Closing a Nationwide MySave Plus A/C

2ndlife

I' want to close my Nationwide MySave Plus and transfer its contents into a West Brom WebSave, which I've already got up and running.

The thing is, I've already made 1 withdrawal, and the complicated conditions state that I'll get a much reduced rate for the month of closure/withdrawal. Basically my question is, will the timing of the closure make any difference, eg: start of month vs. end of month?

The sum involved is about £47k, so we're talking about £100 or so in monthly interest I think.

Thanks

Maurice.

lolarentt

Well if you take it out at the start of the month there wont be anything much to lose interest on - i.e. only a few days interest, so the pain will be less if you can get it into your new account and start earning there straight away.

barak

2ndlife wrote: »

I' want to close my Nationwide MySave Plus and transfer its contents into a West Brom WebSave, which I've already got up and running.

The thing is, I've already made 1 withdrawal, and the complicated conditions state that I'll get a much reduced rate for the month of closure/withdrawal. Basically my question is, will the timing of the closure make any difference, eg: start of month vs. end of month?

The sum involved is about £47k, so we're talking about £100 or so in monthly interest I think.

Thanks

Maurice.

It has nothing to do with calendar months - your 'Account Month' starts on the day your initial deposit was received, so you would be best advised to close your account on the day following the end of your 'Account Month' or you will lose the bonus for that month.

See Terms & Conditions including -

"Account Month’ means the period from the day we receive your first payment to the end of the day before in the following month.
For example, if we receive your first payment on the 15th of January, the Account Month will run from the start of the 15th day of each month to the end of the 14th day of each month.
The Account Month period will be used to apply the appropriate interest rate depending on the number of withdrawals made during the Account Month;"

2ndlife

Thanks. I've looked, and my initial deposit was received on 26/11/10, so just after 27/10/11 would be best I guess.

Maurice.