Bank claims no interest payable on old account

I found an old passbook for a savings account, and made enquiries with the bank (RBS). After 4 months of stonewalling, they told me that the account was closed by the bank in 1988, at which time the balance was just under £100. They have offered to give me the balance amount, but claim that interest is not payable because the balance was under £100.

Should I receive interest from 1988 up to the present? If so, how do I work out how much interest is due?


  • dunstonh
    dunstonh Forumite Posts: 114,292
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Many accounts of that era with banks needed a minimum balance to get interest. Remember this is before banks and building societies were allowed to compete with each other.

    So, if the terms of the account said no interest on balances under £100 then no interest is payable.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 338.9K Banking & Borrowing
  • 248.7K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.8K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 171.1K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards