I subscribed in error to two Halifax cash Isa accounts. Should I be paid interest as it took the bank six months to notice?
Lost interest: Why won't Halifax pay me the interest my account earned for the last six months
I oversubscribed, in error, to two Halifax cash Isa accounts. It took Halifax six months to discover this.
Now they have informed me that £5,760 has been moved to my Online Saver account, but they will not pay me any interest for the six months at the Online Saver rate.
They state that the error is all mine and will not take any responsibility. They blame their delay in informing me on HMRC.
Is the delay in discovering my error acceptable — and should I expect to receive any interest on my money at the Online Saver rate? G. B., Middlesex.
You sum up the problem in your first sentence. You made an error by oversubscribing.
So quite why you should be cross with Halifax I do not know.
They are your bank — not your personal book-keeper. In fact, you have received interest at the 1.95 per cent Isa rate for the invalid subscription. This comes to £58.47 for the six months in question.
This interest was included in the tax-free interest payment of £509.46 paid on your Isa.
The Online Saver rate is 1.3 per cent before tax (1.04 per cent after tax), so you have actually gained from your error.
Halifax does accept it should have spotted this sooner and now reviews weekly reports in order to pick up such mistakes.
A spokesperson has also apologised after it was not made clear you had actually been paid interest on your money.
Halifax is also making a small goodwill payment of £25 to cover your inconvenience and the cost of your calls.
Incidentally, don’t forget there is a much more generous £15,000 individual Isa limit from next month. All of this can be in cash if you wish.
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