The cheque trick re closing fixed term accounts......

ed123_2

.....I've noticed a number of banks/b soc's will not transfer funds by bacs/chaps re clousure of fixed term accounts. A number now will also not accept cheques from a bank/b soc in your name (but require their name followed by your name.) This probably leads to loss of approx. 2 weeks interest.

Milarky

It's amusing when they make rules like this - whereas it is quite common to offer to pay your interest during the term 'into a current account'. So they can* do BACS when it suits.....

*possibly this is 'batched' where interest is concerned - but is it so much harder to throw in an account maturity now and then?

Hungerdunger

Which institutions are you referring to?

From my own experience in the last six months I have had fixed-term accounts mature with Nationwide, Derbyshire and Coventry and have no problem getting all of them paid into my Nationwide Flex account by BACS/CHAPS.