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Northern Rock - pay interest upon account closure?

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  • 09-12-2007 5:24pm
    #1
    hamster
    Registered Users Posts: 1,766 ✭✭✭


    Hi has anyone here closed their Online Demand account with Northern Rock yet? If you did - did they pay the accumulated interested for the year? Assuming you picked to get paid interest annually.


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    #2
    cazzy
    Closed Accounts Posts: 1,027 ✭✭✭cazzy


    AFAIK the bank will have to pay you the interest accumulated to the day that you close the account. They can charge a fee for early encashment if its a fixed period interest account but this will be in the terms and conditions. If its a normal demand deposit you will get the interest accumulated to the day the account is closed (you dont have to wait for the date in which your year is up). Send them an email to ask them if this is so and how they calculate it as it can depend on the bank and the particular account and the T&C's that you signed on the day you signed up. (These can be changed so someone else with a Northern Rock account may have different one to you)

    You're not going to get the interest for they year if thats what you are asking - just up to the date you close the account ! (If that was the case you could close it after a day)


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    #3
    hamster
    Registered Users Posts: 1,766 ✭✭✭hamster


    Yep, that is what I'm expecting... interest accrued up to the day withdrawn - it's a normal online demand account account. I'm sure the money is safe but I wouldn't bet on the guarentee covering the interest - but I can see why they are offering a loyalty bonus of 0.50% extra on their website - however that would only cover jan and feb and not worth considering.


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