Ulster Bank Loyalty Saver Interest Questions

MikhailCompo
MikhailCompo Posts: 9
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edited 3 December 2023 at 11:40AM in Savings & investments
Hi
I know that this account pays out interest annually (apparently 1st January?).

My two questions are, if I take all my money out in June, will I receive the interest from January to June?

Also, I received a statement stating "The interest rate that actually applies depends on the amount deposited in your account at the time". I know that the interest rate is 5.2% but only over £5000.

When I first opened the account, I made 4 transfers and all were under £5000

Does that mean that for all 4 of those transfers (totally £9000) I will receive the lower rate of 2.25%? If so, how do I ensure I get 5.2% on the total amount?

Thank you for help.

Comments

  • eskbanker
    eskbanker Posts: 29,926
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    The interest is paid according to the total daily balance, not individual deposits, and if closed early you'd be paid everything that had accrued up to that point.
  • ColdIron
    ColdIron Posts: 8,677
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    Hi
    I know that this account pays out interest annually (apparently 1st January?).

    My two questions are, if I take all my money out in June, will I receive the interest from January to June?
    No. However if you close the account you will
    When I first opened the account, I made 4 transfers and all were under £5000

    Does that mean that for all 4 of those transfers (totally £9000) I will receive the lower rate of 2.25%?
    You don't get interest for transfers, only on the account balance. So when one of the transfers takes you over £5,000 you will receive 5.20% on the balance
    If so, how do I ensure I get 5.2% on the total amount?
    Keep the balance at or above £5,000
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