Annual Interest

dinky73

Hi, if we put money in a savings account that pays interest annually and we close it after 6 months (or maybe earlier) do we still get our interest? Its just an online easy access type account not a bond or anything.

We have sold our house and will be getting a large chunk of money that we will need to put into savings while we rent for 6 months. I've researched accounts and will split the money so there is not more than 85k in one account or institution. The Skipton BS account was one I was considering but it says interest accrues daily and is paid annually. I assumed that if we closed the account after 6 months it would just add on any interest accrued. Have I assumed right? All my other accounts pay the interest monthly.

Thanks

opinions4u

I assumed that if we closed the account after 6 months it would just add on any interest accrued. Have I assumed right?

This is how most similar accounts will work. I have seen accounts which remove a bonus if you don't keep them for a certain period, so just check this isn't one of them. I can' see anything in the T&Cs though.

If in doubt, run the balance down to £1 and collect your interest when the year is up.

Linky to T&Cs of 3.05% Skipton easy access account

dinky73

Thanks. I just called them to check and she comfirmed that if we closed it before the 12 months we still get paid the interest due to us for the time we've had the account. Thanks for the reply.

calypso_rhapsody

If it's a joint account you can have 2x£85k and still be covered by FSCS - but note that some institutions share limits - there's information in the 'how safe are my savings' bit of this site. Eg Skipton is linked with Scarborough ....