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Bond Money

I have a bond which matures at the end of next month - when it matures it gets transferred into an account paying about 2.5% until I withdraw it via a cheque.

Does anyone know the best savings account/quickest method to get this cheque earning (a good rate of)interest again? ???(It is quite a large amount so I don't want to move it through current accounts if I can help it).

Comments

  • johnllew
    johnllew Posts: 1,928 Forumite
    Get the cheque made out to you personally and you can then deposit it into a savings account in your own name. Write to the bank/BS concerned in advance and ask them to send you the cheque on maturity.

    Nearer that date, check out Moneyfacts or similar to see who has the best rate at the time.
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    Send them a letter to say you want a cheque made payable to you on maturity or if you already have an higher paying account tell them to transfer the funds on maturity to x account.
  • Thanks guys/guyesses! ;)
  • From Coventry Building Society website.
    All cheques and automated credits invested in your account will start to earn interest from the day they are credited to your account. When a withdrawal is made interest is paid up to and including the day before the withdrawal is debited.
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