Possible to transfer savings account to another savings account with a different bank?

SeanM42

Hi, I'm sure this might be a stupid question but seeing as many providers are dropping their rates at the moment, is it possible to simply transfer an easy access/variable rate savings account from one provider to another or do I have to formally close the account down first? 

Thanks in advance. 

Middle_of_the_Road

You don't have to close the account. You could just transfer your savings to a new provider, usually via a current account to the new savings account. 
Although if you do close the account, the accrued interest would be added and paid out on closure. 

Bridlington1

There's no need to close the account each time, just withdraw the contents of the accounts and send them to a higher paying account. It was not uncommon for me to do this several times in the space of a week when easy access rates were on the rise during 2022-3. I've ended up with dozens of EA accounts with balances of £1 or less which I've kept just in case they become competitive again.

SeanM42

Not sure I'd be able to keep on top of more than one savings account even if it has £1 in it!

jimjames

You can't transfer savings accounts but you can close and move the money elsewhere