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Interest on Savings
Hobnobman
Posts: 4 Newbie
Please could anyone advise on the following:
I've had a lump of cash in a gerneral Cynergie Bank savings account for about 6 months. The interest is paid annually but I now wish to move that cash to a higher paying interest account (Yorkshire Bank). Will the interest accrued in the Cynergie bank be paid when I move the cash or do I lose it because it hasn't been in the account for 12 months?
Sorry if that's a daft question, but the account shows the interest so far, but when I've started the motions of moving, the interest accrued over the past 6 months doesn't appear to be added to the capital?
Thanks for any help.
I've had a lump of cash in a gerneral Cynergie Bank savings account for about 6 months. The interest is paid annually but I now wish to move that cash to a higher paying interest account (Yorkshire Bank). Will the interest accrued in the Cynergie bank be paid when I move the cash or do I lose it because it hasn't been in the account for 12 months?
Sorry if that's a daft question, but the account shows the interest so far, but when I've started the motions of moving, the interest accrued over the past 6 months doesn't appear to be added to the capital?
Thanks for any help.
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Comments
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What sort of account is it?0
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If you close the account, the accrued interest will be added to the closing balance, but if the account is left open then it would be added on the due date.1
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Assuming it's an easy access account, if you request for the account to be closed, all interest will be added at that point and transferred to your nominated account. If you were to withdraw most of the money but leave the account open, then the interest would be paid at the end of the year.1
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Thank you for your help, those answers make sense.
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It is an Easy Access account by the way..0
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It is an Easy Access account by the way..0
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For Cynergy bank, you can check the information and it shows the interest earned to date. As others said, when you withdraw and close, they pay the interest along with the amount.
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I don't know what interest rate you are getting at the moment, but the latest issue released by Cynergy paid 1.46%. I'm not sure if you're aware, but in order to get their latest rate, you do have to open their latest issue, close the old one and transfer to the new one internally. It's a bit of a faff, but it only takes a few minutes. In any case they're due for another release soon, especially with the new base rate today, so you might want to consider leaving the account open for a bit longer.0
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Update to my previous post:
Cynergy has just released their latest issue 53 easy access account. 1.6%0
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