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Halifax Online Saver Interest

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Gromitt
Gromitt Posts: 5,063 Forumite
in Savings & investments
I see on the website it says this account has interest paid annually, but it doesn't state how the interest is calculated. Is it calculated at the end of each day, month, or?

Comments

  • Brian_Bullocks
    Brian_Bullocks Posts: 297 Forumite
    100 Posts
    Gromitt wrote: »
    I see on the website it says this account has interest paid annually, but it doesn't state how the interest is calculated. Is it calculated at the end of each day, month, or?

    I thought it was at the end of each day, but as you say, there is nothing on the web site about this. Remember to enter the draw....in it to win it :j

    Halifax-Saver-Prize-Draw-RHP.jpg
    I used to have a signature but it disappeared and I just couldn't be bothered writing another, so please feel free to ignore this.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    obviously it is based on the daily balance although I don't know how that is derived
  • qpop
    qpop Posts: 555 Forumite
    It probably just states AER - which assumes daily compounding
    I am an IFA, but nothing I say on this forum constitutes financial advice. Always draw your own conclusions and always do your own research.
  • opinions4u
    opinions4u Posts: 19,411 Forumite
    edited 30 November 2011 at 4:14PM
    Terms and conditions linky > Page 22.
    7.2 We will calculate any interest we pay or charge on a daily basis
    Interest is always calculated by the gross rate.
    Net is gross rate minus tax.
    AER is a notional rate only that attempts to reflect compounding if interest is paid more than once a year.
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