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If I close a savings account that pays interest annually...

(7 Posts)
purpleturtle Mon 02-Nov-09 16:39:37

do you think they'll calculate interest pro rata before they transfer the balance?

ChasingSquirrels Mon 02-Nov-09 16:56:56

depends on the terms

ruddynorah Mon 02-Nov-09 16:57:51

who's it with? you can probably check the terms online if you can't ring them.

purpleturtle Mon 02-Nov-09 16:59:23

Probably not then. Halifax have practically given up paying interest altogether, and if I close the account no doubt forfeiting what little interest there is due will no doubt be par for the course.

purpleturtle Mon 02-Nov-09 17:00:26

grin I'm just trying to avoid the boring 'read the terms' bit, by asking MN. We can usually answer almost everything between us!

Halifax websaver. Will go look.

purpleturtle Mon 02-Nov-09 17:05:18

"4.6 If you or we close your account, we will
follow the steps in condition 4.4 to work
out the interest we have to pay you on
the day it is closed (also see condition
9.8) unless we have allowed you to
transfer the total amount you have in
your account to another account with us.
In this case, we will pay interest on the
interest payment date of the new account."

I think that means I'll get my interest, doesn't it?

purpleturtle Mon 02-Nov-09 17:06:02

Apparently I have to retract both 'no doubts' used in my earlier post! grin

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