Ulsterbank loyalty saver - where does the interest go when closing account

Stevepd

Hi all. I opened (eventually) this account last year when it was paying 5.2% on £5k+. Now UB have lowered their percentage rate today, so I've moved the money and closed the account.

Having spoken with a human on the anytime banking number, it transpires they're unsure. I spoke to 2 people, one in Liverpool and she transfered me to a gentleman in Birmingham, but neither could help. The gent in Birmingham gave me an insight on how difficult it is dealing with UB as even they cannot speak with anyone on their internal system. Seems bizarre and frustrating for the operatives.

Now the account is closing. How do I receive my interest to date that has been accumulated?. This was my only UB account, so I assume I'll receive a cheque.

Does anyone have any helpful information please

pafpcg

To open this account, an Ulster Bank current account is required. Presumably, interest from the closed Saver account would be paid to the current account?

eskbanker

pafpcg said:

To open this account, an Ulster Bank current account is required. Presumably, interest from the closed Saver account would be paid to the current account?

That condition wasn't in place when the product was launched last year though, so many have the saver without a current account, including OP:

Stevepd said:

This was my only UB account...

wmb194

Stevepd said:

Hi all. I opened (eventually) this account last year when it was paying 5.2% on £5k+. Now UB have lowered their percentage rate today, so I've moved the money and closed the account.

Having spoken with a human on the anytime banking number, it transpires they're unsure. I spoke to 2 people, one in Liverpool and she transfered me to a gentleman in Birmingham, but neither could help. The gent in Birmingham gave me an insight on how difficult it is dealing with UB as even they cannot speak with anyone on their internal system. Seems bizarre and frustrating for the operatives.

Now the account is closing. How do I receive my interest to date that has been accumulated?. This was my only UB account, so I assume I'll receive a cheque.

Does anyone have any helpful information please

Going by experience with other banks and BS' the interest is added when the account is closed and it'll be included in the balance paid to you. I'd be surprised if NatWest/Ulster is any different.

eskbanker

wmb194 said:

Stevepd said:

Hi all. I opened (eventually) this account last year when it was paying 5.2% on £5k+. Now UB have lowered their percentage rate today, so I've moved the money and closed the account.

Having spoken with a human on the anytime banking number, it transpires they're unsure. I spoke to 2 people, one in Liverpool and she transfered me to a gentleman in Birmingham, but neither could help. The gent in Birmingham gave me an insight on how difficult it is dealing with UB as even they cannot speak with anyone on their internal system. Seems bizarre and frustrating for the operatives.

Now the account is closing. How do I receive my interest to date that has been accumulated?. This was my only UB account, so I assume I'll receive a cheque.

Does anyone have any helpful information please

Going by experience with other banks and BS' the interest is added when the account is closed and it'll be included in the balance paid to you. I'd be surprised if NatWest/Ulster is any different.

Indeed, but if the balance has already been zeroed by OP (as implied by "moved the money") then there's nothing to add the interest to and so it remains unclear as to exactly how/where it'll be paid out?

wmb194

eskbanker said:

wmb194 said:

Stevepd said:

Hi all. I opened (eventually) this account last year when it was paying 5.2% on £5k+. Now UB have lowered their percentage rate today, so I've moved the money and closed the account.

Having spoken with a human on the anytime banking number, it transpires they're unsure. I spoke to 2 people, one in Liverpool and she transfered me to a gentleman in Birmingham, but neither could help. The gent in Birmingham gave me an insight on how difficult it is dealing with UB as even they cannot speak with anyone on their internal system. Seems bizarre and frustrating for the operatives.

Now the account is closing. How do I receive my interest to date that has been accumulated?. This was my only UB account, so I assume I'll receive a cheque.

Does anyone have any helpful information please

Going by experience with other banks and BS' the interest is added when the account is closed and it'll be included in the balance paid to you. I'd be surprised if NatWest/Ulster is any different.

Indeed, but if the balance has already been zeroed by OP (as implied by "moved the money") then there's nothing to add the interest to and so it remains unclear as to exactly how/where it'll be paid out?

Okay, so it'll just be a cheque for the interest.

allegro120

Stevepd said:

Hi all. I opened (eventually) this account last year when it was paying 5.2% on £5k+. Now UB have lowered their percentage rate today, so I've moved the money and closed the account.

Having spoken with a human on the anytime banking number, it transpires they're unsure. I spoke to 2 people, one in Liverpool and she transfered me to a gentleman in Birmingham, but neither could help. The gent in Birmingham gave me an insight on how difficult it is dealing with UB as even they cannot speak with anyone on their internal system. Seems bizarre and frustrating for the operatives.

Now the account is closing. How do I receive my interest to date that has been accumulated?. This was my only UB account, so I assume I'll receive a cheque.

Does anyone have any helpful information please

I don't know the answer, I knew this is coming and in order to avoid any complications opened current account last week.  I think in your situation the most likely scenario is a cheque.

Stevepd

allegro120 said:

Stevepd said:

Hi all. I opened (eventually) this account last year when it was paying 5.2% on £5k+. Now UB have lowered their percentage rate today, so I've moved the money and closed the account.

Having spoken with a human on the anytime banking number, it transpires they're unsure. I spoke to 2 people, one in Liverpool and she transfered me to a gentleman in Birmingham, but neither could help. The gent in Birmingham gave me an insight on how difficult it is dealing with UB as even they cannot speak with anyone on their internal system. Seems bizarre and frustrating for the operatives.

Now the account is closing. How do I receive my interest to date that has been accumulated?. This was my only UB account, so I assume I'll receive a cheque.

Does anyone have any helpful information please

I don't know the answer, I knew this is coming and in order to avoid any complications opened current account last week.  I think in your situation the most likely scenario is a cheque.

Luckily I have an in-law relation in Ulster. Having spoke to one of them yesterday, she is going into a local branch and will speak with a UB human.

eskbanker

Stevepd said:

allegro120 said:

Stevepd said:

Hi all. I opened (eventually) this account last year when it was paying 5.2% on £5k+. Now UB have lowered their percentage rate today, so I've moved the money and closed the account.

Having spoken with a human on the anytime banking number, it transpires they're unsure. I spoke to 2 people, one in Liverpool and she transfered me to a gentleman in Birmingham, but neither could help. The gent in Birmingham gave me an insight on how difficult it is dealing with UB as even they cannot speak with anyone on their internal system. Seems bizarre and frustrating for the operatives.

Now the account is closing. How do I receive my interest to date that has been accumulated?. This was my only UB account, so I assume I'll receive a cheque.

Does anyone have any helpful information please

I don't know the answer, I knew this is coming and in order to avoid any complications opened current account last week.  I think in your situation the most likely scenario is a cheque.

Luckily I have an in-law relation in Ulster. Having spoke to one of them yesterday, she is going into a local branch and will speak with a UB human.

The staff there obviously won't discuss your specific account with someone else, but even in terms of the generic question, they may not have adequate inside knowledge of the process, as it's presumably handled by a central department rather than in branch?

beans2503

I wasn't required to open a current account for Ulster Loyaly Saver.  I decided to open another Loyalty Saver account which I did successfully within minutes so that I could stay a member for potential future use.  The new account was properly opened the next day (they send you a message when it's opened).  I then emptied the account I want to close to a zero balance (their help pages tell you to do this).  You then fill in an online form to close the account which they say they will do within 3 working days.  A question in the form asks if you have another Ulster Bank account to which I am assuming they will pay your closing interest to.  If you click no to the question about having another Ulster Bank account it says something like you'll have to go to a branch to get the money!  Sending the closing balance to your nominated account doesn't seem to be an option.  Therefore I deduce from this that they will only pay closing interest to another active account or by getting it in a branch which might not be convenient for everyone with one of these accounts.  Not sure if NatWest Branches would be an option but somehow I doubt it.  I am now waiting to see what happens in the next 3 working days to see where my closing interest goes!

Middle_of_the_Road

eskbanker said:

Stevepd said:

allegro120 said:

Stevepd said:

Hi all. I opened (eventually) this account last year when it was paying 5.2% on £5k+. Now UB have lowered their percentage rate today, so I've moved the money and closed the account.

Having spoken with a human on the anytime banking number, it transpires they're unsure. I spoke to 2 people, one in Liverpool and she transfered me to a gentleman in Birmingham, but neither could help. The gent in Birmingham gave me an insight on how difficult it is dealing with UB as even they cannot speak with anyone on their internal system. Seems bizarre and frustrating for the operatives.

Now the account is closing. How do I receive my interest to date that has been accumulated?. This was my only UB account, so I assume I'll receive a cheque.

Does anyone have any helpful information please

I don't know the answer, I knew this is coming and in order to avoid any complications opened current account last week.  I think in your situation the most likely scenario is a cheque.

Luckily I have an in-law relation in Ulster. Having spoke to one of them yesterday, she is going into a local branch and will speak with a UB human.

The staff there obviously won't discuss your specific account with someone else, but even in terms of the generic question, they may not have adequate inside knowledge of the process, as it's presumably handled by a central department rather than in branch?

I would like to think they will have been asked such a simple question previously, and if not, would be capable enough to identify the required department and thus gain the necessary "inside knowledge" to be able to provide the relative with useful Intel to communicate forward.....