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The New Top Easy Access Savings Discussion Area
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Now on the Principality website
I came, I saw, I melted7 -
I wish it would be that easy but there are several reason why it's not worth it for me and I am waiting for hard searches to drop off my credit file.
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Just opened the new principality EA acc to get the .2% extra. Was on 4.05% before. God their systems are archaic. No easy way to transfer funds between accounts. I thought I was going to have to send back to my linked account, then in tranches back to principality. then for amounts over 20k you have to request the transfer. Then when you put the amount in which closes the account it then gives you the option of transferrin to another principality account! Talk about going round the houses! Anyone found a better way?
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Didn't "Account services" and then "Move money between Principality accounts" work?
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Go to account services (the tab at the top between your account and messages)
And then choose 'close account' from that menu picking the Principality account you want to close and the Principality account you want the closure balance with interest to go to.
Takes a working day or so for them to then close the account and transfer over.
Or if just wanting to do an internal transfer without closing either account it is 'account services', 'move money between Principality accounts'
I came, I saw, I melted6 -
Others have pointed out the way to do it. But I have to agree that it is not immediately obvious. In particular when you get the page about fund this account there is no option for an internal transfer. And when you go into the accounts themselves there is no route for moving money between accounts. But once you see how they do it, it is quite easy.
It is a pity the closed account seems to disappear completely so the closing interest figure is something you have to work out for yourself but perhaps that will come in a secure message sometime (don't they send a lot of them?)
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That's another reason I don't like closing accounts in case you lose access to the tax certificate the following year. Does anyone know if you can still get one with principality once you close the account?
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Someone may know. I might find out on Monday or sometime next April.
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I had to ask for that for closed regular savers for 24/25.
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I have found that if you keep a record, e.g. in a simple spreadsheet, of each and every interest payment for a given account, you don't really need the annual tax certificate. In addition, you will then know how much interest you have earned at any given time during a tax year, and can take corrective action if you are busting your personal savings allwance, or would slip into the next tax bracket etc.
I have been declaring savings interest in self assessments well over a decade before providers stopped deducting tax from savings interest, which in itself is now 10 years ago. I have never been asked to produce annual tax certificates to the HMRC.
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