Switching Accounts - Interest?

pollyanna24

I have just switched from Halifax to NatWest. The old account all closed down now.

Received an e-mail from Halifax attaching a letter about interest for the year. It's not a huge amount (£12.00), but how will I receive this if the account is now shut down?

They don't seem to have an option to e-mail them and I'm loathe to sit on the phone for an hour to find out.

eskbanker

Did you switch a current account using the Current Account Switching Service?

If so, then all inbound payments should be automatically redirected, and I'd assume (but am not 100% sure) that this includes internal transfers within Halifax.

If it wasn't a CASS switch then alternative arrangements will need to be made - I don't know if they'll countenance sending your interest to another account you specify or if it would be a cheque.

Seems to me that if the letter doesn't explain what'll happen, you have the option of waiting to see what happens and then if necessary you can chase them if there's no sign of the money after a few days/weeks/months, depending on how keen you are to get your hands on the £12!

https://www.halifax.co.uk/contactus/contactushome.asp offers Twitter as an option that wouldn't entail a lengthy phone call....

Brewer20

Is it interest owed or interest paid during the past year?


Don't forget any amounts or payments received going to your closed account will get diverted to the new account for a certain amount of time.

pollyanna24

eskbanker wrote: »

Did you switch a current account using the Current Account Switching Service?

If so, then all inbound payments should be automatically redirected, and I'd assume (but am not 100% sure) that this includes internal transfers within Halifax.

If it wasn't a CASS switch then alternative arrangements will need to be made - I don't know if they'll countenance sending your interest to another account you specify or if it would be a cheque.

Seems to me that if the letter doesn't explain what'll happen, you have the option of waiting to see what happens and then if necessary you can chase them if there's no sign of the money after a few days/weeks/months, depending on how keen you are to get your hands on the £12!

https://www.halifax.co.uk/contactus/contactushome.asp offers Twitter as an option that wouldn't entail a lengthy phone call....

I never thought of it going to the new account. Yes, it was a CASS to get the £125 incentive. I'll log in and see.

pollyanna24

Brewer20 wrote: »

Is it interest owed or interest paid during the past year?


Don't forget any amounts or payments received going to your closed account will get diverted to the new account for a certain amount of time.

I should imagine it is interest earned on the account. I never went into the overdraft as it wasn't my main account, just one I use for switching.