Payment of interest on savings accounts
in Savings & Investments
10 replies 944 views
Just thought I'd raise this as I'm not sure it's been raised anywhere else. When subscribing to a new apparently attractive savings account, check where the interest (normally paid monthly) is being paid. The Nationwide BS is a major culprit here, offering an attractive interest rate on an instant access account, but will only pay the interest into a linked current account. Given the time it takes to transfer the funds back into the account, you will have lost several days interest, thereby offsetting the benefit of holding money in the savings account in the first place.
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