When to move money from one savings account to another?

[billy-bob]

I've been saving money to a PTSB savings account for nearly 3 years now, but with the rate changing in Sept, I'm taking advantage of a few other accounts (KBC and EBS spring to mind), so I'm a bit confused about when to take my money out to get the best interest. The interest is added each Nov 21st or thereabouts, but like I said, the rate changes on 1/9. Am I better off leaving the full amount in there until Nov or getting it out as close to the rate change as possible?

The latter seems to be the correct response, but I'm tying myself in knots with the maths. Do I lose out by not having the entire deposit amount available when calculating interest in November?

 

[Lightning]

Hi billy,

Interest is calculated daily and accrues daily. It pays, in this case, annually.

In the above case, you should take the money out close to the interest rate change date.

Ciaran

 

[billy-bob]

Thanks Ciaran

 

[sandra1]

I don’t understand this Ciaran. I thought in case of notice savings account it doesn’t matter when you close the account.
I am planning to close 21Day Notice Account and move to KBC, I thought all my interest up to day when I close it is going to be applied.
Would you know how this works? If I close the account then I would not get any interest if closing date is before November 21st?

 

[Lightning]

Hi Sandra,

I am planning to close 21Day Notice Account and move to KBC, I thought all my interest up to day when I close it is going to be applied.

Correct.

Interest accrues (gets added) daily and is paid on account closure date.