Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

Bank Claims: Halifax promises to pay lost ISA interest

Halifax announced today (September 29th) that it will be paying interest from the day an Individual Savings Account (ISA) application is processed.

From October 2nd, Halifax will not only pay interest from day one but it will also offer cash ISAs to both new and existing customers and clearly display interest rates on online and bank statements.

This is due to the fact that consumers lose around £24 million each year in cash ISA transfer problems.

Most banks will not start paying the higher rate of interest, which is tax-free, on an ISA, until the transfer is complete. Instead the lowest rate is paid.

According to the Office for Fair Trading (OFT), these transfers can take as long as 30 working days, which means customers are missing out on money.

Russell Galley, managing director of savings at the bank, said: "Improving the transfer process between providers is vital.

"When a customer chooses to move their money from one cash ISA provider to another they cannot do so themselves without losing the tax advantage of a cash ISA." 

The OFT has recently warned 129 debt management companies they risk losing their consumer credit licences unless they prove they are adhering to the OFT's debt management guidelines within six months.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-800090086-ADNFCR

Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide