Yearly interest if an easy access account is moved or defunded within a year?

JSmith321

In the savings money merry go round if I move my money from an easy access account that only pays interest yearly to another easy access account with another provider following a reduction in interest rates, will I lose all the interest or will it be paid pro-rata e.g. if I move my money after 6 months will I get 6 months interest after a year (presume I have to keep the account alive with a pound say). No provider seems to provide clear instructions about this scenario presumably because they don't want you to move your money even after they drop their rates.  

eskbanker

In general, you'll get pro rata interest, and if you close the account it'll be added to the closing balance - there may be the odd exception where bonus interest is conditional on retaining an account for a year, so worth checking, but those are unusual.

boingy

Unless it's a oddball account you'll get the accumulated interest based on the balance at the end of each day. If you withdraw all the money but leave the account open you'll get the interest whenever it was due (e.g. on the one year anniversary). If you close the account you'll get the interest immediately.