Close a savings account, do you get the interest?

DrScotsman

I'm QUITE an organised person...but back in January when I was opening my Halifax Regular Saver, I discovered I had a websaver I had completely forgotten about!

My point being: I'd like to open the most competitive instant access savers, and when the rate drops too low transfer the money out, just like most of you. However instead of waiting the remainder of a year for the interest, can you close the account and get the interest? (I know that sounds a bit lazy...) Is there usually a penalty?

Baldur

DrScotsman wrote: »

However instead of waiting the remainder of a year for the interest, can you close the account and get the interest? (I know that sounds a bit lazy...) Is there usually a penalty?

You need to check the Terms & Conditions of the specific account that you hold,

rb10

With most instant access accounts, you will get interest paid up to the date of closure. A very small number may have, say, a 30/60/90 day notice period on withdrawals, where you lose that amount of interest or have to give notice ... but that will be made clear when you open the account.

The notable exception is the Nationwide E-Savings Plus. If you close the account during the year you DO NOT get your interest paid up until the date of closure. And this fact IS NOT made clear in the account web page - it's buried away in the T&Cs. For a building society who make out that they are clear and helpful to their customers, they aren't doing a good job with this account.