who pays interest starting on Day 1 v. Day 2 or 3 or 4 or 5

ED

**Please note: This list is continually updated....

Over-the-counter cash deposits immediately start earning interest with some banks + building societies but others pay no interest until up to Day 5. Some award interest on cheques from day of deposit.

(1) banks + building societies paying interest on CASH starting on day of deposit :

Britannia Bdg Soc
Coventry Bdg Soc
Principality Bdg Soc

(2) banks + building societies paying interest on CASH starting one banking day after deposit (eg deposit Friday, interest earned starting Monday unless Bank Holiday) :

Loughborough Bdg Soc
Nationwide Bdg Soc

(3) banks + building societies paying interest on CHEQUES starting on day of deposit :

Britannia Bdg Soc
Cheltenham + Gloucester (deposited on bank working day)

(4) banks + building societies paying interest on CHEQUES starting three banking days after deposit (eg deposit Wednesday, interest earned starting following Monday unless Bank Holiday) :

Nationwide Bdg Soc (cheque deposits into savings accounts)
Portman Bdg Soc
Principality Bdg Soc
Yorkshire Bdg Soc

(5) banks + building societies paying nil interest on day of withdrawal (including via counter cheque) :

Nationwide Bdg Soc
Portman Bdg Soc
Principality Bdg Soc
Yorkshire Bdg Soc

Note - after further contributions, I aim to contact each mentioned bank + building society seeking confirmation the above remains current arrangement for interest payment start-date. Additionally, maybe we will ask those not included to consider qualifying for same-day interest categories!

Written rather than oral assurances are most reliable. Many times over the years counter staff have given incorrect information to my family, whereas the answer may lie deep in each institution's Terms + Conditions.

Related question, whereas Standing Order deposits to monthly savings accounts from most external bank accounts arrive around 1am (therefore earning interest immediately), is there a delay of ''1 banking day'' before interest is earned on deposits made at lunchtime via BACS from an external bank account? This may be highly relevant for people using the Savings Fountain principle to 'feed' monthly savings accounts on a Friday (eg 1st June) as nil interest may be earned until the following Monday. Small fry for some savers, more so for accounts allowing monthly deposits up to £1,000 (lose £2 per four such accounts of self or family members).

Input welcome from MoneySavers.

bristolleedsfan

excellent idea, its something ive been miffled by for a long time,also the reluctunce of building society "branches" to do withdrawals via BACS, ridiculous got to go to one building society branch get a cheque take it or post it to another, losing interest while cheques are in post both ways when depositing and when withdrawing building societies etc do read these forums so might encourage them to change their ways
http://forums.moneysavingexpert.com/showthread.html?t=450828

brittania bs pays interest on cash and cheque deposits from day of receipt
loughborough pay interest on cheques on day following receipt
cheltenham+ gloucester interest paid from day cheque deposited a long as its deposited on a bank working day ( was same when they were a building society)
nationwide dont pay interest on cheque deposits into savings accounts until third working day following receipt of cheque ( so pay in on a tuesday start earning interest on friday, pay in on a wednesday start earning interest on following monday yorkshire, principality,portman and most building societies same behaviour, most on withdrawals dont pay interest on day of withdrawal even on cheque withdrawals

ED

Many thanks to bristolleedsfan for input – now updated (above).

Further input welcome.