Ulster Bank Loyalty Saver Interest Questions
MikhailCompo
Posts: 9
Forumite
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.
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.
0
Comments

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.1

MikhailCompo said: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?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 balanceIf so, how do I ensure I get 5.2% on the total amount?Keep the balance at or above £5,000
1
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