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Lloyds interest in a leap year

JulyKnot
JulyKnot Posts: 189 Forumite
in Savings & investments
Does anyone know how interest is calculated with Lloyds?

If interest is paid annually and some of the days happen to fall in a leap year, is the daily rate for those days one 366th or a straight one 365th everyday throughout the year

Comments

  • JulyKnot
    JulyKnot Posts: 189 Forumite
    And when do funds start earning interest if direct transfer from another Lloyds account rather than a cheque?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hi,

    don't know about Lloyds, but here is a similar thread a couple of days ago.
  • JulyKnot
    JulyKnot Posts: 189 Forumite
    Thank you. I need Lloyds specifics I'm afraid.
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    JulyKnot wrote: »
    Does anyone know how interest is calculated with Lloyds?
    JulyKnot wrote: »
    Thank you. I need Lloyds specifics I'm afraid.

    Did you ask Lloyds?
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    JulyKnot wrote: »
    Does anyone know how interest is calculated with Lloyds?

    If interest is paid annually and some of the days happen to fall in a leap year, is the daily rate for those days one 366th or a straight one 365th everyday throughout the year
    Their T&Cs don't reveal this.

    But they do say:
    9.2 We will calculate any interest we pay or charge on a daily basis (unless we have told you otherwise).

    I would assume any interest earned in 2012 will be accrued in 1/366 daily chunks.
  • JulyKnot
    JulyKnot Posts: 189 Forumite
    innovate wrote: »
    Did you ask Lloyds?
    If only it was that simple.:rotfl:
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    JulyKnot wrote: »
    If only it was that simple.:rotfl:

    It is. If you really want to know and they don't tell you straight away, raise a written complaint.

    Only way you can be sure what they do is if they tell you, anyway. Information from a random internet forum is not much use.
This discussion has been closed.
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