TSB Current Account Interest
TheShape
Posts: 1,779 Forumite
I'm not going to ask when I'll be getting the interest, that's been done to death.
My query is regarding interest calculation. I know that interest is calculated daily, but at what time is the calculation done? Contactless payments have taken me below £2000 as of 6am this morning (according to my text alert).
I usually top my account back up to £2000 when I get home in the evening to maintain the highest balance on which interest is paid. I HAVE tried to find the answer before posting but have either missed it or can't find it.
I'm also interested in the answer for any other current accounts I have (Nationwide, Lloyds, Tesco).
My query is regarding interest calculation. I know that interest is calculated daily, but at what time is the calculation done? Contactless payments have taken me below £2000 as of 6am this morning (according to my text alert).
I usually top my account back up to £2000 when I get home in the evening to maintain the highest balance on which interest is paid. I HAVE tried to find the answer before posting but have either missed it or can't find it.
I'm also interested in the answer for any other current accounts I have (Nationwide, Lloyds, Tesco).
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Comments
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I'm not going to ask when I'll be getting the interest, that's been done to death.
My query is regarding interest calculation. I know that interest is calculated daily, but at what time is the calculation done? Contactless payments have taken me below £2000 as of 6am this morning (according to my text alert).
I usually top my account back up to £2000 when I get home in the evening to maintain the highest balance on which interest is paid. I HAVE tried to find the answer before posting but have either missed it or can't find it.
I'm also interested in the answer for any other current accounts I have (Nationwide, Lloyds, Tesco).
The times vary which makes it possible to bank interest on the same money at different banks on the same day but doing this regularly is asking for account closure.
TSB and LBG both calculate interest at midnight. Santander is around 8:30pm. Nationwide and Barclays are also before midnight (not sure of the precise time).0 -
As weekly interest on the whole £2000 is only around £2, the loss of a day's interest on part of it will be very tiny.0
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Indeed. If you managed to spend £75 on contactless in one day, and were not able to repay it that same evening, but the next day, then the 'loss' is...As weekly interest on the whole £2000 is only around £2, the loss of a day's interest on part of it will be very tiny.
wait for it.....
No, that can't be right. Let me do the calculation again.....
Looks like it was right the first time after all...
It's one whole penny!
(£75 x 0.0489 / 365 = £0.0100479452054795)0 -
The times vary which makes it possible to bank interest on the same money at different banks on the same day but doing this regularly is asking for account closure.
TSB and LBG both calculate interest at midnight. Santander is around 8:30pm. Nationwide and Barclays are also before midnight (not sure of the precise time).
I'm doing enough without trying to bank multiple interest on the same money.
As TSB l and Lloyds are midnight I'll just make sure I replace any spending from lower earning funds before midnight.
I'll do any others as early as possible too.0 -
YorkshireBoy wrote: »Indeed. If you managed to spend £75 on contactless in one day, and were not able to repay it that same evening, but the next day, then the 'loss' is...
wait for it.....
No, that can't be right. Let me do the calculation again.....
Looks like it was right the first time after all...
It's one whole penny!
(£75 x 0.0489 / 365 = £0.0100479452054795)
I'm rushing home right now! Wish me luck.0 -
As weekly interest on the whole £2000 is only around £2, the loss of a day's interest on part of it will be very tiny.
I know it's minimal but I've been in the mindset before that I'll sort my savings etc tomorrow, won't make much difference, then it's the next day, and the next.0 -
When you've been at it a while you will lose a little bit of interest (no pun intended!) in replenishing quickly and/or keeping the balances at exactly £2K/£2.5K/£3K/£4K/£5K/£20K. I just have a tidy up once or twice a month these days on TSB and every few months on the others.I know it's minimal but I've been in the mindset before that I'll sort my savings etc tomorrow, won't make much difference, then it's the next day, and the next.0 -
YorkshireBoy wrote: »When you've been at it a while you will lose a little bit of interest (no pun intended!) in replenishing quickly and/or keeping the balances at exactly £2K/£2.5K/£3K/£4K/£5K/£20K. I just have a tidy up once or twice a month these days on TSB and every few months on the others.
It's early days at the moment and I've got a slowly dwindling savings pot to shift into the higher paying accounts so I've been a bit fussy about wringing (literally) every penny out of the accounts. I'm sure i'll become less obsessive one everything has bedded in.0 -
You say that the balance has dropped below £2000? Was it above £2000 before the contactless spend. If so then any amount over the interest bearing limit was not making anything.
If you are going to be anal about topping it to £2K as soon as it falls below it, then you should be equally anal about it never going above £2K.
Personally I always make sure mine are between 1900 and 2000. Its just not worth the hassle beyond that.0
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