Fixed rate bonds

harpix42

atypical wrote: »

Close the account now. Any interest accrued to date will be credited to the account, leaving you free to forget about the account and move the money elsewhere.

Whats the easiest and cheapest way to close an account out of interest?
Shall i do a bank transfer of all my money then close the account?
Or do i just close it and get a cheque in the post?

atypical wrote: »

I assume being at University you aren't earning over your tax-free allowance of £6,475, in which case have you an R85 applied to the account to get interest paid gross?

And yeah i've got the R85 all done. thanks for asking though!

Cheers

atypical

harpix42 wrote: »

Whats the easiest and cheapest way to close an account out of interest?
Shall i do a bank transfer of all my money then close the account?
Or do i just close it and get a cheque in the post?

Ring A&L or send them a secure message online and ask them to close the account and transfer the remaining balance to your nominated account. This shouldn't be a problem but I think I've read threads in the past from those who have found it difficult to get this done.

By the way, in answer to your original question the Bank Of Baroda would be the better option for two reasons: they are paying 0.10% more and unusually ICICI does not compound their interest. From their T&Cs:
"Interest on HiSAVE Fixed Rate Accounts is non cumulative (we do not pay compound interest i.e. interest is only paid for the initial amount invested)"

harpix42

atypical wrote: »

By the way, in answer to your original question the Bank Of Baroda would be the better option for two reasons: they are paying 0.10% more and unusually ICICI does not compound their interest. From their T&Cs:
"Interest on HiSAVE Fixed Rate Accounts is non cumulative (we do not pay compound interest i.e. interest is only paid for the initial amount invested)"

Aren't the multiple Lloyds TSB accounts my best bet as they give %4 and have flexible withdraws?

Thanks again.

atypical

harpix42 wrote: »

Aren't the multiple Lloyds TSB accounts my best bet as they give %4 and have flexible withdraws?

Thanks again.

Yes it is, I was making the comparison between ICICI and Bank of Baroda.

harpix42

Hello again,

So i have opened my vantage account with LLoyds TSB.

However on internet banking it just says "classic account". How do i turn it into a vantage account? Or is that determined by the amount of money you have in there??

Thank you!

Muffin99

Can you still have 3 accounts?

If they do, do you need to open three classic accounts to have 3 Vantage?

Help much appreciated!

artha

atypical wrote: »

Ring A&L or send them a secure message online and ask them to close the account and transfer the remaining balance to your nominated account. This shouldn't be a problem but I think I've read threads in the past from those who have found it difficult to get this done.

By the way, in answer to your original question the Bank Of Baroda would be the better option for two reasons: they are paying 0.10% more and unusually ICICI does not compound their interest. From their T&Cs:
"Interest on HiSAVE Fixed Rate Accounts is non cumulative (we do not pay compound interest i.e. interest is only paid for the initial amount invested)"

sorry to go a bit off thread but how do you send a secure message to A&L? My OH has an account but we can't find anywhere online to contact them apart from by phone

xrjtg

harpix42 wrote: »

However on internet banking it just says "classic account". How do i turn it into a vantage account? Or is that determined by the amount of money you have in there??

There might be an option to upgrade online: if not, then you can go into a branch and ask them to do it there.

Muffin99 wrote:

If they do, do you need to open three classic accounts to have 3 Vantage?

You can open them as Vantage accounts from the beginning.