Hi, just wanted to flag to everyone an issue I have had as a Plus user as I’m wondering how widespread it is and whether other people might have been caught out with the same problem.
I recently queried the interest that had been paid on cash held in my ISA and GIA. As a Plus user, there is a 3% rate on the first £4,000 of cash held with a preference given to accrual for cash within the ISA.
I had been paid an incorrect amount of interest so queried this, and was given some indication that what I had received was correct. As this wasnt consistent with my understanding, i asked the advisers to get someone to look into the matter further. The Operations team eventually looked into this and confirmed that an incorrect amount had been paid. I have not been given any further indication of the level of error or a proposed resolution yet. I just wanted to make other Plus users aware of this, as they may have had the same issue. I would be interested to hear if others have had similar problems and queried them and if they were given a reason as to why this can occur.
I have raised a complaint which I’m hoping will provide me with further info about why the issue happened. Will be happy to share when I hear more.
The maximum interest you can earn in cash each month is 1/12th of 3% of £4k. So £10 per month maximum. I expected to receive around this figure but was paid less than £4 and this was over a longer period than a single month. It’s worth a quick sense check if you know how much cash you’ve held as could be significant over the longer term.
Thanks Adam, take the point on the not exactly £10 to be expected. The level of discrepency I’m talking about is more significant than this though. Hopefully the figures I provided in reply shed light.