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

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Comments

  • VXman
    VXman Posts: 661 Forumite
    Sixth Anniversary 500 Posts Name Dropper
    edited 4 January at 6:20PM
    Got my interest today -very annoying. Far more than I was expecting and takes me to £1300  for the financial year so far. Will be getting more interest from other accounts in the next 3 months too. 

    I do dislike paying unnecessary tax! I feel I will need to take more care in the forthcoming year.
  • eskbanker
    eskbanker Posts: 38,022 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    VXman said:
    Got my interest today -very annoying. Far more than I was expecting and takes me to £1300  for the financial year so far. Will be getting more interest from other accounts in the next 3 months too. 

    I do dislike paying unnecessary tax! I feel I will need to take more care in the forthcoming year.
    Would you have obtained a better net return elsewhere?
  • flaneurs_lobster
    flaneurs_lobster Posts: 7,516 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    VXman said:
    Got my interest today -very annoying. Far more than I was expecting and takes me to £1300  for the financial year so far. Will be getting more interest from other accounts in the next 3 months too. 

    I do dislike paying unnecessary tax! I feel I will need to take more care in the forthcoming year.
    I'm earning somewhere North of £5k in savings accounts taxable interest this financial year. I don't worry about paying 20% tax on it because I'm keeping 80%.

    Assume you've maxed out any ISAs?
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