Halifax Save4it Interest

thewizard

Ok, so I'm getting to be a pain in the !!!! asking so many questions about bank accounts, but I have another question. What I want to know is, if the interest for a Halifax Save4it account calculated daily. The reason I ask is because I am planning on moving the money from the account to an Abbey savings account with a much higher interest rate, but the interest is paid daily (on my birthday which is in october). So if it is calculated daily I want to take out all but £1 of the total balance in the account, wait for the interest to be paid and then removed the final amount and then close the account.

Thanks

Mikeyorks

The interest is both paid on your birthday (annually!) ..... and on closure of the account (finitely!) . So you don't need to indulge in any workarounds - you just close it and the final interest (from your last birthday to date of closure) will be transferred along with your balance.