Tsb monthly deposit for interest

NotRichAtAll

apologies for starting a new thread.

does it matter what part of the month you set up your standing order for £500 to gain the interest?

ie if i set it up for say the 16th of each month would i get the interest for days 1-15?

cheers

leeroy2009

you get interest on the daily balance as its calculated daily, even though its only paid monthly, you need to credit £500 anytime of the month for the interest to be paid, as its a account requirement to fund the account with 500 per month.


so yes you get paid interest on the daily balance from day 1 to 15, pay 500 in on the 16th to meet the account requirement, you then get paid interest on the daily balance for the remainder of the month

anamenottaken

NotRichAtAll wrote: »

apologies for starting a new thread.

does it matter what part of the month you set up your standing order for £500 to gain the interest?

ie if i set it up for say the 16th of each month would i get the interest for days 1-15?

cheers

When you deposit £500 (or 2 x £250 for example) interest is earned on the daily balance throughout that month.

So, as long as the £500 goes in during the month, you get 4.89% pa gross on up to £2000 of each day's balance.