Mystified by interest payment

alanq

I am surprised by people's surprise that an instant access account pays interest on a fixed date. I have never come across such an account that pays interest on an anniversary. A 12-month bonus maybe.

I have however been caught out with fixed term accounts paying at times I didn't expect. So as others have said it one should read the Ts&Cs carefully and assume nothing.

Thomas_Crown

givememoney wrote: »

Thanks for this link. I find it tricky gleaning info sometimes from the websites of banks.

...... and building societies it seems.

givememoney

le_loup wrote: »

Again, it's on the website. Look under historic rates. You will find 3.1%.

Thank you, it seems you people on here are much better at finding this info than I am when I search the banks websites without any luck.

alanq wrote: »

I am surprised by people's surprise that an instant access account pays interest on a fixed date. I have never come across such an account that pays interest on an anniversary. A 12-month bonus maybe.

I didn't realise this was some sort or rule! I suppose it was to do with the fact the extra bonus only applied for 1 year so as it was taken out in March we expected the interest to be paid in March the following year.