Can you ask your bank to pay your interest earlier than interest payment date

adamni2006

As I am waiting for my house purchase to go through I have put the money in a savings account. As it's taking a while for the purchase to go through, it's accruing interest. The interest is only paid in January. Can I ask my bank to pay me the interest now instead of January?

MattMattMattUK

adamni2006 said:

As I am waiting for my house purchase to go through I have put the money in a savings account. As it's taking a while for the purchase to go through, it's accruing interest. The interest is only paid in January. Can I ask my bank to pay me the interest now instead of January?

You can ask, they will say no.

gravel_2

If you close the account they would probably be forced to pay it.

intalex

If you don't need continued use of the account when you withdraw the principal funds for your house purchase, then you could close it and the accrued interest should be paid on closure.

Dazed_and_C0nfused

MattMattMattUK said:

adamni2006 said:

As I am waiting for my house purchase to go through I have put the money in a savings account. As it's taking a while for the purchase to go through, it's accruing interest. The interest is only paid in January. Can I ask my bank to pay me the interest now instead of January?

You can ask, they will say no.

Agree with this.

However if allowed closure of the account might prompt payment of the interest earned to then.

But that could be a poor choice if there was a penalty clause or you lost a cracking interest rate which could no longer matched (and had funds to use it).

Notepad_Phil

What type of account is it? If it is an easy access account then when you close an account then normally any interest due is also paid out, so you could get the interest that way. It would likely be more complicated if it's within a notice or fixed term account.

adamni2006

Cashbuilder - 2.3% interest - nothing special

Bridlington1

adamni2006 said:

Cashbuilder - 2.3% interest - nothing special

I would close the account ASAP if I were you and unlock the interest that way, 2.3% is a terrible rate these days when 5%+ easy access accounts are available elsewhere. You would then be free to put the money in a higher paying account that pays interest monthly if you wished in order to receive interest more frequently.

EDIT: See below for some ideas:
https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false

https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false