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How interest is paid

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pmlindyloo

pmlindyloo Posts: 13,090 Forumite

Part of the Furniture

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Name Dropper

17 February 2011 at 5:24PM in Savings & investments

I do hope you won't think this is a silly question!

I have an internet AA savings account where the interest is calculated daily and paid out on the anniversary of the first deposit date.

If I withdraw the money before that date how can I get the interest that has already been earned? (hope that's the right word)

If I leave a £1 in the account until the year is up will I get the interest on what I first had in the account?

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cloud_dog Posts: 6,316 Forumite

17 February 2011 at 5:31PM

The only way to get the interest money before the annual date is to close the account.

Personal Responsibility - Sad but True

Sometimes.... I am like a dog with a bone
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opinions4u Posts: 19,411 Forumite

17 February 2011 at 6:20PM

pmlindyloo wrote: »

If I withdraw the money before that date how can I get the interest that has already been earned? (hope that's the right word)

Closure of the account.

If I leave a £1 in the account until the year is up will I get the interest on what I first had in the account?

Interest is calculated daily, so you won't lose out doing as you propose.

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Andystriker Posts: 607 Forumite

17 February 2011 at 7:44PM

pmlindyloo wrote: »

I do hope you won't think this is a silly question!

If you don't know the answer then there is no such thing as a silly question.

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