I'm pretty sure I know the answer to this but I really need 100% confirmation! If I put 10,000 in the Halifax paying interest once a year on the anniversary, and I find a a place that pays more interest, say Northern Rock, and I decide OK I'll put 9,000 over into Northern Rock - but I'm 9 months into the Halifax year and no interest paid yet - is it safe to put the money over and start another year with Northern Rock? What I mean is will the Halifax pay interest based on 9 months of 10,000 and 3 months of 1,000? Or will the Halifax only pay interest on what is in the account at the anniversary? Thank you
will I lose interest?
Jan 01, 2007
3 Replies
What do the terms and conditions say? It should have a few paragraphs stating how interest is paid.
Usually it is 9 months at £10,000 and 3 months at £1,000, however for some accounts, the T&C are different.
In message , figgy writes
Check the particular details of your own account, but the default situation is usually that the interest accrues on a daily basis and you will get 9 x £10k & 3 X £1k. But if the Halifax account is something special, say like a 1 year fixed bond, then this wont necessarily be the case and you may not only lose interest there may even be a penalty. Check with HBOS.
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