as they have not informed any customers directly!).

I initiated contact with them on 5th October via a secure message on the Skipton App.  They claim to endeavour to get back to these messages within 5 days…. They have failed to do so!

I have also been in contact with them directly via the Online Chat on the Skipton website.  They are aware of the issue (that is apparently I.T related) and claim they are looking into it, but cannot even give an estimated date when they will be able to rectify this for affected customers (apparently it’s been ongoing since 1st October….. so 10 days and they’ve made no effort to directly contact anyone and are not able to even provide an estimated date of rectification).

Hopefully by putting this message out there it will highlight this problem to other customers and encourage them to check their own ISAs (because clearly Skipton won’t tell you themselves!).

masonic

No doubt when they do eventually sort it out, it will be appropriately backdated, so nobody will lose out and only those who check in the interim will be caused any anxiety.

jimjames

The thread title isn't really correct, Skipton aren't "not paying interest", they've got a delay in crediting interest to the account. Quite a difference scenario but worth making others aware of if it's widespread.

35har1old

Mach83 said:

Hi All,

Felt I should start a thread highlighting this issue I am currently having with a cash ISA I hold with Skipton Building Society.

I have held an ISA with Skipton for several years now and never previously had a problem.  However, my account was due interest on 2nd October, which I am yet to receive (I am typing this message on 11th October).

Fortunately I monitor my ISA balance regularly via their online app and so noticed this lack of payment almost immediately (otherwise I would have no idea as they have not informed any customers directly!).

I initiated contact with them on 5th October via a secure message on the Skipton App.  They claim to endeavour to get back to these messages within 5 days…. They have failed to do so!

I have also been in contact with them directly via the Online Chat on the Skipton website.  They are aware of the issue (that is apparently I.T related) and claim they are looking into it, but cannot even give an estimated date when they will be able to rectify this for affected customers (apparently it’s been ongoing since 1st October….. so 10 days and they’ve made no effort to directly contact anyone and are not able to even provide an estimated date of rectification).

Hopefully by putting this message out there it will highlight this problem to other customers and encourage them to check their own ISAs (because clearly Skipton won’t tell you themselves!).

5 days maybe working days and if that's the case it will be the 12th

eskbanker

Mach83 said:

I have held an ISA with Skipton for several years now...

Unrelated to your question about promptness of interest crediting, but is the rate competitive (which would be unusual for old products)?

Mach83

eskbanker said:

Mach83 said:

I have held an ISA with Skipton for several years now...

Unrelated to your question about promptness of interest crediting, but is the rate competitive (which would be unusual for old products)?

A couple of months ago I actually had to go into a Skipton branch and change my ISA to the new issue so as to maximise the amount of interest being paid.

That said, I’m only getting 3.83% even with this latest ISA (issue 19).

eskbanker

Mach83 said:

eskbanker said:

Mach83 said:

I have held an ISA with Skipton for several years now...

Unrelated to your question about promptness of interest crediting, but is the rate competitive (which would be unusual for old products)?

A couple of months ago I actually had to go into a Skipton branch and change my ISA to the new issue so as to maximise the amount of interest being paid.

That said, I’m only getting 3.83% even with this latest ISA (issue 19).

In which case, why not transfer your ISA elsewhere?

https://www.moneysavingexpert.com/savings/best-cash-isa/

2010

Skipton currently have an ISA easy access issue 15 paying 4.9%.

cedlor

Mach83 said:

Hi All,

Felt I should start a thread highlighting this issue I am currently having with a cash ISA I hold with Skipton Building Society.

I have held an ISA with Skipton for several years now and never previously had a problem.  However, my account was due interest on 2nd October, which I am yet to receive (I am typing this message on 11th October).

Fortunately I monitor my ISA balance regularly via their online app and so noticed this lack of payment almost immediately (otherwise I would have no idea as they have not informed any customers directly!).

I initiated contact with them on 5th October via a secure message on the Skipton App.  They claim to endeavour to get back to these messages within 5 days…. They have failed to do so!

I have also been in contact with them directly via the Online Chat on the Skipton website.  They are aware of the issue (that is apparently I.T related) and claim they are looking into it, but cannot even give an estimated date when they will be able to rectify this for affected customers (apparently it’s been ongoing since 1st October….. so 10 days and they’ve made no effort to directly contact anyone and are not able to even provide an estimated date of rectification).

Hopefully by putting this message out there it will highlight this problem to other customers and encourage them to check their own ISAs (because clearly Skipton won’t tell you themselves!).

      @Mach83 Was this ever resolved.    I raised the same? similar  thing when they sent an annual interest statement  that had 
       a different amount  ( Higher)  than appeared in the account.   Due to IT  error  it had the total of 2 years interest??? 

      They also say they knew about it but apparently have not advised those affected!!!