Moving savings account

Lokolo

JanineB wrote: »

Sorry I'm asking about my instant access saver, not ISA's. Thanks for your reply though. Can ANYONE help with this please? The point keeps being missed. Why have I not got any interest from these 2 accounts? And if I call YBS and say "hello can you close my account and move my funds to ......", will I get interest for the time Ive been with them? Please read my initial posts.

Many Thanks for all your help in advance.

Yes.

From what I understand, the accounts are still open with £0. This is not closing them.

Close them and you will recieve the interest due.

JanineB

Lokolo thats for your responce but I said above (see my 2nd post) I closed the account and received no interest. I understand how to close an account. It had £0 with Royal Bank of Scotland on closing I did have funds in it earlier on in the year. I withdrew the funds and spent them and it was lying dormant for a few months with nothing in it. Hence I decided to close it. I received no interest on closure and Im wondering why.

Also with my old RBS ISA I transferred the funds in the correct way to BM via the transfer forms. Next thing I know the account is closed, is not appearing on my digital banking and all that went over to BM was the balance and no interest. Why was this?

Hence my initial question:... If I follow the best savings rates and move my instant access savings with Yorkshire BS (That I opened in January 09) to another bank such as Egg or ING that has a higher savings rate, will I get any interest if I dont wait until the end of the year to wait on the annual pay out? As you can see I have never received any interest moving an account or closing an account so far.

thanks

Lokolo

I would very much query this with YBS as they should have paid interest.

It states on their website the interest is calculated daily so you should have recieved some interest.

Unless you had something like £10 in there....

Do you have any statements lying around so you can tell me what rate and how much was originally in there?

JanineB

I'm not talking about YBS. My account witgh YBS is open and active. I closed my RBS (Royal Bank of Scotland) accounts. Im THINKING about moving from YBS to someone else for higher interest purposes but the people who gave no interest at the time on closing were RBS (Royal Bank of Scotland).

Hence my reluctance to move anything again, even though Im now with YBS.

Im at work at the mo, but I'll see if I have any statements once I get home, although Im aware I changed to online statements about a year ago, so when the accounts were closed, the accounts dissapeared from my digital banking along with the statements.

Thanks

Lokolo

JanineB wrote: »

I'm not talking about YBS. My account witgh YBS is open and active. I closed my RBS (Royal Bank of Scotland) accounts. Im THINKING about moving from YBS to someone else for higher interest purposes but the people who gave no interest at the time on closing were RBS (Royal Bank of Scotland).

Hence my reluctance to move anything again, even though Im now with YBS.

Im at work at the mo, but I'll see if I have any statements once I get home, although Im aware I changed to online statements about a year ago, so when the accounts were closed, the accounts dissapeared from my digital banking along with the statements.

Thanks

Sorry yes I meant RBS.

Basically if say you have £1000 in the account, at 5%. You will get £50 over the year, but as interest is worked out daily you will get 13.7p a day interest.

So if I had that account. And close it after a week, I would have recieved just less than £1 interest.

The only reason you would not get interest if in the Terms and Conditions it stated that closing early will mean you get no interest. But these are usually for fixed term products...

JanineB

This is the accounts I closed with Royal Bank of Scotland:

1. 60 Day ISA (Annual Interest). My balance on date of transfer to Birmingham Midshires was £2175.78. Rate = 0.10% AER. Interest received - none. (I did ask them to waive the 60 days interest so I could transfer it over in time for the end of the tax year)

2. Instant Access Savings Account - My closing balance = £0. Had funds in in throughout the year up until Feb 09 when I removed all the funds to spend. Rate -0.10% AER. Closed this in July 09. Interest received - none.

As mentioned above, I have a instant access savings account with Yorkshire BS. I have about £500 in it at the moment, but this will be rising. The rate on this account is 2.10%. There are better rates with Egg and ING at the moment and I am thinking of transferring my money to them FROM Yorkshire. If I do this, will I and how will I get interest for the 8 months Ive been with Yorkshire? RBS have scared me off form moving things. Either Ive done something wrong or they have, so I'm willing to learn.


Thanks!!

Jake'sGran

JanineB wrote: »

Please can someone help on this?

Thanks

Janine, I am not being rude but just wanted to say that whatever you do with your instant access account/s the bank or BS must pay you the interest earned up to when you close the account. From what I can make out there are no special terms - are there? And instant access means just that. I took all the money out of one account last year but found it was still open. I read in the Times that it is better to CLOSE accounts (can't remember why) so that is what I did and they sent me a cheque for 2p, honestly. But I didn't understand how they figured out I had earned this when there was nothing in the account. You could always ask the bank itself e.g. "will I get the full amount of interest due if I close this instant access account ". Hope this is clear now.

JanineB

Jake's Gran thanks for your post. As stated above many times, I have already closed the account but got no interest. I went into the branch phisically and asked them to close the account last month, it no longer exists. I know they must pay interest but in these cases they did not. I think what I'll do is write to them and see what they say.

natman

Hi Janine

I get your picture. You closed your account and got no interest. This is not correct and not allowed ( unless stated above you had a specific account that paid no interest if you closed early)

To try and ease your mind over the last say 18 months i have opened up and closed around 8 instant access savers chasing better interest rates.
ING BRADFORD AND BINGLEY
Kaupthing edge COVENTRY BUILD SOCIETY
Birmingham midshire ICESAVE
ICICI ABBEY

All of them when i closed sent either a cheque to me or a direct payment into my current account with addedd interest, you may not notice the interest if
1. the interest rate is so small and
2. you have had very minimal amount of money in it.

In addition some accounts pay monthly interest rates so you are generally up to date with interst payments each month

I agree with a poster above - check your statements they should have a interest payments, you should also receive a tax certificate that highlights what you have been paid after tax.
If you are still saying that you got no interest i would contact RBS, with the evidence of no interest and complain. We on this forum all agree that you should of received your interest, but your saying that you didnt get it. Only RBS and yourslef with evidence can get to the bottom of this.

Dot let this put you off switching, the only real negative of swtitching a lot is the potential loss of interest whilst your money is floating between accounts.
Hope this helps
I have just opened up an EGG account and Alliance and leicster account, both really easy to open, really easy to manage.
Good luck.

JanineB

Thank you Natman! You have answered my questions!