Moving money before interest paying period

shoogs22

I have recently moved a sum of money into the AA where interest is paid on a yearly basis. If I decide to move the money to an alternative account before the 12 months has passed do I recieve any interest at all?

Lokolo

Yes you do.

Its worked out daily so if you've had the money in for 3 months, you get 3 months interest (about a quarter of the yearly rate), 6 months is 6 months interest (so about half the yearly rate) etc.

shoogs22

Thanks lokolo - I thought it would be daylight robbery on behalf of the bank if it didn't pay but wanted to check