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?
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.
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 and they'll be happy to help :-)
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?
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!!
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.
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EmployeeVerified AnswerThanks for your message
10-08-17 18:41Am 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?
jayirvine
RossM
