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eSaver withdrawal: how is interest paid?

JimCole
Posts: 1 Newbie
hi
i've just sold my flat and have £200k equity to put into 4 savings accounts (for safety) whilst i rent for a while. Currently the accounts i'm looking at - which have easy access and pay the best rate - seem to be those that will only pay interest annually. i don't need to access the cash monthly but will probably be looking to use it in under a year and don't want to have a 3 month notice period.
what i'm confused about is how is the interest paid on my account if i withdraw before the year is out? if, for example i withdraw it all and close the account will i paid interest for that 6 months or do i need to keep a £1 in there and wait until the end of the 12 months?
any help much appreciated
i've just sold my flat and have £200k equity to put into 4 savings accounts (for safety) whilst i rent for a while. Currently the accounts i'm looking at - which have easy access and pay the best rate - seem to be those that will only pay interest annually. i don't need to access the cash monthly but will probably be looking to use it in under a year and don't want to have a 3 month notice period.
what i'm confused about is how is the interest paid on my account if i withdraw before the year is out? if, for example i withdraw it all and close the account will i paid interest for that 6 months or do i need to keep a £1 in there and wait until the end of the 12 months?
any help much appreciated
0
Comments
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Most accounts will pay interest earned to date when the account is closed.0
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What RW says is correct - that MOST accounts would pay accrued interest at the time of closure. However do read the T&C of individual accounts so that you are sure of all the conditions - eg even though it may be possible to access the funds quickly, there may be a penalty if more than one withdrawal is made.0
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