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

Stevepd

I raised a complaint yesterday via Cora in the App. Today I have received an email from UB with a reference number and they will get back to me within 5 business days. I'll post up here once I get more information.

Stevepd

Yesterday evening I received a reply to the complaint via the Cora chit chat. My request to close the account had been rejected by the closure team as Interest had not been applied. The reply said the bank had done no wrong but was offering a cheque for the compounded interest to the date of closure or let the complaint run.

I chose to accept the due interest as that's all I wanted in the first place. To be sent by cheque in 3-5 business days, why would I want anymore.

 So to take away from this as mentioned previously above.
1. The interest is paid in January (old 2023 and current year accounts) or at the closure of the account.
2. 2023 applications did not require you to open a UB current account of some form, but 2024 accounts do. If you're a 2023 account holder you might want to open a UB account so you have the means to electronically receive the interest and your capital.
3. It's become quite apparent that the lack of/or incorrect knowledge throughout the process either through the staff on the end of the phone or with a human in branch. Doing everything correctly as per the 2023 requirements that I had to put a complaint in to get the answer and result.

Thanks everyone for following along and those that chipped in.

Steve.

Malchester

Opened Loyalty Saver before the requirement for a current account existed but have since opened one. Last Wednesday requested closure of the Loyalty Saver using the online form.  On Thursday received an email from RBS saying that before I could close the account I needed to visit a branch or ring them.  I know RBS are part of the same group as Ulster but the email made no mention of Ulster Bank at all. Then, before I could ring them the account was closed and interest paid into my Ulster current account today  (Sunday).

jameseonline

Malchester said:

Opened Loyalty Saver before the requirement for a current account existed but have since opened one. Last Wednesday requested closure of the Loyalty Saver using the online form.  On Thursday received an email from RBS saying that before I could close the account I needed to visit a branch or ring them.  I know RBS are part of the same group as Ulster but the email made no mention of Ulster Bank at all. Then, before I could ring them the account was closed and interest paid into my Ulster current account today  (Sunday).

Doesn't seem right that RBS are replying to an Ulster Bank thing to me but not strictly out of the ordinary as you can get NatWest replying to RBS things or vice versa on Twitter/X.

RBS is same logo as Ulster Bank so guessing the ownership was RBS Group previously?, so link is still there?, but yeah confusing if you didn't already know it's all part of the same company.

allegro120

I've opened current account 11 days before the rate drop.  When I closed Loyalty Saver I've instructed the interest to be transferred to this current account.  Next day my Loyalty Saver was still showing with credited interest which I withdrew directly from there without any need of current account.  I don't regret opening it though, helped me opening a new Loyalty Saver -  it's a very good one for the waiting list, no need to fund it until it's worth funding.  

seriously

Has anyone received their interest today? 

I've got nothing..

wmb194

seriously said:

Has anyone received their interest today? 

I've got nothing..

If it was due on 02/01 then the usual NatWest/RBS MO is to display it to you next day but dated the correct day. So check again tomorrow.

flaneurs_lobster

wmb194 said:

seriously said:

Has anyone received their interest today? 

I've got nothing..

If it was due on 02/01 then the usual NatWest/RBS MO is to display it to you next day but dated the correct day. So check again tomorrow.

Quite right. Got mine.

poolboy

Thanks i got my ulster interest yesterday, posted today.  I m keeping my ulster savings as its the only feeder account which transfers instantly to natwest.  All the others take a few hours or next day.

seriously

wmb194 said:

seriously said:

Has anyone received their interest today? 

I've got nothing..

If it was due on 02/01 then the usual NatWest/RBS MO is to display it to you next day but dated the correct day. So check again tomorrow.

Yup got mine. Thanks!