FAO: Rate tarts

trebor

Registered User
Messages
69
I've become one of these over the last while, with the help of the useful info made available on this forum. I was just wondering, when you see a new offer occur with a new marginally higher rate of interest and start transferring funds between institutions to maximise our returns, do you all make sure that you receive the correct return from the accounts you are withdrawing from, be it the whole balance or just a portion of it?

I hope I've phrased this so you understand what exactly I'm asking...
 
I've closed out a few accounts (lump sum & regular saver) in recent months for other reasons and have been sure to check that they include the outstanding interest. Depending on the bank they may calculate it at the counter and include in the draft (or whatever), or it might happen overnight with the outstanding interest paid into another still open account, or forwarded in post.

Helps if you have an idea what you expect the interest to be beforehand (less DIRT).
 
I don't usually close the accounts because I might well be moving the funds back again. Even if it isn't to the same account it helps speed up the account set-up process if you've already got an account at the institution.
E.g. I'm in the process of moving funds back into Rabo and out of NR and AIB but leaving those accounts open. Only a few months ago it was moving in the opposite direction. When they pay the interest I check that it was the approximate right amount. If there's only a few transactions it's easier to do an exact calculation.

When I closed my AIB reg saver they shortly afterwards went back on the decision to bring the interest rate right down. Lesson learned. Retain flexibility as much as possible, reacting immediately isn't always the best course.
 
When I closed my AIB reg saver they shortly afterwards went back on the decision to bring the interest rate right down.

AFAIK AIB introduced a high rate for new accounts. Existing accounts did stay at the lower interest rate.
 
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