Santander Easy Access Limited Edition

Voxtronix

Hello, newbie and novice when it comes to working with savings accounts. Used to just stick to what I knew!

I set this account up to pay interest annually (October this year)  If I move the money out of this account now and transfer it to an account with a better interest rate, what happens to the interest generated so far in the Santander account?

flaneurs_lobster

Voxtronix said:

I set this account up to pay interest annually (October this year)  If I move the money out of this account now and transfer it to an account with a better interest rate, what happens to the interest generated so far in the Santander account?

If you close the account then the current balance plus the interest generated to date will be transferred to wherever you specify (easiest may well be a Santander current account). 

You could just move the balance elsewhere, leaving a minimal balance. In this case the interest owing would be paid in October.

nedwilsher

Lesson No.1: When you open an account download the Summary Document and Ts&Cs for future reference. These should tell you what happens if you close your account. I always want to know what happens if I close my account early (which I do quite often).

gravel_2

I believe if you don't have a Santander current account then the closing interest will be issued by cheque.

masonic

gravel_2 said:

I believe if you don't have a Santander current account then the closing interest will be issued by cheque.

When I asked Sandi to close mine, I asked for closing interest to be added to my other savings account. I do have a current account too, but if the choice was there...

gravel_2

That makes sense - it was my only account so cheque was the only option.

Johnny-Cage

gravel_2 said:

That makes sense - it was my only account so cheque was the only option.

I didn’t get why they transferred all my funds over the phone to my Halifax current account, would have been far simpler to send the interest that way as well.
The cheque was a pain in the butt. I tried using 3 banking apps to scan the cheque and each one failed to read it and it was rejected