Online banking

Online banking

cancel
Showing results for 
Search instead for 
Did you mean: 
89977members
25943posts

Bonus interest

Highlighted
Little helper

Bonus interest

I have an internet saver account which pays variable interest and a bonus rate for the first 12 months. If I close the account before the 12 months are over, will I still receive the bonus interest rate for each day that my accounts was open and wiull it be compounded daily?

7 REPLIES 7
Highlighted
Your Community Expert

Re: Bonus interest

Hi Phil, thanks for contacting us. If you choose to leave your internet saver account before the end of the term you would receive get the variable rate and the bonus interest rate paid up to the day you close the account. Should you wish to discuss this further please give our team a call on 0345 678 5678. The lines are open Mon - Fri: 8am - 10pm and Sat - Sun: 9am - 5pm and they'll be happy to help 🙂

Highlighted
Community Manager

Re: Bonus interest

Hi @PhilS - hope that answers everything for you?

 

Can I ask that you accept the solution from Ross so that the information can be stored for other customers?

 

Thanks - Sarah

Highlighted
Little helper

Re: Bonus interest

Am I correct in saying that while variable interest on a internet saver is compounded daily, bonus interest is calculated annually on the average daily balance during the period for which my account was open?

Highlighted
Employee

Re: Bonus interest

Thanks for your message @PhilS

  

Yes, the variable interest is compounded daily and bonus interest is indeed calculated annually based on the average daily balance – then paid out on the anniversary date.

 

Jay

Highlighted
Here to help

Re: Bonus interest

Thanks for that answer, I often close and reopen if a version with better interest appears, had a sudden thought that I might be losing bonus interest and getting a rubbish rate. Phew!!

Highlighted
Here to help

Re: Bonus interest

I wonder if closing and reopening is the only way to earn a bonus rate for a further year.  Is there not an option to 'redesignate' or 'renew' the account after the bonus ends to continue earning it without having to close it?  Thanks.

Highlighted
Your Community Expert

Re: Bonus interest

Hi @uk, I'm afraid that isn't currently possible but I will pass on your comments as feedback - Ross