ignorant question about intrest payments

steveo3002

feel a bit thick asking ..but here goes

i have 2 savings accounts (posty and egg) where the intrest is payable yearly

if i want to move to a higher paying account , how do i get my intrest paid now or do i have to wait a year ?

izools

There is likely to be a clause detailing interest penalties for withdrawing early, or the interest earned may be classed as a "Bonus" you get for each year you haven't made any withdrawals.

Check the terms of the accounts

steveo3002

hmm will have to look into it , its not locked away for any fixed time and instant access

ironlady2022

If not, then interest will be calculated up until money leaves the accounts and interest added on that day or trailing interest (in which you can wihtdraw later). There should not be any penalties if you are not tied in but again check T+C as mentioned previous a bonus may not apply.

izools

steveo3002 wrote: »

hmm will have to look into it , its not locked away for any fixed time and instant access

I only ask because my regular saver pays interest annually but should I withdraw before the 12 months the account is closed and interest waived.

The same is not true of the e-ISA but the interest on that accuont is paltry. They pay interest on closure if it hasn't been a year yet with that one.

jennifernil

steveo3002 wrote: »

hmm will have to look into it , its not locked away for any fixed time and instant access

Should be easy to move then if you want to.

If you CLOSE the accounts the interest will be added on closure, if you leave them open with a small amount then it will be added at the normal time.

Closure will mean you can move more and compound the interest .