Lloyds interest in a leap year

JulyKnot

Does anyone know how interest is calculated with Lloyds?

If interest is paid annually and some of the days happen to fall in a leap year, is the daily rate for those days one 366th or a straight one 365th everyday throughout the year

JulyKnot

And when do funds start earning interest if direct transfer from another Lloyds account rather than a cheque?

[Deleted User]

Hi,

don't know about Lloyds, but here is a similar thread a couple of days ago.

JulyKnot

Thank you. I need Lloyds specifics I'm afraid.

innovate

JulyKnot wrote: »

Does anyone know how interest is calculated with Lloyds?

JulyKnot wrote: »

Thank you. I need Lloyds specifics I'm afraid.

Did you ask Lloyds?

opinions4u

JulyKnot wrote: »

Does anyone know how interest is calculated with Lloyds?

If interest is paid annually and some of the days happen to fall in a leap year, is the daily rate for those days one 366th or a straight one 365th everyday throughout the year

Their T&Cs don't reveal this.

But they do say:
9.2 We will calculate any interest we pay or charge on a daily basis (unless we have told you otherwise).

I would assume any interest earned in 2012 will be accrued in 1/366 daily chunks.

JulyKnot

innovate wrote: »

Did you ask Lloyds?

If only it was that simple.:rotfl:

innovate

JulyKnot wrote: »

If only it was that simple.:rotfl:

It is. If you really want to know and they don't tell you straight away, raise a written complaint.

Only way you can be sure what they do is if they tell you, anyway. Information from a random internet forum is not much use.