Easy Access Savings Account

lucy.lockett_2

My current Easy Access Savings Account has an anniversary date of 29th October 2023, on this date I would receive my annual interest payment. However if I closed the account and transferred the money into another easy access savings account which has a better interest rate before 29th October would I lose out in anyway? Should I wait until after the 29th October? Thanks 

El_Torro

It depends what kind of savings account it is. If it’s just an easy access savings account that pays interest yearly then no, there will be no penalty. If it’s a fixed term savings account then it’s possible that closing it early isn’t even an option.

The best thing to do is to check the terms and conditions of your account. Or if you tell us what account it is some kind soul might tell you what the terms are.

Beddie

lucy.lockett_2 said:

My current Easy Access Savings Account has an anniversary date of 29th October 2023, on this date I would receive my annual interest payment. However if I closed the account and transferred the money into another easy access savings account which has a better interest rate before 29th October would I lose out in anyway? Should I wait until after the 29th October? Thanks 

Interest will be added to the account when you close it, as it's calculated daily. So you won't miss out.

Qyburn

If it's an easy access account you can withdraw the money any time you want, and pay it into a higher rate account. No need to close the existing one.

dealyboy

@Qyburn said:

If it's an easy access account you can withdraw the money any time you want, and pay it into a higher rate account. No need to close the existing one.

As somebody suggested in another thread, closing one EA account and moving the proceeds to another higher interest EA saver enables you to start earning interest on the previous account's (hidden) interest at the higher rate.