Is this amount right?

Karonher

In October 2022 I transferred £16,120 into a Santander ISA and I am sure the rate was 3.15%. Today I got £236.00 interest. Surely that is too low. Have a missed something when working out that it should have been over £600?

eskbanker

What's the exact name of the product?

Was the balance at least £16,120 throughout?

What period does the interest cover?

If you opened the account in October 2022, then what other interest payments have you received over the previous 18 months?

Dazed_and_C0nfused

Karonher said:

In October 2022 I transferred £16,120 into a Santander ISA and I am sure the rate was 3.15%. Today I got £236.00 interest. Surely that is too low. Have a missed something when working out that it should have been over £600?

Could it have been October 2023?

If it was 2022 why is interest only being paid now?  Nothing in the interim?

Karonher

Thanks for replying. It was an 18 month fixed rate ISA.

The amount stayed in for the full 18 months and no other interest payments have been made.

I cant find a way to see what period the interest covers, but as no other interest payment has been made, I have taken it that it is for the full 18 months. 

eskbanker

Karonher said:

Thanks for replying. It was an 18 month fixed rate ISA.

The amount stayed in for the full 18 months and no other interest payments have been made.

I cant find a way to see what period the interest covers, but as no other interest payment has been made, I have taken it that it is for the full 18 months. 

The fact that the amount paid equates to just less than six months worth of interest at that rate on that balance would imply strongly to me that another interest payment will have been made after a year, but if you're sure that didn't happen then you'll need to contact Santander for an explanation.

CrickJon

Karonher said:

In October 2022 I transferred £16,120 into a Santander ISA and I am sure the rate was 3.15%. Today I got £236.00 interest. Surely that is too low. Have a missed something when working out that it should have been over £600?

Just so you know, you could still have moved this to an ISA in 23/24 with a better rate (in case you didn't know that).

friolento

I took out a Santander 18 mth fixed rate ISA on November 2 2022, 4% fixed, maturing in on May 2 this year. I had an interest payment for 6 months on May 2 2023. The amount was correct, 4% for 6 months. I expect the next interest payment upon maturity

This is not to say your ISA also paid interest after 6 months but it is worth checking.

I can't explain the £236. I'd ask Santander to explain.

noh

Was it this one paying 3.1% AER?
https://www.santander.co.uk/assets/s3fs-public/documents/final_h244366_p525922_save0610sep22h2_digital.pdf
You should be able to log onto Santander online banking and look at the statements for this account. 
Double check your initial deposit amount and check whether or not interest was paid last October as well as today.

Hoenir

Karonher said:

In October 2022 I transferred £16,120 into a Santander ISA and I am sure the rate was 3.15%. Today I got £236.00 interest. Surely that is too low. Have a missed something when working out that it should have been over £600?

Have you checked the account statement? 

BooJewels

If it was 18 months at 3.15% then £236 is around 6 months of interest, so you should also have got a little over £500 last October too.  Although if it had been added and compounded, then your interest today would be more like £261.88 - 6 months interest on your new October balance of £16,628.

Karonher

Thanks for all the replies.

It was definitely October 2022 and it was for 18 months at 3.1%. I have checked a couple of times and there has not been a payment before now and the ISA has closed at that rate as of today and is now 1.2%. I am going to transfer it to Oaknorth as soon as this is sorted out.

I will have to phone them in the morning. This is the amount showing in the account. £16,357.35

Thanks again