Annual interest £1.93 on 47k

sgc21

Hi an elderly relative of mine has a Halifax instant saver ISA with just over 47k invested, she has made no withdrawals ever since she opened it years ago and she has just got her annual statement which shows £1.93 interest, I think the interest rate is 1.5 aer.
Can this be right? I've told her to make an appointment at the Halifax to discuss

daveyjp

"I think" isn't a good starting point for a meaningful response.  You need to know what the interest rate is before going further.

RedImp_2

sgc21 said:

Hi an elderly relative of mine has a Halifax instant saver ISA with just over 47k invested, she has made no withdrawals ever since she opened it years ago and she has just got her annual statement which shows £1.93 interest, I think the interest rate is 1.5 aer.
Can this be right? I've told her to make an appointment at the Halifax to discuss

The interest rate is 1.2%, 1.5% over 50k.
Doesn’t really answer your question though.  Have you seen the statement? 

sgc21

sgc21 said:

Hi an elderly relative of mine has a Halifax instant saver ISA with just over 47k invested, she has made no withdrawals ever since she opened it years ago and she has just got her annual statement which shows £1.93 interest, I think the interest rate is 1.5 aer.
Can this be right? I've told her to make an appointment at the Halifax to discuss

She also has another instant saver ISA with the Halifax with £27,964 aer is 1.5% and she earned £121 interest for the year, could this be right?

RedImp_2

sgc21 said:

sgc21 said:

Hi an elderly relative of mine has a Halifax instant saver ISA with just over 47k invested, she has made no withdrawals ever since she opened it years ago and she has just got her annual statement which shows £1.93 interest, I think the interest rate is 1.5 aer.
Can this be right? I've told her to make an appointment at the Halifax to discuss

She also has another instant saver ISA with the Halifax with £27,964 aer is 1.5% and she earned £121 interest for the year, could this be right?

Not if that was the balance all year.

sgc21

RedImp_2 said:

sgc21 said:

Hi an elderly relative of mine has a Halifax instant saver ISA with just over 47k invested, she has made no withdrawals ever since she opened it years ago and she has just got her annual statement which shows £1.93 interest, I think the interest rate is 1.5 aer.
Can this be right? I've told her to make an appointment at the Halifax to discuss

The interest rate is 1.2%, 1.5% over 50k.
Doesn’t really answer your question though.  Have you seen the statement? 

Yes, I seen the statement, sorry just trying to recall as it was yesterday when she showed it to my think your right though 1.5% over 50k and 1.2% between 10k upto 50k so yes it must have been 1.2% can't figure out how she only made £1.92 on 47k even with the aer at 1.2%

sgc21

daveyjp said:

"I think" isn't a good starting point for a meaningful response.  You need to know what the interest rate is before going further.

Sorry quite sure it was 1.2% 

Dazed_and_C0nfused

sgc21 said:

daveyjp said:

"I think" isn't a good starting point for a meaningful response.  You need to know what the interest rate is before going further.

Sorry quite sure it was 1.2% 

If yo want to understand what has happened you will really need to find all the relevant information.  When the account was opened (or at least it was open at least a year before the interest was credited.

The changes to the balance during that year.  And the interest rates during that year.  And whether interest was paid on a different frequency to annual would all be useful.

What tends to happen is there is a logical reason for the interest that has been paid.  It is rarely an error by the bank.  But it could be an error.  It's just unlikely.

35har1old

RedImp_2 said:

sgc21 said:

sgc21 said:

Hi an elderly relative of mine has a Halifax instant saver ISA with just over 47k invested, she has made no withdrawals ever since she opened it years ago and she has just got her annual statement which shows £1.93 interest, I think the interest rate is 1.5 aer.
Can this be right? I've told her to make an appointment at the Halifax to discuss

She also has another instant saver ISA with the Halifax with £27,964 aer is 1.5% and she earned £121 interest for the year, could this be right?

Not if that was the balance all year.

That's more like quartery interest
The current instant ISA rate for the above sum is 1.2% upto £49999

TheBanker

sgc21 said:

Hi an elderly relative of mine has a Halifax instant saver ISA with just over 47k invested, she has made no withdrawals ever since she opened it years ago and she has just got her annual statement which shows £1.93 interest, I think the interest rate is 1.5 aer.
Can this be right? I've told her to make an appointment at the Halifax to discuss

If the £47k was there for a full year, it should have earned around £550 if the rate is 1.2%.

However Halifax use this type of ISA when a fixed rate product matures. Is it possible the £47k was in a fixed rate product, which matured and received its interest, and what you are seeing is just the interest earned since the maturity?

An appointment with the Halifax would make sense in any case - there are much better accounts (even if she wants to stay with Halifax for some reason) unless she really needs immediate access to all of this money.