Maturing accounts in BS.

[Deleted User]

Hello.
I've got 3/4 accounts with a BC and have mainly deposited cash via the branch which is local to me.  I was wondering would it be worth it to open a easy access account  for all the mature money to go into then l can refund whatever accounts are avaible with them?

Sept, Oct and November of this year is the time scale.

Or shall  l give them a nominated  account to deposit the cash?
I'm not really bothered by top draw interest so would like to keep the money in the same BS.

allegro120

Depends on BS, but many of them will automatically convert your matured account into low paying easy access unless you instruct them otherwise.  If you want to know far in advance ask them about your options next time you visit your the branch, they will send you a letter outlining your options closer to maturity date anyway.  

jameseonline

To add I'd say it depends how important having an Easy Access account is with the building society itself.

For example I have one with Saffron, is it the best rate?, nope but it's there for when any of my other Saffron accounts are closed by myself or end after a year etc, reason why is their maturity accounts pay even less and I really don't need/want another low paying account with them. So I instruct them to pay into the easy access I already have.

Also staying on the interest rate theme, building societies don't tend to have best rates for easy access, you better off getting a Cahoot Sunny Day saver (5.20% on a max of £3000), Santander Edge Saver (7% on a max of £4000).

Both of those pay monthly interest.

So you might want to consider things like that then move the money to/from those to feed regular savers.