Interest Payments

Keith601

Hi There

I have noticed that some Banks change their Products fairly regular. ie 12 months ago the Allinace-Leiceste,r had a savings product called onlinesaver issue 4 1 year on they now have onlinesaver issue 7.

With different interest rates (variable) for each one.

When calculating the interest, some Banks pay either Monthly or Annualy.

with the phrase, annual interest paid on maturity.

What would happen to the annual interest payment, if I ditched and switched after say 9/10 months.

Would I lose it, wait for it, or would it be calculated and paid when I ditched and switched?

Thanks

Keith

rb10

Keith601 wrote: »

What would happen to the annual interest payment, if I ditched and switched after say 9/10 months.

Would I lose it, wait for it, or would it be calculated and paid when I ditched and switched?

Unless the T&Cs state otherwise, you would expect to have interest calculated at the full rate until the date of closure, and added to the account on closure.