H2B interest question

Sidewalk8

Hi

I just wondered if anyone could clear up some confusion I'm having in regards to the new H2B ISA. It mainly revolves around the interest you could earn. It makes sense to go for the bank offering the best rate, so at this time Halifax 4%. It states that the interest is paid on the anniversary of the account, but what if you ditch and switch before then? If you keep chasing the best rate, would you never have an account long enough to gain interest on it. Thank you you in advance for any response, sorry if the answer is staring me in the face.

bowlhead99

You earn the interest every day as you go along. You only have the interest received into the account (to enable you to start earning interest on interest) on the stated payment date, unless you close the account or transfer the product elsewhere. If you close it or transfer it, you will receive the amount in the account plus whatever had been earned but not paid up to that point.