Is Interest paid at weekends and bank holidays

brian_723

Do banks pay interest for every day of the year or just bannking days .

just was wondering, as I am in the process of making sure I move every penny of my money into savings accounts, and only have the minimum to pay bills so that every penny i earn makes maximum interest .I am even make sure what i spend makes money with my credit card and cash back and then paying off in full .I have to take these measures to keep up with inflation which is not really possible but I have to try .

Stompa

brian_723 wrote: »

Do banks pay interest for every day of the year or just bannking days.

I've never heard of a bank which doesn't pay interest every day.

alanq

Interest is paid every day on cleared balances but cheques and BACS payments take longer to clear owing to weekends and Bank Holidays.

DavidHayton

Yes, once the bank has cleared funds, your money earns interest every day that it is there. Just like you have to pay interest on your mortgage debt every day as well.:(

David

opinions4u

Some will pay interest on the first bank working day following receipt.

So deposit tomorrow and earn no interest until Tuesday.