Surely if you close an account one day and open another account with the exact amount the same day….
Wouldn’t you just get two statements when it’s time to renew the visa.
The two statements would show the 800,000 closing and the new 800,000 opening on the same day…??
I’m in a similar position. If you have a term deposit with an old interest rate…and you want to get the new better interest rate with the same bank…then you technically have to close one account and open another …with another account number.
thanks Todd. So far I haven’t touched it in about 4 or 5 years or so and I’ve never had trouble renewing the 12 month extension…but the interest rate then was about .3%. Now I could get 2% or more..
I’d have to check. Where I come from (Australia) you can access the cash immediately before the term ends in a fixed term account…..but you pay a penalty.
I’d double check that about the ‘lease’. I’ve opened accounts before without. From memory when I got my non O retirement the first time I was staying in a serviced apartment..