Switching interest paying current accounts

lr1277

My mum has a current account with a reasonable sum in it paying some interest.

If we were to switch this account to a better account, how would the interest be accounted for? I ask because mum completes a self-assessment tax return.

Would the 'old' bank add all interest by the date of the switch?

Because the account is being switched, would no interest be added?

Or would we have to track the pre-switch balance and the post-switch balance to calculate any interest added?

For full disclosure the 'old' account is a Santander 123 account.

Edited to add: Would Santander send mum a closing statement showing the interest added?

Would Satander produce an interest certificate showing thie account if it is switched away?

grumpy_codger

When switched, the old account gets closed.
If an account gets closed, the interest is added when it's closed.
Not sure about Santander, but usually banks do send a closing statement.
Also, she can open a second account with Santander before switching. In this case she will keep her online access to all her statements.

PRAISETHESUN

Usually interest is calculated daily and paid monthly/annually. Any pending interest will have been calculated and will be paid on closure of the account. It'll go into the old account and then get moved across as a part of the switch. Santander will provide a closing statement (or you can request one if they don't offer it automatically) which will detail everything.

lr1277

Thanks to you both.