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

eskbanker

Middle_of_the_Road said:

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.....

I'm sure we'd all like to think that, but there have been plenty of threads in which bank staff (not UB specifically) have been unable to give correct answers to questions that ought not to be challenging!  My comment was in the context of the main call centre being unable to identify how to deal with the enquiry (which, as you say, shouldn't be rocket science), and my expectation would be that such central teams should be better informed than branch staff, but that's a generalisation and it may be that OP's relative gets a good one....

Middle_of_the_Road

eskbanker said:

Middle_of_the_Road said:

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.....

I'm sure we'd all like to think that, but there have been plenty of threads in which bank staff (not UB specifically) have been unable to give correct answers to questions that ought not to be challenging!  My comment was in the context of the main call centre being unable to identify how to deal with the enquiry (which, as you say, shouldn't be rocket science), and my expectation would be that such central teams should be better informed than branch staff, but that's a generalisation and it may be that OP's relative gets a good one....

I would hope so, although, as you say, it generally would not be the usual outcome. 

CuparLad

It does seem strange that closing an account seems so convoluted with certain financial institutions. This from Ulster Bank's FAQs

Stevepd

I wrote my situation and the turmoil I've had trying to get an answer. My sister in law went to her local branch in Belfast and explained to one of the staff. She then showed her my question on her phone. The member of staff said she was aware of the type of account (and this year they want you to have an UB account) and confirmed last year it wasnt a requirement. She was sure the interest should have been paid throughout the year to my Loyalty Saver account. The member of staff then advised to open a complaint which I've done via the App just now. I'll wait on a reply.............

Middle_of_the_Road

Stevepd said:

I wrote my situation and the turmoil I've had trying to get an answer. My sister in law went to her local branch in Belfast and explained to one of the staff. She then showed her my question on her phone. The member of staff said she was aware of the type of account (and this year they want you to have an UB account) and confirmed last year it wasnt a requirement. She was sure the interest should have been paid throughout the year to my Loyalty Saver account. The member of staff then advised to open a complaint which I've done via the App just now. I'll wait on a reply.............

No. Interest is paid on the first working day in January each year.

eskbanker

Stevepd said:

I wrote my situation and the turmoil I've had trying to get an answer. My sister in law went to her local branch in Belfast and explained to one of the staff. She then showed her my question on her phone. The member of staff said she was aware of the type of account (and this year they want you to have an UB account) and confirmed last year it wasnt a requirement. She was sure the interest should have been paid throughout the year to my Loyalty Saver account. The member of staff then advised to open a complaint which I've done via the App just now. I'll wait on a reply.............

I think that endorses my perception of the restricted knowledge of the average bank employee - even if the interest is paid monthly (and I can't readily find out whether this is/was an option), there'll still be a residual amount to be paid after the balance has been zeroed, so fails to answer the question of what happens to that....

Middle_of_the_Road

eskbanker said:

Stevepd said:

I wrote my situation and the turmoil I've had trying to get an answer. My sister in law went to her local branch in Belfast and explained to one of the staff. She then showed her my question on her phone. The member of staff said she was aware of the type of account (and this year they want you to have an UB account) and confirmed last year it wasnt a requirement. She was sure the interest should have been paid throughout the year to my Loyalty Saver account. The member of staff then advised to open a complaint which I've done via the App just now. I'll wait on a reply.............

I think that endorses my perception of the restricted knowledge of the average bank employee - even if the interest is paid monthly (and I can't readily find out whether this is/was an option), there'll still be a residual amount to be paid after the balance has been zeroed, so fails to answer the question of what happens to that....

Indeed it does. There was, and is no monthly interest option available for the account.

It's bad enough that their knowledge is lacking, but worse that they just guess, when it would have been simple to check the method/frequency of interest payments for this account...

https://www.ulsterbank.co.uk/content/dam/Ulster/documents/ni-region/permanent/personal/savings/ubn-pers-savings-account-rates.pdf

Stevepd

Middle_of_the_Road said:

eskbanker said:

Stevepd said:

I wrote my situation and the turmoil I've had trying to get an answer. My sister in law went to her local branch in Belfast and explained to one of the staff. She then showed her my question on her phone. The member of staff said she was aware of the type of account (and this year they want you to have an UB account) and confirmed last year it wasnt a requirement. She was sure the interest should have been paid throughout the year to my Loyalty Saver account. The member of staff then advised to open a complaint which I've done via the App just now. I'll wait on a reply.............

I think that endorses my perception of the restricted knowledge of the average bank employee - even if the interest is paid monthly (and I can't readily find out whether this is/was an option), there'll still be a residual amount to be paid after the balance has been zeroed, so fails to answer the question of what happens to that....

Indeed it does. There was, and is no monthly interest option available for the account.

It's bad enough that their knowledge is lacking, but worse that they just guess, when it would have been simple to check the method/frequency of interest payments for this account...

https://www.ulsterbank.co.uk/content/dam/Ulster/documents/ni-region/permanent/personal/savings/ubn-pers-savings-account-rates.pdf

I've seen that PDF (and thanks by the way) but interpreted it geared for this years applications; as in that document it refers to "interest is paid annually and at account closure (it hasnt been, even for me to transfer it away) You'll be able to see and access your interest in your account the following day. If you choose to nominate the interest to be paid into a nominated UB in your name, then interest will be paid into that account".

I haven't got or was required to open an accompanying UB account last year.

Thanks everyonethough for staying with me and offering your thoughts.

poolboy

I have the ulster loyalty saver, on the app there's no close account button, as per natwest accounts.  I ll keep the min in there in case rates get more competitive.  I prefer an account paying interest in next tax year.  Thanks for prompt, moving money now.

Stevepd

poolboy said:

I have the ulster loyalty saver, on the app there's no close account button, as per natwest accounts.  I ll keep the min in there in case rates get more competitive.  I prefer an account paying interest in next tax year.  Thanks for prompt, moving money now.

You can't close the account via the App, only via the Anytime banking via the Ulster bank website.