Opening a new one-year bank savings bond

[TheSplash]

My current bond with Nationwide has just matured and I have asked for the account to be closed due to their low interest rates. I have now received the cheque and wish to open a new bond with a different bank. The cheque I received is for both pounds and pence e.g. £20,103.96. I am filling out the form for the new bond but was wondering if I should round the figure either up or down to the nearest pound or whether the new bank will be happy to accept the pence as well as the pounds? Does anyone have experience of this?

write the figure that's on the cheque.

Use the exact number, pennies and all!

The only way to find out if the bank will accept the pence is to, well, ask them. I would also check that they’ll accept a cheque payable to you rather than them.

If they do then yes put the exact amount on the form.

Wouldn’t the normal thing be to pay the cheque into your current account and pay whatever amount you choose into the new bond separately?

The new bank are aware the cheque is made payable to me and they are happy to accept it.

The amount you put on the form needs to be the same as the amount on the cheque you use to pay the money in, ie pence and all.

@BlackForestCake usually the cheque is in the name of the account, ie the saver's name rather than the name of the bank. So if Nationwide have given her a cheque in her name, and she wants to pay the full amount into the new bond, there is no reason to add any complicating steps.