Moving money between savings accounts

gogsboy

How does it work if you are to move money from one savings account to another, ie 30k from a Nationwide e savings on yearly interest to an iceland one with monthy interest.

Is the e savings interest still paid but just based on the short time the money was there or is it best to wait till April or whenever they pay up.

Bethany

Sorry, May have jumped into the wrong thread here. Can anyone tell me if Halifax in the Uk is the same as HBOS..

Lokolo

Lloyds own HBOS, HBOS own Halifax. However FCS means that HBOS and Lloyds are staying seperate.

XXXX

gogsboy wrote: »

How does it work if you are to move money from one savings account to another, ie 30k from a Nationwide e savings on yearly interest to an iceland one with monthy interest.

The easier way would be transfer the funds into your current account then draw a cheque to pay into iceland account.

gogsboy wrote: »

Is the e savings interest still paid but just based on the short time the money was there or is it best to wait till April or whenever they pay up.

On yearly interest, interest will pay out on anniversary date or upon account closing. You should not lose any interest no matter what, unless your saving account was not instantly accessible.

gogsboy

Thanks for the reply, the account wouldnt be closed, would be some money left in but would you be paid some decent interest for the 30k that has been in the account for half of the year

thumshie

Lokolo wrote: »

Lloyds own HBOS, HBOS own Halifax. However FCS means that HBOS and Lloyds are staying seperate.

I must have missed the share holder vote on that its a PROPOSAL

thumshie

gogsboy wrote: »

Thanks for the reply, the account wouldnt be closed, would be some money left in but would you be paid some decent interest for the 30k that has been in the account for half of the year

Think you missed the ? at the end...

Yes, you would be paid the interest rate(decent is another question;)) calcuated on a daily basis of what was in it on that day...So for instance, if you keep it in it for 6 months you'll earn exactly half the amount as if you kept it there for the whole year..

Lokolo

Yeh but lets be honest, what else is gunna happen?

But still, they're still protected by £35k